Articles
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The Short-Sighted End of Offshore Banking
By Garrett Sutton Facing government resistance at every turn and increased costs of doing business, foreign banks are now ever more hesitant to operate in America. Compliance costs for handling U.S. accounts are already so high that many banks are simply refusing to...
Good Standing: Are You in Good Standing?
The purpose of these periodic filings is two-fold. First, it allows the state to collect their annual fee from the entity for the upcoming year. And make no mistake, these filing fees add up and are a very important and stable source of state revenue.
How to Avoid Improper Accounting Practices
By Garrett Sutton, Esq. Many new business owners make the mistake of not properly accounting for it all. Please know that companies live and die by numbers. They are defined by numbers. They grow with numbers. They bleed with numbers. Numbers define the health of your...
Corporate Paperwork
Paperwork for your corporation, LLC or LP is important. A failure to have it in place can lead to piercing of the corporate veil and the imposition of unlimited personal liability. Piercing the corporate veil is when someone gets a judgment against the company (ie:...
Is a Venture Capital Firm Right for You?
Venture capital firms are a useful component in the business engine of growth. They are also hard-nosed investors who have earned the not so flattering nick name ‘vulture capitalists’. When it comes to ‘VCs’, you need to be knowledgeable and cautious. A venture...
It Takes Two….to Buy a Business
By Garrett Sutton, Esq. Just as with so many other things in life, it takes two to buy a business. A buyer and a seller are the key ingredients. Brokers, accountants, lawyers and other experts make sure everything is in the right measure and you don’t get burned. But...
7 Business Insurance and Tax Deductions
Here are seven business insurance items that could be worth a tax deduction. According to the IRS, you can generally deduct premiums for these types of insurance which are related your business: Insurance covering losses from fire, storm, theft, accident or similar...
Being a Real Estate Professional Can Save You Taxes
Recently I was asked for more information about what a Real Estate Professional is, and why investors should consider it. As this has many tax implications, I’ve asked fellow Rich Dad Advisor, Tom Wheelwright, for his thoughts on this important strategy, which is not...
How to Save $500,000 When Selling a Home
By Garrett Sutton, Esq. One of the greatest tax gifts is the principal residence rule for capital gains on the sale of your home. So great is the principal residence tax exclusion that even married couples filing jointly are benefited to the same, if not greater,...
New Rules for Foreign Accounts Held By U.S. Citizens
By Garrett Sutton, Esq. The new Foreign Account Tax Compliance Act (FATCA) becomes effective July 1, 2014. The IRS reporting is straight forward. The penalties for not reporting are onerous. The Internal Revenue Service (IRS) requirements for FATCA are set forth in...
Electing a System of Accounting for Your New Business
It’s that time of year: Tax Time. Since I, too, have taxes on my mind, I thought I would spend the next few weeks blogging about some tax and bookkeeping related items that will help you and your new business get off to a good start. Before you start operating your...
Choose Your Tax Year
Continuing our theme of taxes, another key tax choice you need to make when starting up is your fiscal year. You can choose to have your company’s fiscal year end at the end of any month, but be aware that federal taxes are due 2.5 months after the end of your fiscal...