Blog - Page 35 of 37 - Lawan Law Group, PLLC

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With Tax Laws in Flux: What Should Business Owners Do Now?

As we wrote last week, on September 13, 2021, Democrats in the House of Representatives released a new $3.5 trillion proposed spending plan that includes a wide array of changes to federal tax laws. Specifically, the Democrats proposed a number of significant tax increases and other changes to fund the plan, including increases to personal income tax rates and the capital gains tax rate, along with a major reduction to the federal estate and gift tax exclusion and new restrictions on qualified business income (QBI) deductions. While the proposed legislation is still under consideration and far from being finalized, given… View Post

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House Democrats Propose Sweeping New Changes To Tax Laws That Stand To Have Major Impact On Estate Planning and Business—Part 1

On September 13, 2021, Democrats in the House of Representatives released a new $3.5 trillion proposed spending plan that includes a wide array of changes to federal tax laws. Specifically, the Democrats have proposed a number of significant tax increases and other changes to fund the plan, including increases to personal income tax rates and the capital gains tax rate, along with a major reduction to the federal estate and gift tax exclusion and new restrictions on qualified business income (QBI) deductions. While the proposed legislation is still under consideration and far from being finalized, given the broad-reaching impact these… View Post

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3 Pitfalls To Avoid When Buying An Existing Business

Whether it’s your very first or your fifth company, if you’re looking to start a new business venture, you have two options: 1) build your own from scratch or 2) buy an existing one. And while many entrepreneurs dream of building their own company from the ground up, the reality is, launching a brand-new business can be incredibly difficult. Building a business from scratch can involve years of working long hours for little to no financial reward. In fact, whether your company is ever able to generate a profit or not, starting your own business can consume your life like… View Post

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A Not-So-Happy Accident: Bob Ross’s Estate Planning Failures Leave His Son With Next to Nothing—Part 2

As the host of the wildly popular The Joy of Painting TV series on PBS, Bob Ross became a pop-culture icon, who was equally famous for his giant head of hair, soothing baritone voice, and folksy demeanor as he was for his iconic landscape paintings. And like so many other artists, Bob’s artwork and image would become even more popular following Bob’s death in 1995. Bob’s philosophy in both painting and life was that there “were no mistakes in life… just happy little accidents.” Sadly, as detailed in the recent Netflix documentary Bob Ross: Happy Accidents, Betrayal & Greed, Bob’s… View Post

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The Big-Time Benefits Of Hiring Your Kids

One of the biggest benefits of running a family business is being able to employ your minor children. By hiring your kids, you have the opportunity to teach them the value of hard work, give them experience managing money, and support them to save for their future. In return, you get employees who have a built-in sense of commitment, teamwork, and loyalty that can’t be found anywhere else. This sense of loyalty and dedication is why so many business owners like to claim that their team is “just like family.” On top of that, employing your minor children also comes… View Post