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
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 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
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.
