Phantom Income
Income Taxes

Phantom Income

Those small businesses using partnership or S-Corporation formats issue Form K-1 to the respective owners.  When income is assigned to the owner and there is no corresponding cash related to that income, then this income […]

Income Taxes

What is a K-1?

A K-1 is a reporting tool to the Internal Revenue Service.  It is used by Partnerships, S-Corporations and Trusts to report the taxpayer’s share of income, deductions, and credits.  A K-1 is similar to Form […]

Legal

What are Trusts?

A trust is an agreement for one party to care for the assets of another party for the benefit of a third party.  In essence, it is a business agreement.  The person creating or the […]