Xerxes Mullan, Founding Partner at Avestar Capital, firmly believes in the saying, "To whom much is given, much is expected." This means that we are held responsible for what we have. If we have been blessed with a unique talent, abundant wealth, knowledge or time, we are expected to benefit others from the same.
At Avestar Capital we work with several non-profits across the client networks. The aim is to have clients who can take advantage of each other's balance sheet for philanthropy and giving. This network effect is exponential as other like-minded individuals will tend to possess similar principles.
In the United States, financial advisors should report their business and individual incomes on similar tax forms as all other small business owners. Those who function as sole proprietors must report all business income and expenditures on Schedule C, while others must file partnership or corporate tax returns. Income is taxed at the federal, state, and regional levels, and earned income is subject to additional taxations to fund Social Security and Medicare, to name some. Tax benefits can be accrued through charitable giving.