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W. Wade

Asset Protection: NOW…not later

Posted on June 15, 2019 by W. Wade
Asset Protection:  NOW…not later An important business strategy is protecting business assets by creating an asset protection plan.  Assets that need to be protected include: personal residence, business and investment real estate, bank accounts, retirement accounts, marketable securities, machinery, and business or personal vehicles.  The more liquid an asset, the more attractive an asset can
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Posted in Asset Protection

End of Year Tax 2018 Tax Tips

Posted on December 20, 2018 by W. Wade
End of Year Tax 2018 Tax Tips Before December 31, 2018… Taxpayers and Business Owners can take some steps today to maximize their tax benefits and minimize their taxable income: Year End Bonus: Earnings are taxable in the year received; therefore, if taxable income in the 2018 year will be abnormally high, it could prove
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Posted in Tax Deduction, Tax Reduction, Tax Return

Deduct Non-Marijuana Entity Business Expenses

Posted on October 8, 2018 by W. Wade
Deduct Non-Marijuana Entity Business Expenses Although §280E prohibits cannabis growers and retailers from claiming deductions “for any amount paid or incurred during the taxable year in carrying on any trade or business….”, there are two common approaches to minimizing the impact of this harsh provision. First, taxpayers should seek to maximize Cost of Goods Sold
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Posted in Tax Deduction

Asset Protection

Posted on October 1, 2018 by W. Wade
Asset Protection Asset protection works as a safeguard of your corporate assets by keeping them out of reach from potential judgment creditors and enforcement actions. Neglecting to properly protect your assets can lead to a liquidation of your assets and equipment; resulting, in a forced sale of your hard-earned business. Even worse, if you are
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Posted in Asset Protection

The IRS proposes a new face-lift for Individual Tax Form 1040

Posted on July 3, 2018 by W. Wade
The IRS proposes a new face-lift for Individual Tax Form 1040 The IRS Form 1040 has been given a face-lift and will be condensed to a postcard-sized form. The goal is to standardize and simplify the 1040 so all 150 million taxpayers will be using the same form; and eliminate Forms 1040, 1040A, and 1040EZ. 
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Posted in IRS
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