Tag Archive for Rhode Island

Rich | December 13, 2011
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Incorporating Your Business: Part I

incorporation(originally written for The Water Trough, Ed Drozda’s fabulous website):

Have you just started a business and been wondering whether or not to incorporate?  Or freelancing for a while and wondering if now is the time to do it?

What are the pros, cons, choices? LLC, S Corp, L3C, R2D2 – my head, she is spinning.

The turning of the year is a good time to review your options.

Preliminaries

In most situations incorporating* is an option not a requirement.  You are a freelance architect, you are an architect with your wife, you are an architect with your wife and your mistress – you may incorporate but you do not have to.

When would you have to? Read more

Category: GROWING A SMALL BUSINESS | Tags: , , , ,
Rich | November 29, 2011
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How Do I Divorce Thee? (Another Site I Love)

Divorce mediation Rhode IslandLet me count the ways.  Financial, emotional, legal, physical.  This site addresses divorce from multiple perspectives.  Look at the array of articles – “When Divorce Happens Over Forty”, How Personality Disorders Drive (aggressive) Family Court Litigation” – this is not just about money and custody (which are expertly covered as well).  As divorce survivors, founders Lori and Kevin Grover understand the unique trauma divorce is to each spouse and child. Originally Divorce Resource Center of Rhode Island, RIDMC collaborates with professionals across the board to assist its clients (full disclosure: I am one.) And the site just gives stuff away –clean, comprehensive listings of local family courts. A concise summary of Rhode Island divorce laws — in English, not legalese. Who knew? As befits this approach, local attorney Jeanne LaPiana hosts a free legal seminar on divorce twice per month at RIDMC’s offices, in Cranston, Rhode Island.  Whether in business or divorce I like to think that a foundation of openness and collaboration can succeed.

 

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Category: PERSONAL FINANCE | Tags: , , , , ,
Rich | November 23, 2011
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I Want to Form a Non-Profit — Part I: ARE YOU SURE?

501-c-3You have a charitable idea you and want to start a non-profit. Great! My company specializes in 501 (c) (3) applications, the most common form of tax-exemption. Before you plunge in, I have some questions for you.

Can You Share Control? Read more

Category: NON-PROFIT FINANCES | Tags: , , , , , ,
Rich | November 18, 2011
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“I Don’t Want to Go to Prison” (Finance for Artists — A Site I Love)

Finance for Artists peaceloveandbusinessplanning.com

Image Source: Anna Rosenfield; appears in Finance for Artists

I like to  think that Larson Gunness is to financial planning what I am to accounting: completely professional AND totally bucking the stereotypes.  Larson has worked for years in the investment field and is NOT your button downed guy pushing the latest stock or insurance product. To the contrary, he has authored the colorful, informative and unique as unique gets site — Finance for Artists.

The site reflects Larson’s love of writing and his passion for helping fellow artists. There is a non-technical glossary, (“accountant: a professional who keeps you out of debtor’s prison”.) and hilariously familiar case studies that teach you stuff: Here Art talks to his accountant:

“I don’t want to go to prison,” Art says again.  Only this time, Read more

Category: BUSINESS OF ART, PERSONAL INCOME TAXES | Tags: , , , , ,
Rich | October 19, 2011
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TAX TIPS FOR DIVORCING COUPLES

Tax Tips for Divorcing Couples peaceloveandbusinessplanning.com 

By Rich Streitfeld, CPA

Impoverishing One Impoverishes All

If at all possible try to think as an economic unit, at least until the divorce is final.  You are right, your spouse  is a louse– and you do need to have your financial needs met in a fair and equitable fashion.  However when one party tries to grab all the tax benefits at the expense of the other, all may lose out – less money for the kids, more money for the lawyers.   For instance if Sharon refuses to sign a joint return while the divorce is in process and Greg makes more money, she may save $500 but he may lose $5,000.  This may make Sharon happy, but may also make a settlement more elusive, drag out the proceedings and make it more difficult for Greg to provide for his share of any agreement.

A better way?  Read more

Category: PERSONAL FINANCE | Tags: , , , , , , , ,
Rich | June 25, 2011
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YOUR RHODE ISLAND TAXES HAVE BEEN CUT. UNLESS THEY WERE HIKED

RI Income TaxesYes.  It’s true.  This is not April’s Fools.

What?  Didn’t I just breathe a sigh of relief because the sales tax was not expanded dramatically?  Yes.  But I am talking about income taxes – and what happened last year that is already affecting you.

Specifically, in 2010 the state legislature quietly overhauled Rhode Island’s income tax structure.  Rates – especially the top rates – were “flattened”.  The stated goal was to make RI competitive with other nearby states for high income taxpayers.  Top rates dropped from almost 10% to less than 6%.

BUT – mindful of the budget, this overhaul was “revenue neutral”.  What does this mean, Senator.  Read more

Category: PERSONAL INCOME TAXES | Tags: , , , , , ,
Rich | May 24, 2011
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“Minding your Business”

This morning I was the guest on “Business Talk”, a 3 minute segment that airs weekdays on the NBC affiliate here in Rhode Island (hosted by Frank Coletta).  I was fortunate enough to be invited back after my initial appearance at the end of March.  My theme today was business incorporation — a quick survey of the advantages and disadvantages of the S-Corp, LLC and other options.   Here is the link:   If you last through the 3 minutes there is a bit of “truthful humor” at the end.  Enjoy.

Category: GROWING A SMALL BUSINESS | Tags: , , , , , ,