Asset protection means employing strategies and establishing legal tools to one's assets from the claims of creditors. For example, individuals, including people and companies, use asset protection to restrict the access of creditors to property of value within the confines of creditor-debtor law.
Tax avoidance is the use of legal methods to minimize the amount of income tax owed by an individual or a business. This is generally accomplished by claiming as many deductions and credits as are allowable. It may also be achieved by prioritizing investments that have tax advantages, such as buying municipal bonds.
Bookkeeping & Accounting can be time consuming. Let us take it off your hands. Ellis provides dedicated bookkeepers, payroll experts & CFO’s so that you can get back to the other important responsibilities you have. Ellis’ accounting system for small businesses makes sure your books are always in order.
43 states have a state income tax. ND has the lowest tax, 2.9%; CA has the highest, 13.3%. Nine states have no income tax. Whether you're liable for tax in a state is determined by nexus. If you have nexus in a state, you have to pay tax in that state. By judicious planning around nexus it’s possible to create substantial tax savings.
The rise of international companies, even small intl companies, has created more emphasis on international taxation, as countries attempt to tax all transactions in their country. international investors use liberalization and deregulation, tax loopholes and tax havens to save taxes on a large scale.
We may be the least audited firm in the country. Before we file your return, we remove every audit trigger we can find. If you get audited, we'll be glad to represent you. An IRS audit is a review of your financial information to ensure everything is reported correctly and the correct amount of tax was reported & paid.
Most businesses are poorly organized in the first place. Business reorgs are mis-understood as an attempt to jumpstart a business. We reorganize a business for purely practical reasons, because it was poorly organized, wrong state, wrong entity, etc.; or to save tax or protect assets,
Organizations strive to be smart, nimble, creative and forward thinking. Ellis provides the best practical business advice on the planet for privately owned businesses. We have deep technical knowledge and extensive industry experience to assist clients address many business challenges.
A tax strategy is a plan of action for reducing taxes, every year, over a long period of time or until the tax code is changed, regardless of your business or investment situation. It is a strategy crafted of various approaches to tax savings to ethically and morally ensure you pay the least amount of tax allowable by law.
From the company’s point of view, stock grants or stock options are options to pay or reward employees by paying them stock instead of cash money. From the employee’s point of view, it’s an opportunity get an ownership share of his/her employer. It’s a very popular way to pay employees.