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Month: July 2024

Illustration showing the legal and tax implications of adding children to a home title as joint tenants with rights of survivorship (JTWROS).
Estate Taxation

Hidden Dangers of Adding Children to Your Home Title: Avoid Costly Tax Mistakes Now!

Table of Contents A common scenario encountered quite frequently is individuals adding their children to their home’s title prior to death as a joint tenant with rights of survivorship (JTWROS) as a means to avoid probate. While there are logical reasons why doing so may be a good idea, in general, without proper tax and legal guidance, it can backfire for several reasons. State property laws establish the value transferred. Primary responsibility for property law rests with the states and not the federal government; therefore, in order to determine ownership and value the transfer of ownership, one must look to
Business Compliance and Regulations

Is a Bookkeeper the Same Thing as an Accountant (CPA)?

Which one do I need first? Business owners you’ll want to bookmark this! Bookkeepers record data on the business activities: Accountants then review, analyze and present the data for: Put simply, an accountant verifies that the bookkeeper’s work is accurate and attempts to prevent fraud that can destroy your business. They also catch classification errors that can lead to inaccurate financial statements, which ultimately affect decisions & trigger tax audits So which one do you need as a small business owner? And where do you find either? In reality both, but a bookkeeper first. Why? Removing yourself from the daily