When you inherit a property that transaction is tax free and you get a stepped up basis. You get a $250,000 exemption if you sell your property...

Can I avoid tax reassement on my home I inherited from my father?

Generally, a home inherited by parents is subject to the property reassessment exclusion up to $1,000,000. When you buy out your brothers interest...

Does the IRS take into account personal situations and events when you are negotiating back taxes going back to 2006?

Yes, the IRS will take into account your personal situation. The IRS will want a full explanation of your financial situation to see if you can...

A few questions on business startup like name check, date filing vs effective date. Can someone help?

Clients will ask us to do a business search to see if the name has been taken. You could also do that search on your own. If you go to the...

LLC or corp.

If you want to grow by finding investors then the corporate structure may be the best entity to form. However, that becomes complicated when...

You do not need to incorporate to deduct business expenses. You will file a Schedule C with your 1040 Individual Income tax return. Schedule C...

Im opening a business should I operate as LLC or Corporation?

Generally speaking, I would recommend setting up an LLC over a Corporation. You can be a single member LLC and get the same protection as a...