Ask Tom Live: Tax Edition - Tuesday, September 25th (More info)
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  • September 2018 - Ask Tom Live: Wealth Edition

    This recording is from the live session held on September 11, 2018. Featured Topic: Highly Effective Habits of Entrepreneurs

  • How do you record repairs and improvements?

    Question: How do you record repairs and improvements? Answer: It’s important to distinguish improvements from repairs in your accounting as the tax treatment is very different. Repairs are deducted immediately. Improvements must be capitalized and are deducted (depreciated) over a number of years rather than all at once. Additionally, the difference between an improvement and

  • Should my living trust own my entity?

    Question: Should my living trust own my entity? Answer: Generally, a living trust will be the owner of an asset (like an ownership in an entity) instead of you being the owner of the asset. This is because one of the primary purposes of a living trust is to avoid probate. To avoid probate, assets