Blogs: LLC and Business Formation

Taxes September 26, 2005

A Shark ate my Tax Return. Really.

I heard the story first from one of my CPA’s, who reported that my company’s recent quarterly tax return – and sizeable check – might be a bit damp.  The IRS says a truck overturned on the San Mateo bridge over the San Francisco Bay and about 30,000 quarterly estimated tax payments – including one […]


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Taxes August 30, 2005

Are Officer Salaries Mandatory?

I’ve been involved in a lengthy discussion/debate with several CPA’s over the last week or so on the question of proper compensation for corporate officers and directors.  What had been presented to me as fact was the position that the IRS requires all corporate officers to take a salary.  I disagreed, and demanded the tax […]


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Taxes March 10, 2005

An LLC’s Tax Basis: Everything You Need to Know

The concept of “tax basis” is used to determine if any taxable disposition of property creates a realized and recognized gain or loss. It is frequently the amount of cash a person has invested in a piece of property, which may be adjusted by several factors. Why It Matters For an LLC with flow-through taxation, […]


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Taxes March 4, 2005

2024 Charitable Giving Statistics

Charitable giving remains vital to the global effort to address various social, economic, and environmental issues. In 2024, trends in charitable donations will reveal interesting insights into how individuals, corporations, and foundations contribute to society.  Donations in the United States alone have reached an estimated $500 billion, a steady increase from previous years. This growth […]


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Taxes February 16, 2005

Dealing with medical expenses

Anyone who has prepared their own tax return is probably familiar with the rule that out-of-pocket deductions are generally only deductible if they exceed 7.5% of the adjusted gross income (AGI).  But for taxpayers who are subject to the Alternative Minimum Tax, medical expenses are only deductibe in excess of 10% of their AGI.  This […]


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