February 26, 2017

Multi-member LLCs are popular because they combine the best legal and tax characteristics of corporations and partnerships. Specifically, a multi-member LLC can offer limited liability protection to all its owners (referred to as “members”) while being treated as a partnership for federal tax purposes.


Liability protection. When you operate as an LLC, state law generally protects your personal assets f...

February 21, 2017

Here’s some information that will help you with the task of sending your child to a special needs school.

Defining “Special Needs” School

The education costs of mentally or physically challenged individuals qualify as medical expenses if the primary purpose of the school they attend is to enable the students to compensate for or overcome those challenges. 

Other education at the school will not disqualify the expe...

February 16, 2017

Here are some tips on what you need to do and how to avoid paying taxes on the incorporation.


To qualify for a tax-free incorporation, you must exchange property for stock and be in control of the corporation immediately after the exchange. To meet the control requirement, everyone who exchanged property for stock (i.e., the “control group”) must have ownership of at least 80 percent of the voting shar...

February 13, 2017

When it comes to tax advice, be careful whom you trust.

There is some remarkably bad and wrong and hazardous-to-your-health information out there that—despite being repeatedly debunked—just will not go away. Some of those ideas are clearly erroneous, but others can snag even very bright people.

Consider the case of Carter White Rae, a dentist in Michigan. He followed some bad advice and ended up with a bill from...

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