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5 Reasons to Seriously Consider Using a Living Trust to Pass an Inheritance to Your Family

The Motley Fool

The phrase "trust fund" might conjure images of a spoiled teenager, but trusts are powerful legal documents that many people should consider when estate planning. Regardless of the motivation for setting up an irrevocable trust, the document underlines a high level of flexibility and control that isn't provided by a will.

Legal 246
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This New Federal Filing Requirement for LLC Owners Only Took Me 5 Minutes

The Motley Fool

Image source: Getty Images Lots of small business owners might not know this, but the federal government is requiring you to file some new documentation this year. Anyone who owns a small business with a legal entity, like a limited liability corporation (LLC) should pay attention to this new rule.

Legal 246
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Is Your Small Business Ready for This New Federal Reporting Requirement in 2024?

The Motley Fool

Image source: Getty Images Small business owners have to deal with a few different types of legal compliance and document filing requirements throughout the year. In most states, with just some simple paperwork and a small fee, you can set up a small business that has its own separate identity for banking , taxes, and liability purposes.

Legal 246
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The IRS Is Reducing Audits on Low- and Moderate-Income Filers. Here's What You Need to Know

The Motley Fool

Read more: we researched free tax software and put together a list of the best options here Most of the time, an audit will involve getting a letter in the mail and having to respond with additional information or documentation. That said, most people would rather not have their taxes audited.

Taxes 246
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5 Things Small Business Owners Should Do Before the End of the Year

The Motley Fool

Review documents like your bank statements, business credit card statements, payroll reports, and balance sheet, and make sure you know where everything is. Your accountant can also advise you of potential end-of-year tax planning strategies to reduce your tax liability for the tax year. As we approach Dec.

Taxes 246
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3 Tax Tips for LGBTQ Americans

The Motley Fool

Personally, I use an accountant in another part of my state, and we lean on technology (such as a documents portal on his firm's website) to pass forms and information back and forth. A tax deduction reduces the amount of your income that is taxable, while a tax credit reduces your tax liability. Some of these can be quite valuable.

Taxes 246
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Is AT&T Stock a Buy Now?

The Motley Fool

According to court documents, AT&T could have 200,000 miles of lead cables in its network. Department of Justice and Environmental Protection Agency are reportedly monitoring the situation after a report by The Wall Street Journal drew attention to the issue in early July.

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