Tax Information

Limited Liability Company

Jim Forrester, CPA The limited liability company, or LLC, is often referred to as a hybrid legal entity because it attempts to combine the advantages and minimize the disadvantages of the sole proprietorship/partnership on the one hand and the corporation on the o

Incorporation May Make Sense in the Long Run

Jim Forrester, CPA When it comes to securing your business status in the eyes of the Internal Revenue Service, nothing carries more weight than the initials “Inc.” Incorporation elevates you as an enterprise with a vision, one that plans to grow, flourish and

Don’t Be Hung Out to Dry By Wash Sales

Jim Forrester, CPA The Internal Revenue Service loves to tax capital gains, but they are just as diligent to disallow capital losses that might offset those lucrative cash cows. Case in point: the wash rule. The wash rule prohibits traders and investors from clai

Claim and Defend Your Trader Status

Just because you call yourself a securities trader doesn’t make you one in the eyes of the Internal Revenue Service. In fact, Uncle Sam is predisposed to consider you merely an investor, and thus deny you more favorable tax status, unless you meet a number of te