Taxes – Cochran Law Firm, P.L.

Probate: What It Is & How To Avoid It—Part 2

Why Probate Is a Problem and How to Help Your Family Avoid It Unless you’ve created an estate plan that works to keep your family out of court, when you die or become incapacitated, many of your assets must go through probate before they can be distributed to your heirs. Like most court proceedings, probate […]

Single-Member LLCs: Are You Sure Your Assets Are Protected?

As a business owner, you’ve likely heard that forming a Limited Liability Company (“LLC”) is one of the best ways to protect your personal assets from business liabilities. While this can be true, the reality is more nuanced – especially if you’re the sole owner (generally called a “member” in an LLC). This is called […]

Choosing the Right Business Structure: Beyond the Basic LLC

When starting a business, one of the most critical decisions you’ll face is choosing your business structure. While many entrepreneurs automatically gravitate toward forming an LLC (Limited Liability Company), this one-size-fits-all approach might not be optimal for your specific situation. Your choice of entity will affect everything from your tax obligations and personal liability to […]

December 26, 2024
By Allison Cochran
Investing, Taxes
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Special Report: MUST READ AND ACT Before 12/31 If You Have Crypto Assets!

If you or your family members hold crypto assets, there’s a critical change coming up that you may want to act on by December 31, 2024. Let’s break down what’s changing and what you need to do, if you want to qualify for safe harbor protections related to the basis of your crypto assets. Basis […]

December 22, 2024
By Allison Cochran
Business, Taxes
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Actions to Take Before 2024 Ends to Qualify for Specific Tax Credits

The end of the year can feel overwhelming, but it’s also a time to set yourself up for credits and deductions that can put real money back in your pocket come tax time this April. From the Earned Income Tax Credit to residential energy improvements and even adopting a child, there are a wealth of […]

September 8, 2024
By Allison Cochran
Business, Estate Planning, Succession Planning, Taxes
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The Supreme Court Case All Business Owners Should Know About

You might think Supreme Court cases don’t affect your daily life as a business owner, but think again. The recent decision in a case called Connelly v. United States handed down on June 6, 2024, has far-reaching implications that could hit you right in the wallet. This case fundamentally changes how the IRS values businesses, […]

March 25, 2024
By Allison Cochran
Business, Estate Planning, Investing, Real Estate, Taxes, Trusts
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Unlocking the Power of Legal Structures for Real Estate Investors

As a real estate investor, setting up the right legal structure for your business might not seem like the most thrilling task on your to-do list. However, it’s one of the most crucial decisions you’ll make as an investor. The legal entity you choose can have a significant impact on your liability, taxes, and overall […]

January 1, 2024
By Allison Cochran
Business, Taxes
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Why You Should Start The New Year With a LIFT Business Breakthrough Session

As we stand on the cusp of a new year, it’s the perfect time to reflect on your business journey and set the stage for success in the coming year. What components of your business worked the best? Which areas need focus or improvement? Are there areas of your business that have been neglected? (Don’t […]

Renting the Dream: Balancing Profits and Legal Pitfalls

Platforms such as Airbnb and VRBO have disrupted an industry once dominated by hotels and resorts, allowing individuals to open their homes and residential properties to travelers. The boom in short-term rentals has created new opportunities for investors who want to buy income-generating property. Nightly, weekly, and monthly rentals appeal to business and leisure travelers. […]

September 17, 2023
By Allison Cochran
Business, Estate Planning, Succession Planning, Taxes
No Comments

Would Your Business Pass Our 20-Point LIFT Business Assessment?

As a business owner, it’s crucial to regularly assess and improve various aspects of your business to ensure its long-term success and protect your assets. But most entrepreneurs struggle to find the time to review their systems and most don’t know where to even start or what to do with the information they find when […]