As a result of the recent Windsor Supreme Court decision, the IRS issued Revenue Ruling 2013-17. It states that same-sex married couples are to be treated identically to traditionally-married couples for federal income tax purposes. The new ruling makes this the perfect time to review the benefits (and disadvantages) of married status. So, no matter whom the wedding bells are … [Read more...]
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Four year-end tax strategies for you and the kids
Marriage and divorce are deeply personal matters that involve strong emotions. But the IRS doesn’t care a bit about your feelings. Uncle Sam just wants to get his money. That’s why, if you’re thinking about getting married or divorced, you need to answer this rather unfeeling tax question: “Should I get married or divorced before December 31?” The answer can have huge tax … [Read more...]
How “stock redemption” can give you a big tax break
Are you the sole owner of a C corporation or S corporation? Are you thinking about retiring? Then before you make any moves, you should read my new article. You see, it explains one of the right ways to transfer ownership to your kids, business associates, employees, or other shareholders. How you handle the transfer can have major tax implications which I explain in my … [Read more...]
Does an S Corporation make sense for you?
When you’re choosing a tax-deduction entity for your business, there are many ways to go. You can set up your business as an S corporation, sole proprietorship, single-member LLC, or C corporation. But which one is right for you? Which meets your specific needs and goals? In my new article, the fourth in a series that began in November, 2011, we’ll take a close look at the S … [Read more...]
The IRS admits it got it wrong
Nobody’s perfect. Including (as if you didn’t know) the IRS. But when they make a mistake, the IRS admits it and this can be very good news for you. You see, in the past, the IRS said that after December 31, 2008, single-member LLCs were subject to corporate payroll tax treatment. Now the IRS and the Treasury Department admit that they did not intend to eliminate the … [Read more...]