Like taxes, debt also appears to be something which is nearly universal in life. This applies doubly to Americans living in the early part of the 21st century. Modern day Americans are more indebted than ever, particularly younger Americans of the millennial generation. Millennials, for instance, have record-breaking levels of educational debt. Very often, they […]
In a previous post, we identified and discussed some prominent personalities who experienced significant tax and financial difficulties at some point in their careers. That post showed us that no one is immune from experiencing financial hardship. Certainly not celebrities despite managing to earn fabulous sums throughout their careers. That post also showed that taking a peek at […]
Because we’re here in New York, it follows that most of our posts deal with New York State. Whether it’s the business franchise tax, or the treatment of sole proprietorships, or the ways in which New York State has responded to the Tax Cuts & Jobs Act, we’ve covered a wide variety of issues from a […]
We’ve covered numerous issues related to Section 1031 on our blog in the past. We’ve discussed state tax issues, the use of vacation homes, New York co-ops, reverse 1031 exchanges, all above and beyond the basic principles of 1031 transactions. As we’ve seen, Section 1031 can get a bit tricky when you consider all of the myriad rules and […]
No matter how fiscally responsible and savvy a person may be, no one is completely immune from experiencing financial troubles. It’s important to learn certain financial habits. They include saving, spending wisely, avoiding overly risky ventures, etc. They can definitely help put a person on a path toward a good financial future. Even the best habits, though, cannot […]
As we’ve previously discussed in these blog post, entity selection is a very important matter, one which requires a careful analysis of all relevant facts and circumstances. Choosing an entity that isn’t ideal for a situation can have negative financial consequences, so it’s imperative that the best entity be chosen. In this blog post, our New York City tax […]
As difficult as it may be for Americans to believe, celebrities are really just human beings. In the U.S., though, we glorify Hollywood, athletes, musicians and entertainers of all sort. We tend to place celebrities on a pedestal. We view them as nearly superhuman compared to normal citizens. Might they have problems? Certainly, but whatever problems […]
In the past, we’ve discussed “entity selection” in several different contexts. Entity selection is a process to determine which entity best suits a given situation for tax and liability purposes. Numerous factors contribute to this determination including, but not limited to, the number of shareholders and location. C corporations, for instance, face double taxation. That’s because they […]
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