A client inquires as to how to structure a new business venture from an entity perspective?1/6/2018 The question is a good one. As I read the question the following popped into my mind. Only once during my academic journey did I forget about a test. Remember, “It’s what you learn after you know it all that counts.” I totally bombed it. I didn’t study for it, I wasn’t prepared for it—and I most likely failed it, although I don’t recall the dismal results. Needless to say, when I got my first “real job” in the “real world” I was looking forward to no more tests. Boy, did I still have a lot to learn. Throughout the travels of my professional journey, quizzes, open book tests, final exams, papers, and homework were all still a big part of my life—although getting a paid by clients was a nice perk compared to my academic journey. The reality is clients and prospects test us every day. For the most part we get very good grades because we are prepared, we work hard, we know when to ask the super genius who is our reference source, and we strive to understand the curriculum, i.e., our clients’ businesses and their needs, better than anyone else. Consequently, the best way to gain the clients trust is to deliver world class service (ace the test as proposed by the client). Do what you promise and in a timely manner. I like to say that “We autograph our work with excellence.”
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Before you sign on the dotted line, but sure to conduct an indepth due diligence review. I have over the 20 years assisting clients with their due diligence review. Whether you are purchasing assets or a equity interest, we can add value to your decision making process. Be smart and avoid after the purchase nightmares.
Did you know you can incorporate tax free? Sec. 351 allows taxpayers to incorporate tax free. Let us show you how to document and comply with these tax free incorporation provisions. Call us for free initial consultation.
Do not overpay your taxes. Always do tax planning before year end to plan your transactions and reduce your taxes accordingly.
Do not sell your business without letting us determine the fair market value of your business. Get a Certified Business Appraisal (CBA) from a qualified consultant.
While the ink is not yet dry on the new tax law and the president has yet to sign the final tax bill, a cursory review of its provisions reveals certain tax planning ideas for 2017. Again, we are still “digesting” the full ramifications of the new tax law. Notwithstanding we would advise the following for 2017:
• Prepay 2017 state income taxes. • Accelerate any of your children’s unearned income into 2017 (rates go up in 2018). • Push business income to 2018 (rates go down in 2018, plus deduction). • Buy and place in service an electric car (tax credit expires at end of 2017). • Recognize any possible business losses (they will be limited in 2018). • Prepay investment expenses and tax prep fees in 2017 (nondeductible in 2018). • Pay any moving expenses related to a job in 2017 (the deduction is eliminated in 2018). • Sell any business processes or patents before the end of the year (this will be treated as ordinary income in 2018, and is capital gains in 2017). Let us provide some assurance to your tax positions indicated on your tax report filings. We provide tax advice consulting to businesses.
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Wayne C MarkeyAttorney, CPA, Certified Business Appraiser (CBA), Small Business Consulting & Tax Issues for the state of Maryland and surrounding Baltimore metropolitan area ArchivesCategories |
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