It's a challenging time to grow a business. So, any help a business owner can get in the form of tax credits, tax exemptions and other incentives can make a big difference. Unfortunately, these incentives often go unclaimed. This article explains two types of tax incentives: statutory and discretionary. A brief sidebar explores the availability of states' sales tax exemptions.
A business owner's most valuable asset is likely to be his or her company. Thus, addressing it in an estate plan is critical in case, for example, the owner dies unexpectedly or becomes disabled. This article explains that an estate plan can help provide a smooth transition of the business to the owner's children or other family members.
Roughly two-thirds of Americans say they pay too much in federal taxes, according to a recent poll. When it comes to selling a home, however, a homeowner may be able to lower their federal tax bill with proactive planning. Here's an example of how a homeowner selling a personal residence can make the most of applicable tax law.
Do you pay premiums for Medicare health insurance? You may be able to combine them with other qualifying health care expenses and claim them as an itemized deduction for medical expenses on your tax return. This includes amounts for “Medigap” insurance and Medicare Advantage plans, which cover some costs that Medicare Parts A and B don't cover.