You can legally reduce your taxable income by transferring a portion of your assets to one or more beneficiaries. Federal law excludes you from having to file a gift tax…
Granted, a key component in developing a sound retirement strategy for the business owner may be to enlist the guidance of an experienced financial advisor, it also behooves investors, firstly,…
If a creditor cancels a debt, the IRS requires them to report the discharged amount and issue a 1099-C. The forgiven debt effectively becomes taxable income. There are a limited…