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Educate yourself. It’s your money and your responsibility.

Tax Consequences of Crowdfunding

Crowdfunding websites such as Kickstarter, GoFundMe, Indiegogo, and Lending Club have become increasingly popular for both individual fundraising and small business owners looking for start-up capital or funding for creative ventures. The upside is that it’s often possible to raise the cash you need but the downside is that the IRS considers that money taxable...
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Reduce Your Taxes: Make Your Spouse a Business Partner

Tax reform likely has you considering your business’s tax structure. We’ll show how you can use a spousal partnership to reduce your tax hit compared with a sole proprietorship. And here’s the real surprise: you can possibly save more money with this type of partnership compared with the S corporation. Strategy Overview It works like...
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May 2018 Market Commentary: “Back to Normalcy?”

Markets were again plagued by volatility in May, largely due to heightened political risk. The US administration’s approach to global trade, North Korea and Iran remain uncertain, while Italy’s new populist government added to market concerns. Risk-off sentiment contributed to a significant rise in the value of the US dollar, which strengthened 2% vs. a...
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Tax Reform Increases the Tax Benefits of Employing Your Child

The recent tax reform eliminated personal exemptions for taxable years after December 31, 2017, and before January 1, 2026. This makes your child worthless to you on your Form 1040. But there is a way to get even or, perhaps, much more than even. Let’s set the stage first. For taxable years after December 31,...
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Maximize Your Travel Deduction

As you likely know by now (I love assuming everyone has read the new tax bill), your travel meals continue under tax reform as tax-deductible meals subject to the 50 percent cut. And tax reform did not change the rules that apply to your other travel expense deductions. One beauty of being in business for...
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If You’re a S Corp, Review your Fringe Benefits

Fringe benefits are usually a good thing—but there’s a catch when you own more than 2 percent of an S corporation. The good news? Federal tax law allows the cost of these fringes as deductible expenses for your S corporation. The bad news? You, the shareholder-employee who owns more than 2 percent, may suffer additional...
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