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Expert Advice for a Georgia Resident's
Assets, Wills, Businesses, and Estates

You Can’t Write Off An Item Your Business Isn’t Using

PlaneGetting tax write-offs for purchases you make through your business is a good deal.  And if you do business as an S corporation, you know lots of tax benefits flow through your business to your personal tax return.   You can write off all sorts of things and save yourself and your business a lot of money.

But you can’t write off an item the business isn’t using. [Read more…]

Why Your LLC Needs a Tax Return – Especially if it’s Husband-and-Wife-Owned

Tax return

A number of CPAs still resist filing a separate partnership return for husband-and wife-owned LLCs. We recommend doing the separate return, for both IRS reasons and liability-shield reasons under Georgia law. Here’s more detail about why. [Read more…]

After Death, Don’t Rush The Net

Memo to someone who has just lost a loved one: don’t rush the net.

You’re kidding, right? Not at all. There is no legal reason to do anything quickly. And there are lots of legal reasons not to. Go be with family. Talk to clergy and friends. And do as little as possible with tax-significant assets.   [Read more…]

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