LATEST BLOG POSTS
Miss the newest posts? Here are the last six!
Solutions to an Accounting Industry in Crisis
The crisis in the accounting industry is self-feeding. The worse it gets the more workload is shoved onto the desks of the remaining souls. Stress is taking a toll.
Several support groups for tax professionals exist on social media platforms. Tax season reveals a serious level of stress for practicing tax professionals. Complaints of long hours and clients unwilling to pay higher fees to compensate for the added complexities of the new tax laws has more professionals looking to leave the industry.
And it isn’t the tax pros facing the worst pinch. The ultimate loser is the client. With fewer experienced tax professionals accepting clients it has put taxpayers at risk. The IRS knows taxpayers have limited choices when defending themselves in an audit which means the IRS’ advantage is larger than ever.
Why You Should Rent to Your Business
There are no drawbacks to separating the real estate and business into separate LLCs that I’m aware of. Every attorney I’ve ever spoken with agrees on this. Real estate should never be held inside an S corporation or LLC treated as such. Any tax negatives are easily resolved with elections.
The issues involved with combining real estate and a business under an S corporation are many. Legally you limit your option and put asserts unnecessarily at risk. The tax problems are hard or impossible to resolve without inflicting additional tax pain.
Structured properly your business and assets can enjoy legal protections while basking in the light of lower taxes.
3 Steps I Took to Reach Financial Independence by Age 32
Once I digested that it was only a number I decided to do what I always did. I try lots of things, grow my business and expand my sources of income, much of it passive.
You see, I learned the most important step of all: It’s the journey that matters, not the destination. And I had the best mate in the world along for the ride.
It was that day when I was a 32 year old man that I learned to live life for the first time. Live, for Real.