What contracts and paperwork need to be done when buying an existing business?

Buying a business is a huge undertaking involving many tax considerations. I will mention only one that many people overlook. If you acquire the...

Asset Sale Vs Stock Sale

I would agree that you need to retain a tax attorney to assist you in this transaction. That is particularly so, since any asset sale may trigger a...

Under what amount should I not file taxes?

Generally speaking, the filing threshhold for a single individual who is not 65 yrs old or older, was $10,150. Yes, you can installment payments...

Tax deduction question

Without knowing your gross income or taxable income for a year, no one can answer your question in a manner that will be helpful. As a head of...

How does ownership change from me to my family? How can I eliminate estate taxes or not increase property tax?

First of all, you've done a great job on tax planning already. Upon your death, your son will get a step up in basis to the FMV of the property on...

Can my C-Corp do business without an EIN?

I agree with my colleague Michael, but I would add that you should file your paperwork with the CA Secretary of State on 12/31/16 stating it is to...

IF you were able to clear up the IRS dispute, the same result should be obtainable with the FTB. Sadly, you will not be able to win a lawsuit...

How can I eliminate estate taxes /no increase on property tax? Any book on Laws for Homeowner & receiver of gifted real estate?

Yes; upon your death your son will get a step up in basis. What that means can best be explained by example. Let's say you bought the house for...

Can a business reject my CA tax exempt ID when I make a purchase?

I assume that you mean that you have provided the retailer with a California resale exemption certificate. If you have done so, the retailer may...

Can my husband claim both of my parents on the taxes?

If you and your husband are filing jointly, YOU may claim your parents based on the facts stated above BUT each must have gross income of less than...