Archive for December, 2010

How a Newly Formed LLC is Treated for Tax Purposes by the IRS

Wednesday, December 29th, 2010

A domestic LLC with only one member is disregarded as an entity separate from its owner and must include all of its income and expenses on the owner’s tax return.  Also by default, a domestic LLC with two or more members is treated as a partnership.  A domestic LLC may file Form 8832 to avoid either default classification.  Call us for more information (909)981-6177.

Why Should I Leave Something to Charity?

Monday, December 20th, 2010

When people think about charitable giving in the context of estate and financial planning, they often think in terms  of tax savings.  However, history shows that people of America are the most generous in the world.  Most of them give for truly philanthropic reasons – thinking of tax savings as an extra benefit.  In other words, many would still contribute  even if it did not save them taxes.

During your lifetime you’ve no doubt supported things bigger than yourself and your family.  Perhaps it’s your local place of worship, a community foundation, or a national charity.  Consider whether it’s important to you that these charities continue their work after you’re gone, and if so, what you might do to help them.