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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

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What 199A Regulations Mean for You

Posted by Robert L. Arone – Tax-Saving Opportunities for Business Owners Are any of your business-owning clients curious about the new Section 199A deduction? Although the deduction became effective on January 1, 2018, guidance on how it would be calculated was delegated to the Internal Revenue Service (IRS) by Congress. For months, financial and tax professionals have speculated about various aspects of this new deduction since Congress gave us little concrete guidance to work with. New Developments in August 2018 But on August 8, 2018, the IRS released proposed regulations that answered many pressing questions about losses as well as how to account for multiple businesses. We can now more accurately project or estimate how much of a deduction a client is entitled to. Fortunately, these new proposed regulations introduced many new planning options for your clients. Unfortunately, an overabundance of options can lead to confusion and missed opportunities without

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Taking Full Advantage of the 2017 Tax Cuts and Jobs Act

Posted by Robert L. Arone – Key Points to Discuss With Your Clients Like all things, tax laws are constantly changing. An important part of serving your clients is responding quickly and strategically to new developments in the tax law landscape. But at the same time, a knee-jerk reaction is rarely the best course of action—often resulting in unforeseen complications in the future. The best decisions are made by professional teams working together to analyze all angles of a situation to come up with the best strategy in response to the Tax Cuts and Jobs Act (TCJA), a historic amendment to the Internal Revenue Code of 1986. The TCJA affects many Americans in a variety of areas of life, and your clients might not be aware of what its impact will be on their long-term financial plan.  Of course, this law is going on seven months old, but too many

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Tax Reform: Solutions for Your Clients and Their Estate Planning

In December 2017, Congress passed, and President Trump signed a sweeping tax reform bill commonly known as the Tax Cuts and Jobs Act. This new Act contains several significant changes that will impact your clients and their estate planning. Estate Tax Changes Starting January 1, 2018, the estate, gift, and generation-skipping transfer (GST) tax exemptions double from $5 million to $10 million (adjusted for inflation).  For 2018, the exemption is now $11.2 million per person ($22.4 million for a married couple). As was the case under prior law, the exemption will adjust annually for inflation, providing us with additional opportunities each year for clients who decide to utilize this new exemption sooner, rather than later. This doubled exemption remains in effect until December 31, 2025, at which time the law sunsets and the exemptions revert to the $5 million level (indexed for inflation). These changes open significant opportunities to remove

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Help Your Clients Save at Tax Time

Posted by Robert L. Arone – 6 Important Conversations to Have with Your Clients Before the Hustle and Bustle of the Holidays As summer gives way to fall, it’s time to start thinking about year-end tax planning. This is an opportunity to communicate with your clients, offer solutions, and deepen your relationship by helping them save thousands of dollars next spring at tax time. To help your clients make the most of these opportunities, here are five conversations you can have with them before the holiday season sets in. 1. Discuss any tax changes for 2016 that might affect the client. Yearly changes in the tax rules can either save or cost them at tax time. Since you’re already familiar with your clients’ financial structures and strategies, you can determine which of your clients are affected by tax law changes, using that conversation as an entry point to a discussion

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