The IRS collected over $4.9 trillion from businesses in 2022. One of the most important aspects of preparing for tax season as a business owner is understanding your options for deductions. Planning can enable you to maximize deductions and minimize tax liabilities....
Tax Planning
Revocable versus irrevocable trusts
Creating your estate plan is a comprehensive process that requires you to think about everything from what you want to happen if you become incapacitated to what happens when you die. One option that you have is to establish trusts to pass assets down to your intended...
What to expect during a tax audit in Louisiana
Different things can trigger a tax audit, including filing taxes inaccurately, a company incorrectly charging tax or if the tax office discovers issues with other taxpayers you work closely with, such as business partners or investors. You may also be randomly...
3 things to ask your prospective health care proxy
Making your end-of-life plans is much more than just putting together a will and selecting an executor. In the days, weeks or months leading up to your final hours, you may need someone to step in and make some major health care decisions on your behalf. Assigning...
How can a living trust protect you and your estate?
A living trust is a legal entity where you can transfer your property and assets. The trust creator is a settlor, and the person moving assets into the trust is the grantor. You can create a living trust or inter vivos trust, then appoint a successor trustee to manage...
Why does divorce require an estate plan revision?
Your estate plan should accomplish various goals. Firstly, it should set out options in the event you fall into serious ill health and cannot speak for yourself. Secondly, upon your death, it should facilitate the transfer of your assets to those you choose. It can...
Most people don’t have an estate plan yet
If you ask most people if they need to make an estate plan or if they think it’s important, the majority will probably tell you that it is. At the same time, studies have found that the majority of people do not have an estate plan. What this suggests is that many of...
What is a living will?
Regarding the estate plan, your living will is a component that addresses your healthcare. Your living will empower you to make decisions regarding your medical care. You make the decisions in advance, laying down what you want for your family members. A living will...
When should you update your estate plan?
Most Americans don’t have an estate plan, so if you have already created one, you understand the importance of having arrangements in place and providing for your loved ones if you die or become incapacitated. But it is not something that only needs to be done once...
How does doubt affect the application for an offer in compromise?
Offer in compromise is a program instituted by the Internal Revenue Service (IRS). It aims to help taxpayers who cannot pay the taxes they owe, or for taxpayers for whom it would create a financial hardship to pay the taxes they owe. It allows taxpayers to settle...