Harvey Law Office

Harvey Law Office At Harvey Law Office, I sit down and listen to your unique goals and needs. In this way, I am able to help you preserve and protect your family and your legacy.

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Determining reasonable compensation can be a tricky proposition. Contact us for support, and we’ll help you to determine...
06/24/2022

Determining reasonable compensation can be a tricky proposition. Contact us for support, and we’ll help you to determine and document your compensation, so if you are audited, we can prove that you engaged in an analysis to choose the right number for your salary. With proper planning, guidance, and documentation, even if you are audited, you don’t have to worry because you’ll have done the work upfront to prepare for it.

Whether you need assistance determining how much to pay yourself, help filing your S Corporation election, or you need support keeping up with your LLC's administrative formalities, we’re here for you. At Harvey Law Office, we offer you trusted guidance and support to ensure your LLC is properly set up and maintained, with all of the necessary legal agreements and other resources in place.

Contact us today to get started.

Given these potential risks and costs for yourself and those you care about, it would be foolhardy if you are single wit...
06/24/2022

Given these potential risks and costs for yourself and those you care about, it would be foolhardy if you are single without kids to ignore or put off these basic estate planning strategies. Identifying the right estate planning tools is easy to do, and it begins with an Estate Planning Session. During this session, we will consider everything you own and everyone you love, and guide you to make informed, educated, and empowered choices for yourself and your loved ones.

In the end, it will likely take just a few hours of your time to make certain that your assets, healthcare, and finances will be managed in the most effective and affordable manner possible in the event of your death or incapacity. Don’t leave your life and assets at risk or leave a mess for the people you love.

Contact Harvey Law Office to get your estate planning handled today.

Not all LLCs can elect S Corp status. In order to file for the S Corp tax election, your business must meet the followin...
06/24/2022

Not all LLCs can elect S Corp status. In order to file for the S Corp tax election, your business must meet the following requirements.

Learn more about how we can serve your business at www.harveylawoffice.com.

If you're single and childless, consider these three inconvenient truths before you decide to forego estate planning.Con...
06/23/2022

If you're single and childless, consider these three inconvenient truths before you decide to forego estate planning.

Contact Harvey Law Office today to learn more!

If your LLC is taxed as a sole proprietorship or partnership, you will pay payroll taxes (F**A) and income taxes on all ...
06/23/2022

If your LLC is taxed as a sole proprietorship or partnership, you will pay payroll taxes (F**A) and income taxes on all income earned by the business, less deductions. That means all income earned by you via a 1099 or paid to your LLC is reported on Schedule C of your personal tax return. After expenses are deducted, all of the remaining income is subject to payroll taxes (F**A taxes are 15.3%) as well as federal and state income taxes.

This is why many business owners who have LLCs and don’t elect to be taxed as S-Corp often find themselves surprised by a big tax bill that doesn’t seem to make sense, given their total earnings.

Contact Harvey Law Office today to learn more.

If you are single without kids, you face several potential estate planning complications that aren’t an issue for those ...
06/22/2022

If you are single without kids, you face several potential estate planning complications that aren’t an issue for those who are married with children. And this is true whether you’re wealthy or have very limited assets. Indeed, without proper estate planning, you’re not only jeopardizing your wealth and assets, but you’re putting your life at risk, too. And that’s not even mentioning the potential conflict, mess, and expense you’re leaving for your surviving family and friends to deal with when something unexpected happens to you.

Schedule an Estate Planning Session with us now!

What is an S Corporation?An S Corporation is not a business entity in and of itself. Rather, the S Corporation designati...
06/22/2022

What is an S Corporation?

An S Corporation is not a business entity in and of itself. Rather, the S Corporation designation is simply a special tax election made by a corporation or an LLC. Unless you elect for your LLC to be taxed as an S Corporation, single-member LLCs are automatically taxed as sole proprietorships, while multiple-member LLCs are taxed as partnerships.

C Corporations also have the option to elect to be taxed as an S Corporation or as a C corporation. If you are set up as a C corporation and don't elect to be taxed as an S Corporation, the corporation pays taxes at the new flat corporate tax rate of 21% established by the Tax Cuts and Jobs Act. Then, after-tax profits are distributed to the shareholders, and those profits are taxed at the personal rate of each of the shareholders.

Contact us to learn more!

Estate planning isn’t just about passing on your assets when you die. In fact, some of the most critical aspects of esta...
06/21/2022

Estate planning isn’t just about passing on your assets when you die. In fact, some of the most critical aspects of estate planning have nothing to do with your money at all but are aimed at protecting you while you’re still very much alive.

Proactive planning allows you to name the person you want to make healthcare decisions for you in the event you are incapacitated and unable to make those decisions yourself. This is done using an estate planning tool known as a medical power of attorney.

If you’d like to learn more, contact Harvey Law Office today.

Business owners who hate taxes - listen up!Outside of personal liability protection, one of the primary advantages of se...
06/21/2022

Business owners who hate taxes - listen up!

Outside of personal liability protection, one of the primary advantages of setting your business up as a Limited Liability Company (LLC) is flexibility in how your company is taxed. And many business owners elect to have their LLC taxed as an S Corporation (S-Corp) to save money on payroll taxes.

By choosing to be taxed as an S Corporation, you only pay payroll taxes on your salary, not on your profit distributions from the company, so you would save roughly 15% in payroll taxes on distributions taken as profits. Conversely, if your LLC is taxed as a sole proprietorship or partnership, all profits are subject to payroll taxes.

Read this week’s business blog article on how an S-Corp election can help save you taxes...if done correctly.

Link in comments!

HEY SINGLE FOLKS (and unmarried couples, too)! These days, more and more young people are delaying—if not totally forego...
06/20/2022

HEY SINGLE FOLKS (and unmarried couples, too)!

These days, more and more young people are delaying—if not totally foregoing—a life that involves marriage and parenting. The lack of jobs, crushing student debt, multiple recessions, and the pandemic have pushed many young people into a life path that leaves little room for settling down with a partner and getting married—and even less room for having children.

Yet, for other young adults, staying single and childless is simply a matter of choice. Regardless of the reason, as more young adults opt for non-traditional lifestyles, the number of single, childless households is likely to steadily increase in the coming years.

In this week’s blog article, find out the 3 reasons why single folks with no children need an estate plan.

Link in the comments!

Lifetime Asset Protection Trusts safeguard your kids’ inheritance from being lost to common life events, such as divorce...
06/17/2022

Lifetime Asset Protection Trusts safeguard your kids’ inheritance from being lost to common life events, such as divorce, serious illness, lawsuits, or even bankruptcy.

But that’s not all they do.

Indeed, the best part of these trusts is that, while they provide asset protection, they also let your kids use and control their inheritance AND give you a tool to provide your heirs with a unique educational opportunity in which they gain valuable experience managing and growing their inheritance.

Check out our website to learn more about Lifetime Asset Protection Trusts.

Link in the comments!

Estate planning isn’t just about passing on your financial wealth and other tangible assets when you die, it’s about doi...
06/16/2022

Estate planning isn’t just about passing on your financial wealth and other tangible assets when you die, it’s about doing it the right way, one that meets your family’s goals. When done right, estate planning supports you in passing down the most precious assets of all—your life stories, lessons, insights, and values—in an intentional way. It’s about passing on a legacy rather than merely handing over stuff.

Schedule FREE consultation to learn more about how Lifetime Asset Protection Trusts can help you plan your legacy.

Link in the comments below!

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Prosper, TX
75078

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Tuesday 9am - 5pm
Wednesday 9am - 5pm
Thursday 9am - 5pm
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