Now that tax filings are behind us and summer vacations are still ahead of us, May is a good time to take a step back and ensure that your business and personal goals are aligned.
Do you have your corporate entity correctly in place? Have you established processes to maximize re- investment and minimize tax? Are you on top of the implications of recently passed laws?
In this issue…
The new cell phone law can have a huge reach and impact if employees use a company or personal vehicle for business.
Part Three of our Four Part overview of the Benefits of Estate Planning for the Business Owner continues as we focus on Gifting Business Interests.
As we usher in Spring and come out from hibernation, we look forward to re-connecting and catching up. As always, if we can help in any way, please give us a call.
On August 16, 2013, Illinois Governor Pat Quinn signed a new law banning the use of hand-held cell phone devices while driving a motor vehicle in Illinois. Cell phone use while driving in the state became illegal on January 1, 2014 when the law went into effect. Illinois is the first state in the Midwest to adopt such a ban and the twelfth state in the country to do so.
Texting and driving in Illinois is already illegal. Drivers of any age caught doing so can receive citations and fines. The new law, however, goes even further.
Gifting Business InterestsMaking small gifts of your business interests is an excellent way to benefit your estate. Through several simple methods, it is possible to reduce the amount of your estate tax while also supporting a cause and protecting your assets for the benefit of your heirs.
Can Reduce the Value of Your Estate for Estate Tax Purposes
Businesses need support and advice. They especially need support in times of exponential growth, during economic challenges, and in transition.
Anthony J. Madonia and Associates, Ltd. is a premier law firm located in vibrant downtown Chicago that focuses on Corporate Law, Mergers & Acquisitions, Taxation and Estate Planning.subscribe archives