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Groco Weekly
Weekly Wealth Building Tips Issue #114
September 10th, 2007

 

in this issue...
  • Tips for the Self-Employed Avoiding the Audit
  • Preserving the Value of Your Practice With The Professional Corporation Trust
  • 5 Steps to Building Significant Wealth to Save For Retirement
  • 10 Tips to Enhancing Your Leadership Skills

  •  
    Preserving the Value of Your Practice With The Professional Corporation Trust

    When he died unexpectedly of a heart attack, an orthodontist's wife became trustee of the stock in his professional corporation. Because she was successor trustee of the professional corporation trust that owned the practice she was able to sell the ongoing practice at full monetary value within two weeks after her husband's death.


     
    5 Steps to Building Significant Wealth to Save For Retirement

    The reality of successful investing for retirement is that it is a complicated and time-consuming process. It takes plenty of time and patience to become financially independent with the tenacity to overcome all obstacles. The sooner you start, the sooner you will be prepared to retire.


     
    10 Tips to Enhancing Your Leadership Skills

    Perhaps we could all admit to ourselves that there is room for some improvement in the way we lead others. After all, it's not the sort of skill that is easy to get 100% right all of the time. It might just be that we don't specifically know what improvements to make, so here are 10 ways to start.


     

    IRS Circular 230 disclosure: To ensure compliance with requirements imposed by the IRS, we inform you that any U.S. federal tax advice contained in this document is not intended or written to be used, and cannot be used, for the purpose of (i) avoiding penalties under the Internal Revenue Code or (ii) promoting, marketing or recommending to another party any transaction or matter that is contained in this document.


     
    Tips for the Self-Employed Avoiding the Audit
    By Alan L. Olsen, CPA

    If you are self-employed, the chance that you have of being selected for an IRS audit will be closer to your ballpark. The IRS looks for red flags that when processing tax returns, targeting individuals to potentially audit. Self-employment is a flag in itself as the IRS wants to ensure that self-employers are not trying to dodge tax laws through small business deductions. Tax preparers should be careful about preparing returns that show deductions that do not fit the category of "ordinary and necessary" business expenses to minimize the chances of a potential audit.

    Read On...
     


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