Tax Implications of Selling a Business – Sole Proprietorship

Tax Implications of Selling a Business - Sole Proprietorship
(NOTE: This is a continuation of a case study looking into tax implications of starting up a small business. Click here to go back to the start) Sole proprietorships are about as easy to set up as a couch–you choose where you want to do business, and you’re good to go. Selling the sole proprietorship is more like ...

We All Love Taxes–Hobby Lobby As A Tax Case

We All Love Taxes--Hobby Lobby As A Tax Case
Every morning the great people over at ThomsonReuters’s Checkpoint inundate my RSS feed with tax related court cases and newly passed tax regulation. Reading them all is usually about as exciting as taking an elementary school standardized comprehension tests, with unhelpful headlines followed by rambling gibberish (like today’s disbarred lawyer who claimed the IRS owed him hundreds of billions ...

Our Feeble Attempt to Stop Tax Inversion

Our Feeble Attempt to Stop Tax Inversion
“Showrooming” is a serious issue for big box retailers across the United States. I’m as guilty of it as the next person, going into Best Buy or Microcenter to see that new tablet in person before dropping several hundred dollars on the less expensive Amazon (but I would never illegally evade paying sales tax). Best Buy’s first response to ...

The Clintons As Tax Hypocrites

The Clintons As Tax Hypocrites
Bloomberg recently broke news that the Clinton’s placed one of their houses in a trust to avoid the estate tax. Since Hillary Clinton said that the estate tax prevented the country from being “dominated by inherited wealth,” and Bill has traditionally supporting the estate tax, the question is whether the Clintons have descended to the depths of ...

Taxation of Self Employment Retirement Plans

Taxation of Self Employment Retirement Plans
(NOTE: This is a continuation of a case study looking into tax implications of starting up a small business. This particular article deals with tax deductions for small business. Click here to go back to the start of the case study.) Before I begin, I want to note that I am a tax professional, not a retirement specialist. ...

Meals and Entertainment Deduction

Meals and Entertainment Deduction
(NOTE: This is a continuation of a case study looking into tax implications of starting up a small business. This particular article deals with tax deductions for small business. Click here to go back to the start of the case study.) While running around town selling her nail wraps, Amy runs into a salon owner who is interested ...

California Per Mile Tax Put in Perspective

California Per Mile Tax Put in Perspective
There’s no such thing as a “good” tax in terms of interference in the economy. If you tax something more, you get less of it, which means any tax is going to have some distortion on the normal transactions in a free market. That’s why knee-jerk reactions against any new tax suggestion is common, and ...

Thoughts on the Death Tax

Thoughts on the Death Tax
I’ve seen a recent resurgence of debating the Estate Tax, or more lovingly known as the Death Tax, on both Quora and news sites. While my particular tax expertise is more along the lines of corporate and income taxes, I’ve dabbled a bit with this death tax, and I wanted to offer my couple pennies on the ...

DC Health Insurance Exchange Looking for Tax Revenue

DC Health Insurance Exchange Looking for Tax Revenue
Here’s a conundrum: You’re given millions of dollars to set up a Health Insurance Exchange with the understanding that it must be self-sufficient within a year of use; however, if you charge the users of the Health Insurance Exchange enough to keep the website running, the exchange will go under quicker than a Rolex store ...

Vermont Considering Publicly Shaming Delinquent Taxpayers

Vermont Considering Publicly Shaming Delinquent Taxpayers
Vermont lawmakers have sent a bill up to their governor that includes a provision to publicize the names of the state’s delinquent taxpayers (which I found out, oddly enough, via a San Antonio site). It won’t publish the name of every delinquent taxpayers, just the 100 biggest offenders in both the business and individual tax ...