The IRS is always skeptical when individual taxpayers claim deductions for bad debt losses. Why? Losses from purported loan transactions often fail to meet the tax-law requirements for bad debt loss deductions. For example, a taxpayer might try to write off a capital contribution to a business entity that underperformed. Or a taxpayer might have…
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Test Your Estate Strategy Knowledge
Creating an estate strategy is all about helping ensure that your final wishes are carried out in the event of your death and your assets are transferred to your heirs with managing taxes in mind. How well do you know the fundamentals of estate management? Take our short quiz and see. 1. Probate is defined…
Succeeding At Business Succession
Inc magazine reported that sixty-six percent of small-business owners have no formal succession plan.1 While the number may shock you, it probably doesn’t surprise you since so many small business owners are consumed by the myriad responsibilities of running their businesses. Nevertheless, owners ignore succession planning at their peril, and possibly at the peril of…