Just for you: a special tax bonus

Article Abstract:

Business owners can acquire a special tax bonus that grants an uncomplicated fringe benefit without the need for an Internal Revenue Service approval. A existing life insurance policy is needed or a new policy that offers a cash surrender value. The life insurance proceeds payable to a business owner's personal beneficiary are without income taxes. Moreover, unlike other insurance plans that allows no income tax deductions, the bonus plan's premium is entirely tax deductible by the corporation.

Financial management

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35 recordkeeping and tax-saving ideas

Article Abstract:

Tips on obtaining lawful business and personal tax deductions and avoiding disputes with the IRS are offered. Deductions for alimony paid frequently come under IRS scrutiny. Individuals who pay alimony should take only valid deductions and should keep copies of cancelled alimony checks. Individuals who use a company-owned or their personal car for business travel, medical trips or charitable work must keep a mileage log.

Personal Financial Mgmt, Management, Personal finance, Tax deductions

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Basics of tax planning

Article Abstract:

Planning of taxable purchases is an important step in reducing the payable tax amount for individuals or business owners. The necessary steps to take in planning the tax are discussed.

Strategy & planning, Planning, Company business planning, Tax expenditures

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