Wednesday 26 October 2016

David M Daggett CPA - Taking Over The Family Business

David M Daggett CPA currently works as a tax accountant but has helped many different positions in many different careers throughout his life. When his grandfather passed away in 1994, he took over the family business. It was a law enforcement equipment distribution business named F. Morton Pitt Co, named after his grandfather. Although his grandfather had worked hard to make the business successful, the company was losing 10% per month. He was able to build the business back up to being 10% profitable and ended up selling the company five years later. 

During his time running the company it manufactured fiberglass rear seats for police cars, a shotgun lock holder for Los Angeles Police Department and a couple of other items for law enforcement agencies. He decided to spin the manufacturing products out into a separate company called Pittco, Inc. Under Pittco, he continued to manufacture the PITTCO rear seat and redesigned it to meet the needs of the law enforcement community. Departments such as NYPD and various local departments such as Milwaukee PD and numerous others used the seat in their Crown Victoria police cruisers. 

In 1999 he was approached by another entrepreneur named David Graves, who had come up with an idea. Together they patented the product known as the DuraFlare. The DuraFlare was a 13" high traffic cone with an electronic system that included a strobe light in it which was visible from a mile away. They brought it to the International Chief of Police convention in October of 1999 and were inundated with orders.

The development of the DuraFlare led Mr. Daggett to meet the famous football player Rosie Greer who would later become the company spokesperson. Although the business did not take off as he had hoped, it provided him with an opportunity to raise capital for a new venture, Gator Hawk Armor, Inc. With the help of a phenomenal team of body armor designers, he developed some of the best body armor in the industry in 2001. Gator Hawk was formed in February of 2001 and for the next few months he went through the long process of testing and shooting the armor to help develop and improve it. By September of 2001, the company was ready to go to market with a new vest line. 

Although David M Daggett CPA enjoyed working to improve the business his grandfather once owned, he decided it was best to sell it and pursue a different career. He began working as a tax accountant at Lee, Cochran & Daggett, CPAs, LLP, which is a firm he is a partner with. He enjoys helping people with all their tax needs.

Sunday 16 October 2016

David M Daggett CPA - Tips For Estate Tax Planning

David M Daggett CPA is a tax professional who assists individuals and businesses with their tax needs. He specialized in estate planning. Many people aren’t aware of the benefits of estate tax planning and how it can help their loved ones avoid paying a lot of money on the things they inherit. If you have a will or estate plan, make sure you are considering the taxes as well. Here are some tips for estate tax planning.

Use Exemptions
If you are married, you should take both exemptions. One exemption will be for yourself and the other for your spouse. You can leave your spouse money in the estate and when he or she dies, there will still be an exemption that will help lower the amount of taxes due on the estate. The spouse can also distribute assets while he or she is still alive to avoid the estate tax.

Reduce Assets
The more your assets are worth, the higher the estate tax will be. To reduce the estate tax for your loved ones you can reduce the value of your assets. You can do this by gifting the assets to the people you want to have them. This allows you to have control over your assets, distribute what you want and keep what you need. After your death, the estate tax will only be based on the assets that are left.

Trusts
There are many different trusts that can help reduce the estate taxes your loved ones must pay if they inherit your estate. A tax accountant can explain the various type so trusts that are available to you and how each one will affect your estate and those who inherit it. Some common types of trusts include Irrevocable Life Insurance Trusts, Qualified Personal Residence Trust, Grantor Retained Annuity Trust, and Charitable Trusts.

Life Insurance

Instead of leaving your money to your loved in your estate, you should use your assets to purchase life insurance. You can choose who will become the beneficiaries of your life insurance policy and you don’t have to worry about your loved ones having to pay estate taxes on the money they inherit from the policy. There are many different life insurance options to choose from.

David M Daggett CPA has always enjoyed working with numbers and helping people with their taxes. He has many clients and encourages them to consider tax planning for improving their estate plans. Many people do not realize how much their loved ones may have to pay in estate taxes. There are ways to reduce those taxes and possibly eliminate them completely. Make sure you discuss your options with your tax accountant.