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For Businesses: Understanding Your Lease

Understanding Your Lease | Layman & Nichols Law

By Dean ‘Mac’ Nichols, Attorney Selecting just the right location for your business is incredibly important. After all, they say it’s all about location, location, location. But even if you have found the perfect location, it’s important to take a good look at your lease and review it with a professional before putting your signature on it. Here are some sections […]

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Why Have Your Residential Construction Contract Reviewed by a Professional (Attorney)?

By Dean ‘Mac’ Nichols, Attorney If you have decided to build your own home, it’s important to have a residential construction contract in place. This contract between you and the contractor helps protect you and the contractor, so that you get the house you planned and the contractor gets paid for the house that’s built. The contract between you reflects this, […]

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The Importance of Updating Your Estate Planning Documents

Family | Layman & Nichols Law

By Karen L Rowell, Esq. It is very important to periodically get out your estate planning documents and review them. You can pick a date that will be easy to remember such as your birthday, the beginning of the year, or a particular holiday, and do it every year. Everyone has changing circumstances in their lives, so for your planning to […]

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How to Bring up End-Of-Life Discussions

Trust | Layman NIchols Law

By Dean ‘Mac’ Nichols, Attorney Whether you’re the speaker or the listener, the parent or the child, end-of-life discussions can be very difficult for families. With emotions running high, sometimes an aging parent is unwilling to talk about the eventual; sometimes children or loved ones aren’t ready to discuss what happens after a personal loss. However, end-of-life discussions are an extremely […]

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Why You Should Not Write Your Own Will

Will | Layman & Nichols Law

By Dean ‘Mac’ Nichols, Attorney Writing a will is not as simple as it may appear. If executed improperly, wills can cause all sorts of problems. Homemade wills (the legal term is holographic) are often ambiguous; though the meaning might have been clear to the writer, those reading it could be confused by its contents and your wishes. Why seek assistance […]

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Preparing to Do Your Taxes

New Tax Return | Layman & Nichols Law

By Dean ‘Mac’ Nichols, Attorney It’s that time of year again when everyone begins prepping in earnest. As you begin preparing your yearly income tax return or gathering your tax documents to give to your preparer, take a look at the following: For starters, you’ll need the Social Security Number’s and dates of birth for you, your spouse and any dependents.   […]

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Maintaining Proper Tax Records: What Documents to Keep

Tax Featured | Layman & Nichols Law

By Dean ‘Mac’ Nichols, Attorney At the end of every tax year, most of us are left with copies of our tax forms and folders full of receipts. But, after April 15, what do you do with them? According to federal law, you should be maintaining records of your financial documents—tax returns, supporting documents—that span at least the past three years. […]

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Affordable Care Act Tax Penalty: 2014, 2015, and Beyond

Doctor | Layman & Nichols Law

By Dean ‘Mac’ Nichols, Attorney Did you have health insurance in 2014? Beginning January 1, 2014 the Individual Mandate of the Affordable Care Act (ACA) was put into effect. The Individual Mandate requires you to maintain government approved coverage throughout the year. If you chose not to obtain qualifying health insurance or if you do not qualify for an exemption you […]

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House Flipping and 1031 Exchanges Do Not Always Mix

house flipping

By Dean ‘Mac’ Nichols, Attorney House flipping may be considered a type of real estate investment by those who do it, but did you know that it generally doesn’t qualify for 1031 treatment? IRC Section 1031(a)(1) states that “stock in trade” property, or property “held primarily for sale” is explicitly excluded from qualifying as a 1031 exchange. Property held primarily for […]

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501(C)(6) Nonprofit: Business Leagues

501(c)(6) | Layman & Nichols Law

By Dean ‘Mac’ Nichols, Attorney   This is the last of a four-part series on nonprofit business entities. Section 501(c)(6) offers tax exemption to 501(c)(6) Business Leagues, nonprofit business leagues, chambers of commerce, real estate boards, boards of trade, and professional football leagues, so long as no part of the net earnings of the organization are inured to the benefit of […]

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