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Annual Exclusion

The annual exclusion is the amount of property the IRS allows a person to gift to another person during a calendar year before a gift tax is assessed and/or a gift tax return must be filed. The amount increases periodically, and as of 2018, it is set

Calendar Year in Taxation

It is possible to choose your own fiscal year for taxation, but the benefits from doing so rarely outweigh the disadvantages in a small business. You can only choose a fiscal year different than the calendar year if your business is designated as a C corporation, and

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

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We wish everyone in America had the means to obtain the knowledge that Attorney Lee Phillips is attempting to impart in the Accumulation and Preservation of Wealth course. We are thankful that there is a legal system that is designed to protect people’s assets, no matter how little or how much.
~ Ed, Dallas Texas