25August
2016
Administering a Trust: 11 Duties of a Trustee

Has someone appointed you as a trustee of a trust and you now want to know what your duties are? Do you want to make sure you carry them out properly? Or perhaps you are a beneficiary of a trust and you want to know whether the trustee is properly administering the trust. This article will review some of the duties of a trustee so you have a better understanding of what the job entails. Generally, a trustee’s first task is to read the trust documents. That may sound obvious, but sometimes the trust document language is quite daunting and…

25August
2016
No Current Deductions Before Business Commences

Starting up a business and wondering about how tax deductions will be handled? The most important thing to understand is that most expenses incurred before a business begins functioning cannot be deducted or amortized until the year when the business does become active. Business Expense Basics Section 162 of the Internal Revenue Code allows current deductions for so-called ordinary and necessary business expenses. Basically, Section 162 expenses are garden-variety expenses incurred in operating an up-and-running business. Examples include employee wages, rent, utilities, advertising and so forth. Such expenses can generally be deducted in the year when they are paid or…

25August
2016
Coping with the In-Law Challenge

You may have started your family business as a small venture and didn’t give much thought to nepotism. Then, you brought the kids on board and your brothers and sisters signed on. Perhaps the business continued to flourish with little conflict. But sooner or later, some of those children and relatives are going to get married. And that presents the new challenge of in-laws. Before hiring the spouses of family members into an established business, be aware that they can bring more emotional baggage than siblings and children. Even if they have great ideas for the company, there is a…