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No one knows what will come out of the dumpster-fire going on up on Capitol Hill, but let’s take a look at one proposal to raise money to pay for some of the cost of the reconciliation bill. At the moment, capital gains are taxed only when the asset is sold or the owner dies. (The estate tax is just a tax on capital that is triggered by death rather than by sale.) It is currently proposed that Gains be taxed every year whether sold or not. Unrealized capital gains are certain

There are many ways in which entrepreneurs can protect themselves and conduct business, such as through a limited liability company, S corporation, C corporation, trusts, etc. When conducting business, people most commonly use one of those first three structures. For business owners looking for advanced protection, privacy, and planning, this is where trusts come into play. Before looking at a couple of different kinds of business trusts, let's start by explaining what a trus

As you’re aware, there are many different legal taxation systems in the U.S. Local, state, and federal all have their share of the pie. As business owners, we must file taxes for each of our companies as well as for ourselves as individuals. Knowing the laws in each system has its advantages: Being informed and able to navigate tax laws will enable you to optimize your taxes. The two main tax systems used by business owners are the 1040 system and the 1041 system. The advanta