I am setting up a small business on my own. Would I benefit from incorporating as an LLC?

In three words—yes and no. We have a new tax law this year that has what’s called a Qualified Trade or Business [QTB] deduction. It’s very complicated and before you set up an LLC or a S Corp, you would need to have a tax advisor run numbers. This deduction is not available to high income businesses [over $415,000 of taxable income for married filing jointly and $157,500 for all others.] This question cannot be answered unless you get help ASAP. While you would benefit greatly from incorporating your business as a limited liability company (LLC), as opposed to operating it as a sole proprietor or as part of a group of partners in a general partnership, there are some trade-offs to being a S Corp or an LLC or a proprietorship due to the new QTB deduct. An LLC is a relatively simple means of incorporating a business, with

Massachusetts Renter’s Security Deposit Law

As a landlord, what am I allowed to do with a renter’s security deposit before they need it back? Am I able to reinvest it into my property? In a word—no. In two words, ABSOLUTELY NOT. Massachusetts tenancy laws are very favorable to residential tenants. This is understandable, as such tenants have their home to lose, but it can lead to frustrating situations when a tenant is uncooperative, remiss in paying rent, or blatantly disrespectful to the property and its furnishings. The law in Massachusetts allows landlords to collect ONLY ONE MONTH security deposit and the last month’s rent. You cannot collect more in any way directly or indirectly. They cannot prepay rent either. These monies must be kept in a separate, interest-bearing account, with all the relevant details of the bank and the account provided to the tenant within thirty days of move-in. We usually put that language right

My Dad turns 80 next month and his driver’s license is up for renewal.

MyOur family is hoping the RMV doesn’t renew my 80 year old father’s drivers license because we think his driving is dangerous, but he insists on driving. What can we do? In the United States, getting one’s driver’s license is a rite of passage. Access to a car or other vehicle allows great freedom and independence: to go where we wish, do what we wish, and do it on our own schedules. Understandably, when we, or our elderly dependents, are told we can no longer drive, there will be a good deal of resistance and a tough pill to swallow. In Massachusetts, there is not an age at which a driver’s license is automatically revoked. However, beginning at age seventy-five, drivers must renew their license in-person at the Registry of Motor Vehicles [RMV] rather than online. At the RMV, such a driver will have to undergo a vision test, or

Is there a Statute of limitation( do they forgive or forget unpaid tax )

In 2002, after receiving a green Card in the USA I got SSN. In America I never worked and left it. I live in Russia , the green card was for two years. Have not been there for 14 years. But in 2002-2005 my SSN was used to get payments through the sites. As far as I know, IRS sent the claim to the old address in the USA many years ago then stopped ( I think they were told I don’t live in the USA anymore, useless to search for me ) Plus I thought why pay not living in the country where I can’t even go. My Question is there a statute of limitations. If i go there will I have any problems in the USA. Should I pay or need to explain them? First, once you have a green card you are taxed on worldwide income for

Did You Get Married This Summer?

By Eric P. Rothenberg, Esq. – Tax tips for the recently married or getting married before year end: Your filing status changed so change Form W-4 (withholding), address and name changes on Form 8822, change your name to the Social Security office, and forwarding addresses at the Post Office. Remembering to do these tasks will save you a lot of trouble when it comes time to file your annual tax returns. If you have any questions regarding your tax or estate planning contact attorney Eric Rothenberg.

Question & Answer

I am setting up a small business on my own. Would I benefit from incorporating as an LLC?

Massachusetts Renter’s Security Deposit Law

My Dad turns 80 next month and his driver’s license is up for renewal.

Is there a Statute of limitation( do they forgive or forget unpaid tax )

Did You Get Married This Summer?

How Can We Help?

© 2024 by Orsi Arone Rothenberg Turner, LLP. All rights reserved.

Attorney Marketing by Bardorf Legal Marketing

Have A Question?

Question & Answer

I am setting up a small business on my own. Would I benefit from incorporating as an LLC?

Massachusetts Renter’s Security Deposit Law

My Dad turns 80 next month and his driver’s license is up for renewal.

Is there a Statute of limitation( do they forgive or forget unpaid tax )

Did You Get Married This Summer?

Tags

How Can We Help?

© 2024 by Orsi Arone Rothenberg Turner, LLP. All rights reserved.

Attorney Marketing by Bardorf Legal Marketing

Have A Question?