On December 22, 2017, President Trump signed the Tax Cuts and Jobs Act (“TCJA”) into law. The TCJA presents a number of changes to previous tax law – some that affect businesses. Here are three things you need to know about the new act and how it affects business profits: Taxation for Pass-Through Entities A pass-through entity are entities such as S-Corporations or Partnerships (such as multi-member LLC’s). The TCJA allows a 20% deduction of the earnings of such entities. The remainder of the earnings is paid on the members’ personal income tax rate, and would be available to both…Read More
As most Americans are aware, the new tax law, or more formally known as the Tax Cuts and Jobs Act, was recently passed. Since the passing of the tax law, there have been many reports on how this law will affect United States citizens and permanent residents, including citizens living abroad. In these series of blogs, we hope to shed light on many of the important changes to the tax code and how they will impact your tax position. It should be important to note, these changes took effect for 2018. Therefore, when US taxpayers begin filing their tax returns…Read More
2017 – the year was active with hurricanes in the Caribbean. Hurricane Irma made landfall in Florida on Sunday, September 10, 2017 and since then many families in the area are still attempting to recover. Some have already filed hurricane claims with their homeowner’s insurance company, only to be let down by a complete denial, an underpayment of funds from the estimate submitted to the insurance company, or have simply yet to hear from their insurance company. If you are one of those families whose claim has been denied by their insurance company or simply received a response that was…Read More
You have made the decision: you wish to begin your own business. You’ve sorted through the idea of starting your own business as a sole proprietorship, perhaps maybe even a partnership. Of course at some point you may think about other concerns such as how do I get the word out about my business or will the process I choose to run the business be feasible and functional? If these thoughts have crossed your mind, you may wish to consider the idea of aligning your business with a franchise. Why Choose to align with a Franchise as Opposed to Starting…Read More
Picture This: you cut your finger chopping vegetables. Immediately, you run to your medicine cabinet and treat the cut on your finger: you wash the cut with saline solution in order to disinfect it, add a splash of hydrogen peroxide, rub some anti-biotic ointment, and cover the cut with a bandage. Now, are you ready and qualified to perform open-heart surgery on yourself? In the same vein, imagine you just finished writing a romance novel: ten chapters of long storylines, intricate dialogues between characters, and even a plot twist right in the middle. Because you know how to read and…Read More
Recently, I was in the market for protein bars. I visited several different markets in the search for the perfect protein bar, both price-wise and nutritional value. Not being happy with any of the products I ran into, I decided to take my search online. After some time searching, I ended up purchasing a protein bar I had seen in person, considering it was the exact same product and it was actually cheaper online! Shopping for physical products in-person and online is great for various reasons. Typically, the products you run into online are the same products you can find…Read More
The Internal Revenue Service (IRS) has implemented a new “Fresh Start” program that helps taxpayers pay outstanding debt and avoid implementation of tax liens. Individuals who owe back taxes on personal income tax, corporate income tax, and payroll tax may all be eligible for the Fresh Start program. But, How does that work? The IRS will typically file a Notice of Federal Tax Lien when taxpayers owe $10,000.00. In some cases, this amount will be less. With the Fresh Start program, the IRS may now withdraw a filed Notice of Federal Tax Lien when certain requirements are met and the…Read More
Many individuals and businesses who rent a home/apartment or a location at one point have come across the opportunity or have at least contemplated the idea of renting/leasing a room/office in the leased premises to either make some extra money or reduce their overhead costs this is called short term leasing or subleasing. However, while a smart idea at the time, such an action may find you getting sued by your landlord or, worse, losing your leased premises altogether. Why? Does Short term leasing and subleasing have something to do? Here is why. When you started your lease, chances are…Read More
Many individuals have heard the term power of attorney or POA for short. However, most do not fully understand what it is and how the document functions. A POA is a document used to give another person the authority to handle some responsibilities on your behalf (limited power of attorney) or all responsibilities on your behalf (general power of attorney). These responsibilities can be anything from signing documents on your behalf to filing tax returns and even transferring funds out of your accounts. As can be imagined, this is not a document to take lightly as the one holding such…Read More
Crowdfunding The New Thing. Up until recently, funding for business boiled down to getting a loan, private investment such as angel investors or venture capitalists, or the stock market. However, beginning on May 16, 2016, a new method of obtaining funding for business will commence. The method involves the crowdfunding market specifically using the crowdfunding platforms such as kickstarter or gofundme to seek investors similarly how it is done on the stock market. This method presents great opportunities for businesses to get the necessary capital they need to finance their business whether it is to get the business off the…Read More
