LLCs

One of the most misunderstood business entities these days is the Limited Liability Company (LLC). I hear it all the time. “I’m taxed as an LLC.” But, the fact is there is no such thing as an LLC tax return. You get to choose how you want it taxed! But, here’s the rub. If you don’t choose, the IRS is going to choose for you. And, it may not be a choice you like.

If you have an LLC, especially a new one or one in which you started a new activity, now is the time to look at how you want your LLC to be taxed.

Wow! Another great idea from my colleague Frederick Schubert. I am so excited to be working with so many smart CPAs. If you want to find out how you can work with a DKAffiliated CPA, please drop an email to Richard Cooley, at rfc@taxloopholes.com.

Asset protection is big business in the private sector. But did you know that the business of asset protection extends in some cases into the state level as well?

It’s time to start looking at your own personal tax strategy for 2007. Plan now, so you can avoid a bad tax surprise later.