Community Property vs Common Law Property

There are basically two types of property law in the United States.  One is common law property, which is based on British law, and the other is community property law, which is based on Spanish law.  Those states where the Spanish influence was strong tended to become

Shifting Income

Shifting income is one of the three primary tax planning techniques.  The other two are postponing the tax and changing the nature of the tax.  Shifting income moves income to a person in a lower tax bracket and has them pay the tax, assumably at a lower

The Three Ways to Control Taxes

Most of the tax planning advice that financial advisors give you really doesn’t help lower your adjusted gross income, which is what you have to lower if you are really serious about tax planning.  There are basically three techniques that can be used in serious tax planning. 

Ten Things You May Not Know About an LLC

A CPA friend of mine recently sent me a list about LLCs that he had sent out in a newsletter. I let him know that his source for newsletter information doesn’t understand a fundamental basic concept of LLCs–that the LLC tax structure and legal structure are totally