Joe is a baby boomer (early 40s to mid 50s). Typically, the difference between this Joe and Joe when he gets about a generation older is the way he views wealth.
Your company's excess, slow-selling inventory can become a tax-advantage deduction when you donate it to a qualified charity. It's called gifts-in-kind, and it favors companies that contribute new, unused products.
Here's my top ten list,
Do not keep property (other than a convenience bank account) in joint tenancy.
Do not put money in a pension or profit-sharing plan-IRA or other qualified plan-if you are rich or likely to become rich.
First some background. Gifts to your spouse are sheltered by an unlimited marital deduction, and the first $10,000 of gifts made to other individuals are also exempt from tax.
Generally, the conversion of a C corporation to an S corporation is tax-free for both the corporation and its shareholders. Also, an S corporation avoids double taxation, eliminates unreasonable compensation and unreasonable surplus problems.
Do one or more of your children work for your family corporation? Then keep reading. Let's say your son, Jim, works for and, as a practical matter, runs your corporation, Success Co.
The IRS has finally come over to our side on how-to-value-your- closely-held business issue that will save you and your family a bundle of taxes.
Here's the victory story.
