There are dozens of provisions in the tax code that let business owners siphon company funds directly into their personal accounts with no tax impact. In many situations, the Federal Government will subsidize an owner's retirement through tax write-offs and exemptions. These tax tools are safe harbor - meaning they cannot be challenged because the tax code is clear about the qualifying criteria. Most businesses and many CPA's do not realize the magnitude of these tax benefits, because the calculations are intricate and highly specialized. However, they offer some of the best tax breaks ever.
I have been in the financial services industry since the early 1970's, including: independent ins...
There are dozens of provisions in the tax code that let business owners siphon company funds directly into their personal accounts with no tax impact. In many situations, the Federal Government will subsidize an owner's retirement through tax write-offs and exemptions. These tax tools are safe harbor - meaning they cannot be challenged because the tax code is clear about the qualifying criteria. Most businesses and many CPA's do not realize the magnitude of these tax benefits, because the calculations are intricate and highly specialized. However, they offer some of the best tax breaks ever.
I have been in the financial services industry since the early 1970's, including: independent ins...
