Tax Planning with Life Insurance

What is tax planning with life insurance? Life insurance can help you achieve various goals. Tax planning with life insurance involves minimizing the tax consequences of your life insurance decisions. Tax planning vehicles involving life insurance will vary, depending on the form of insurance coverage you select. In order to make informed insurance tax planning decisions, you must understand topics such as the tax-deferred buildup of cash value, the taxation…  Read more

Tax Consequences if Business Generates Income or Loss

What are the tax consequences if a business generates income or loss? When a business generates income or loss, the tax ramifications for the business and the business owner will depend on the type of business entity selected. Some businesses pay taxes themselves on business income, while others act as conduit or pass-through entities, making their owners responsible for paying taxes on the business income. The concept of tax basis…  Read more

Tax Planning for Business Owners

What is business tax planning? When starting a business, you must consider a number of tax-related issues. Although business tax planning is a complicated area, it is essential to understand three major topics: tax consequences when the business is formed, tax consequences when the business generates income or loss, and tax consequences of business distributions. Additionally, you may wish to consider whether your chosen form of business will offer you…  Read more

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