August 25, 2020

Whether you claim a business office in the home or are simply working at home, say because of COVID-19, you likely have some former personal assets that you now use for business.

Ah, new tax deductions!

Yep. Say you don’t claim a home-office deduction but now you are working at home and sitting in the fancy chair you inherited from your grandmother.

Let’s say you use the fancy chair 85 percent for business purpose...

August 5, 2020

Limited liability companies (LLCs) are a popular choice of entity for small businesses and investment activities.

LLC owners are called members.

  • Single-member LLCs have one owner, although spouses who jointly own an LLC in a community property state can elect treatment as a single member LLC for federal income tax purposes.

  • We will call LLCs with two or more members multimember LLCs.

Key point: LLCs ar...

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