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Valuation Strategies article:
Do Not Be Too Quick To Discount A Discount For Controlling Interests

Valuation Strategies CoverThis was a case where the Estate’s business valuator merely went through the motions without considering the facts in the case. (The business valuation company was one of the country’s largest). By doing so they caused the estate to overpay estate tax by approximately 2.3 million dollars. The widow’s consultant, based merely on common sense, suspected that the companies were overvalued. You will see from the article that I prepared amended valuations and an amended estate tax return and secured an estate tax refund in the amount of $2,689,270 refund which included interest in the amount of $266,084. …
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March 26, 2017

You’ve hit the jackpot! Now what?

When it comes to financial planning, most of us spend our time guarding against things that could go wrong. But what if something really good happens? Hitting the jackpot is obviously a nice problem to have. Yet an unexpected influx of cash can drive even savvy individuals to do regrettable things. Your first impulse upon … Continue reading You’ve hit the jackpot! Now what? March 26, 2017

Identifying qualifying children for tax purposes

As you file your 2016 income tax return, you may be wondering whether you’re eligible for tax breaks related to a niece who lives with you, or perhaps a stepson who spends only part of the year in your home. It all depends on whether, for federal tax purposes, that person is your “qualifying child.” … Continue reading Identifying qualifying children for tax purposes March 26, 2017

4 tips for donating artwork to charity

Individuals may want to donate artwork so it can be enjoyed by a wider audience or available for scholarly study or simply to make room for new artwork in their home. Here are four tips for donating artwork with an eye toward tax savings: Get an appraisal. Donations of artwork valued at over $5,000 require … Continue reading 4 tips for donating artwork to charity March 26, 2017

Got nexus? Find out before operating in multiple states

For many years, business owners had to ask themselves one question when it came to facing taxation in another state: Do we have “nexus”? This term indicates a business presence in a given state that’s substantial enough to trigger the state’s tax rules and obligations. Well, the question still stands. And if you’re considering operating … Continue reading Got nexus? Find out before operating in multiple states March 6, 2017

Welcome to our new website

We at SKMB are excited to welcome you to our new website, more information will be added in the coming months. Please check back for our monthly blogs and updates.February 26, 2017

Phaseouts and reductions: A tax-filing reminder

As tax-filing season gets into full swing, there are many details to remember. One subject to keep in mind — especially if you’ve seen your income rise recently — is whether you’ll be able to reap the full value of tax breaks that you’ve claimed previously. What could change? If your adjusted gross income (AGI) … Continue reading Phaseouts and reductions: A tax-filing reminder February 26, 2017

4 myths about managing your debt

Debt is a reality for many Americans. Median household debt was estimated at $2,300 as of May 2016, according to consumer information provider ValuePenguin. And debt isn’t limited to those earning lower incomes; households with a net worth of $500,000 and over had an estimated $8,139 in credit card debt, per the same source. Underestimating … Continue reading 4 myths about managing your debt February 22, 2017

Facing the tax challenges of self-employment

Today’s technology makes self-employment easier than ever. But if you work for yourself, you’ll face some distinctive challenges when it comes to your taxes. Here are some important steps to take: Learn your liability. Self-employed individuals are liable for self-employment tax, which means they must pay both the employee and employer portions of FICA taxes. … Continue reading Facing the tax challenges of self-employment February 21, 2017

Consider separating real estate assets from your business

Many companies choose not to combine real estate and other assets into a single entity. Perhaps the business fears liability for injuries suffered on the property. Or legal liabilities encountered by the company could affect property ownership. But there are valid and potentially beneficial tax reasons for holding real estate in a separate entity as … Continue reading Consider separating real estate assets from your business January 26, 2017

Tax calendar

January 17 Individual taxpayers’ final 2016 estimated tax payment is due. January 31 File 2016 Forms W-2 (“Wage and Tax Statement”) with the SSA and provide copies to your employees. File 2016 Forms 1099-MISC (“Miscellaneous Income”) reporting nonemployee compensation payments in box 7 with the IRS and provide copies to recipients. Most employers must file … Continue reading Tax calendar