LEGAL BUDDY NEWSLETTER: BUSINESS AND TAX TIPS AMG Counsel Attorneys & Advisors
Trust vs. LLC for Rental Property: What Protects You More?
When you purchase a rental property, there are two big risks you want to protect yourself from. First, if something goes wrong with your rental property, you don’t want to lose your assets. Second, you don’t want to lose your rental property if you get a judgment or lien because of something else. Here’s what you should know about whether using an LLC or trust is better to meet those goals.
Hiring Your Kids To Work For You Can Result in Significant Tax Savings
Do you occasionally have your kids helping you at the office on weekends, after school, or during their summer break? If so, you may want to consider putting them onto payroll. If you already have payroll set up for your company, adding your children should not be that big of a hassle. (However, if they just work once in a while, you might want to bypass the formalities and just add something to their allowance.) In addition, there is the added benefit of teaching your children a good work ethic and understanding the value of money.
The Corporate Transparency Act: Questions and Answers
Effective January 1, 2024, most new and existing corporate entities in the United States are subject to new reporting requirements with the federal government. These sweeping requirements are part of the Corporate Transparency Act and are expected to impact millions of business entities. Below are some frequently asked questions regarding these new filing requirements.
How Remote Entrepreneurs and Freelancers Can Take Advantage of US LLCs
Becoming a freelancer or digital nomad has become more popular since the pandemic, as more people leave corporate life to work on their own terms. As such, many are grappling with how best to offer their services—individually or through a company?
Five Essential Podcasts from Successful Women Business Owners
Being an entrepreneur often means being a solopreneur at some stage of your business, and that can come with a little loneliness. As a small business owner, you wear all the hats – marketer, salesperson, administrator – and that also means that sometimes you’re making decisions in a silo. Hearing other people’s stories of success and failure can help you feel less alone and more confident, and podcasts are an excellent source for inspiration and ideas.
What Happens If You Get Audited and Fail? Audit Penalties and Other Consequences
If the IRS audits your federal tax return and decides to make changes to it, you have effectively “failed” the audit. This can lead to an additional tax bill or reduced refund, as well as audit penalties. However, depending on the situation, you may be able to dispute the audit results.
Worried about failing an audit? Wondering about the consequences? Then keep reading. This guide explains what happens when you fail an audit. Then, it outlines options for different situations.