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Ten Tax Planning Ideas for Small Businesses in 2007 |
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If you are a small business owner looking for cost
cutting ideas here are ten tax planning ideas that may
result in substantial tax savings. The following article
highlights planning areas often missed by business
owners.
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10 Ways to Cut Your Property Taxes |
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Property taxes are decided collectively by school
boards, town boards, legislators, and councils. The tax
an individual pays is computed by multiplying the tax
rate by the assessed value of your property and then
deducting any applicable exceptions.
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Self Employed Refinancing Problems - What Can Business
Owners Expect? |
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Refinancing for the self employed has gotten
significantly easier over the last few years, due
primarily to ready availability of stated income and no
income verification loans. These are loans for which
there is little to no documentation required from you to
substantiate your income for the purposes of qualifying
for a refinance.
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IRS Circular 230 disclosure: To ensure
compliance with requirements imposed by the
IRS, we inform you that any U.S. federal tax
advice contained in this document is not
intended or written to be used, and cannot
be used, for the purpose of (i) avoiding
penalties under the Internal Revenue Code or
(ii) promoting, marketing or recommending to
another party any transaction or matter that
is contained in this document.
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The Bypass Trust: Using Disclaimers
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By Mary Kay Foss, CPA
Director
Trying to fund a bypass trust can be problematic if
clients only have a residence and a large retirement
plan as their major assets.
On the surface, a residence isn't a good asset for a
bypass trust for two reasons: A trust doesn't qualify
for the exclusion under IRC Sec. 121; and--probably most
importantly--the surviving spouse generally wants to own
the family residence.
Likewise, an IRA (or qualified plan) isn't the best
choice for a bypass trust because of income taxes
imposed on the retirement benefits. When the spouse is
named as beneficiary of the retirement plan and all
other assets are in a revocable trust, the first
spouse's unified credit exemption can go unused.
Read On... |
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