Top 6 Tax Benefits Of An S Corp And LLC


Limited liability companies (LLC) and S corporations (S corp) may be structured differently but when it comes to tax benefits, they’re treated almost the same—and they pay significantly reduced personal tax rates as opposed to corporate taxes. Following are the different tax benefits available to both the LLC and S Corp: Tax rate differential Although the regulations governing tax rates and taxation frequently change in the US, the personal tax […]

Do I Need A Tax Lawyer?


Before hiring a tax lawyer, find out exactly what you need your lawyer to do. You could be facing an IRS tax debt issue, you could require estate planning help or you have business and employment tax issues. There are specialists who work in each of this fields almost exclusively. Make sure that your lawyer is certified and that they have experience in dealing with the IRS. Finally, have realistic […]

Wage And Hour Laws


The primary Federal law governing wages, hours and overtime, the Fair Labor Standards Act (“FLSA”), 29 U.S.C. § 201, et seq., was originally enacted in 1938. This law is enforced by the Wage and Hour Division of the Department of Labor. Most employers see no reason to even think about this law if the pay their employees more than the widely known minimum wage. In fact, problems involving violations of […]

Divorce And Taxes


In Divorce, potential tax liability can frequently become the tool for one spouse to use against the other spouse. If improperly used, this tool can destroy all of the marital assets. In the worst case, tax liability can seriously impact the future financial security of either spouse and subject them to criminal sanctions. Situation 1 – Your Spouse Owns a Business The most common situation where taxes become an issue […]

Taxes And Bankruptcy


Filing either a Chapter 7 or a Chapter 13 bankruptcy may be a useful tool for debtors to eliminate tax liability. There are, however, certain restrictions which must be met in order to completely eliminate personal income tax liability through bankruptcy. Some personal income taxes may be eliminated through the filing and subsequent discharge of a Chapter 7 bankruptcy. The following requirements must be met for the personal income tax […]

Hiring a Tax Lawyer


The services of lawyers are obtained daily throughout the United States. There are a wide variety of different lawyers including divorce lawyers, criminal lawyers, real estate lawyers, and even tax lawyers. Tax lawyers can be hired all year round; however, their services are most commonly obtained around or slightly after tax time. When April 15th rolls around there are a number of Americans who are struggling to get their taxes […]