Sometimes the Internal Revenue Code giveth more than it taketh. Section No. 41 of the Code — creates the Research and Development tax credit, “R & D Credit” for short — is designed to be your tax pal. But he’s a complicated fella.
Small business owners (SBOs) have many legitimate complaints these days: taxes, regulations, competition (from home and abroad), can’t find good people, etc. The list goes on and on. Always has. Always will.
A group of successful, wealthy business owners, including their closest advisors, gathered for a symposium. What’s the subject? To find the perfect investment for these wealthy business owners to leverage their liquid wealth (cash, stocks, bonds, etc.) that they have accumulated. They were trying to solve the age-old problem: Successful business owners know how to make money in their business, but are lost when it comes to investing the after-tax dollars taken out of their business.
As a group, baby boomers are huge. There are 77 million of them! Born between the years 1946 and 1964, they are maturing into retirement age. But the oldest of them are redefining retirement. They are slowing down, but continue to work. One thing is certain: all of them are at an estate planning age. Roughly 70% of our current estate planning practice helps clients who fall into the baby boomer age bracket.
Readers of this column often ask me to give a second opinion, which is really a review of an existing estate plan. Typically, the plan has one to three mistakes. Sadly, each mistake causes estate tax dollars to be lost to the IRS, automatically reducing your children’s inheritance.
A full-page ad in a national weekly magazine stopped me cold. The ad's headlines said, "Five years after you quit smoking, your risk of stroke is like someone who's never smoked." A bit below the headline were these terse words, "But right now, you’re a stroke waiting to happen."
This article is about a simple strategy that few CPAs, lawyers and other professionals know exists. As you are about to learn when this strategy is used, those clients and their families who use it enjoy a huge increase in the amount of their wealth, tax-free, and no additional out-of-pocket cost.
My motivation for writing this article is to comment on the don’t-ever-seem-to-get-done work of many real-life lawyers, particularly those who specialize in estate planning. I’ll bet the farm that at least one-half of you reading this column, who did estate planning, can relate to the example that follows (true and unfortunately, often repeated).
Well, maybe there is something new under the sun. Readers of this column know that your author often writes separate articles about the tax magic of an ILIT (irrevocable life insurance trust) and an IDT (intentionally defective trust).
Are you a closely held business that operates as a C corporation? If your answer is "Yes,"' then this article is a must to read. If you are already an S corporation, chances are you will learn one or more tax tricks, that most people don't know, that will enrich you or your family instead of the IRS
DeWalt’s American Pride Event took place April 17 at the Carpenter Training Center in Elk Grove Village, Ill. The highlight of the event was guest speaker First Sergeant Matthew Eversmann (Ret.) hero of the film, Black Hawk Down, and the Battle of Mogadishu.