Did you know gains on your stock may be 100% tax exempt? Qualified Small Business Stock (QSBS) is a tax provision (IRC Section 1202) that incentivizes capital investments in strategic innovation sectors to boost economic growth. QSBS can provide eligible investors up to a 100% capital gains … Read More
IRS’s Different Guidance Forms There are different forms of communication the Chief Counsel can use in order to relay tax guidance to individuals. These forms of communication, which can be interpreted in a highest to lowest authoritative level, can be: RegulationsIssued by the Internal Revenue Service (IRS) and Treasury … Read More
A trust is between a trustor (the one who gives the right to hold title to assets/property) and a trustee (the one who receives the title to said asset/property). This situation creates a fiduciary relationship which comes with fiduciary duties, such as: Duty of Care Duty of ConfidentialityDuty of … Read More
The implementation of advanced planning strategies to: (1) reduce or eliminate capital gains tax; (2) reduce future estate tax; and (3) increase asset protection from creditors and lawsuits should be on every founder, owner, and investor’s mind. All strategies revolve around time and the amount of equity … Read More
Unsure if your stock is QSBS? Check your potential eligibility here. As a holder of qualified small business stock (QSBS) it is important to know what steps to take not only when you report the Section 1202 exclusion on your taxes but also when the QSBS is issued. … Read More
Most importantly not only can you provide a public benefit with your company's mission but also elect to receive the C Corporation tax exemptions as a PBC (i.e. Public Benefit Corporation) or B-Corp. PBCs and B-Corps can qualify for Section 1202 Qualified Small Business Stock (QSBS). PBCs … Read More
Is it almost that time of the year again? I hope so because it's almost time to get that tax refund and put in a new pool or in most cases... pay off medical bills. Assuming you are reading this article if you have Qualified Small Business … Read More
https://www.youtube.com/watch?v=hg1Uk60rBsc Wouldn't it be nice if every time you purchased something for your business you could just write it off and the government pays for it? That's what David Rose thought in Schitt's Creek along with a lot of taxpayers in the US right now. (if you haven't … Read More
Most people believe that increasing your wealth and lowering your taxes at the same time is impossible. The general population thinks of taxes as barrier to saving more money but that is small minded. A quote by Robert Kiyosaki "Often, the more money you make the more … Read More
A famous quote by Barry Goldwater "the income tax created more criminals than any other single act by the government". This is true in many cases as the IRS estimates that there was a total of $1.8B in tax fraud in 2019. There are certain sections of … Read More