At its core, a trust is an estate planning tool, not a tax loophole. It’s a legal arrangement where one person (the trustee) holds and manages assets on behalf of another (the beneficiary). Trusts can be used to control how and when your assets are distributed, avoid probate, protect privacy, and provide for minor children or family members with special needs.
Author Archives: Ken Rogers
Why the new rules on overtime and tips credits don’t help New York business owners
We have been getting a lot of calls from clients asking if we can change there payroll to pay them overtime or tips so they can earn tax free income under the new tax law.
The short answer is no. Here is why the new rules on overtime and tips credits don’t help business owners
Your personal financial plan when running your own business in New York
Running your own business (including 1099 work) introduces different elements that aren’t always easy to factor into your personal financial plan.
Reduce your capital gains tax bill when selling your home
If you sold a home, part of your profit could be subject to capital gains taxes.
Leasing a Car for Your New York Business: Is It Tax Deductible?
Leasing a car for your business can be a smart move both operationally and financially. By understanding the rules around tax deductions and keeping thorough records, you can reduce your tax burden while keeping your business on the move. Ready to hit the road? Just make sure your paperwork is as smooth as your ride!
Donor-Advised Fund Tax Strategy for Small Business Owners
How small business owners can use a Donor-Advised Fund to reduce taxes in high-income years and donate appreciated assets strategically.
What Tax Documents You Need This Year
Filing taxes doesn’t have to be stressful! With a little preparation and guidance, gathering your documents can be a much smoother process, having a clear plan helps you ensure nothing gets overlooked.
The Hidden Pitfalls of Having Too Many Business Bank Accounts
If you’ve ever heard of the Profit First method by Greg Michalowicz or Simple Numbers by Greg Crabtree you know they emphasize creating separate bank accounts for different business purposes.
Should You File Taxes Jointly or Separately?
Tax season brings plenty of decisions, and if you’re married, one big question might be: Should we file jointly or separately?
1099 vs W-2: The IRS Rules That Put Small Businesses at Risk of Costly Audits
Hiring 1099 contractors may seem smart—but misclassification can trigger IRS and NY DOL audits, massive penalties, and payroll tax bills. Learn the risks every small business owner must know.