LEGAL BUDDY NEWSLETTER: BUSINESS AND TAX TIPSAMG Counsel Attorneys & Advisors
🎄 Happy Holidays 🎄
Sending warmth, joy, and financial success to your 2025!
AMG Counsel – Antonio M. Glenn, Attorney at Law
AMG Counsel will be closed for the holidays from December 23rd to January 4th
AMG Counsel Attorneys & Advisors
IRS Form 1099-K: Will You Get One From Venmo, PayPal, or Cash App?
Did you get paid more than $600 in 2022 for goods or services through a third-party payment network like Venmo, PayPal, Amazon, or Square? Then, due to a changed tax reporting rule, you will most likely receive an IRS Form 1099-K from your payment network—even if you haven’t received a 1099-K in the past.
That’s because the 1099-K tax reporting rule now requires third-party payment networks to send a 1099-K if those payments exceed the $600 reporting threshold. (A higher $20,000 threshold previously triggered the Form 1099-K.)
Your Clients Need an Estate Plan
According to our recent survey, the top reason Americans reported for not having an estate plan is they don’t feel they have enough money to warrant it. The second highest reason they reported is “They just haven’t gotten around to it.”
Utilizing a 1031 Exchange to Avoid Capital Gains Taxes
If you are planning to leave an investment property to loved ones, a 1031 exchange may be a helpful estate planning tool for you. Because these exchanges allow you to defer taxes or limit taxes owed at the time of sale, you can use the money that would have been spent on taxes to increase your real estate portfolio, rental income, and personal wealth.
What Is the Difference Between Business Succession Planning and Estate Planning?
When you are self-employed, entering into contracts is part of the game of business. Some contracts are really nothing more than simple oral agreements, and some are, of course, far more complicated.
One of the biggest misconceptions business owners face is that estate planning and business succession planning are the same. The two are different, but both are important.
Business owners have a lot on their shoulders when considering the future of their businesses. Unfortunately, succession planning can feel so daunting that many successful business owners put it off longer than they should. As a result, they fail to take action or succumb to misconceptions about what should be done.