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The first consideration is structuring a sound asset protection plan is deciding which form of entity to operate your business. The possible choices include:General & limited Partnerships Sole Proprietorships Limited Liability Companies Corporations TrustsEach has different legal characteristics, tax attributes, an asset protection features. The right combination is based...

The ability to deduct meals with your spouse is simply a question of fact. Were the meals ordinary and necessary expenses for your business? Did you keep the business meals records as required by law?The IRS is highly skeptical when it comes to business activities...

For most people their home is one of their most valuable assets. It can truly be one's castle, but is also one of the most vulnerable assets to creditors. The goal is to protect this asset at all costs. However, as I will explain, there...

An IRS Audit is expensive, time consuming, and emotionally draining for starters. Its an experience you would like to avoid.Here are the 10 ways to avoid an IRS Audit:Keep Receipts and Invoices--These documents have really nothing to do with avoiding an audit, but they certainly...

The "statue of limitations" refers to the period of time when you and the IRS can make changes to your tax returns.Most taxpayers think of the limitation periods as the time frames during which the IRS can audit their returns. The periods for change by...

The American Opportunity Tax Credit is a refundable tax credit for undergraduate college education expenses. This credit provides up to $2500 in tax credits on the first $4000 of qualifying educational expenses. This Tax Credit is will be available for the years 2009 through 2017,...

Lifetime Learning Credit is a tax credit for any person who takes college classes. It provides a tax credit of 20% of tuition expenses, with a maximum of $2000 in tax credits on the first $10,000 of college tuition expenses. It applies to undergraduate and...

One of the primary advantages of incorporating a business is that the business owners are not held personally liable for the debts or liabilities of the entity (as used herein, entities include corporations, limited liability companies, and limited partnerships.In other words, creditors can only pursue...