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This episode of Brian Dooley, CPA's Tax Talk show explores tax planning to avoid the effect of the"Fiscal Cliff" by using a related corporation to shift income.
As both parties plan to limit itemized deductions and increase individual tax rates, saving taxes will require innovation.
Here is what is happening. Both parties want the USA to grab European small businesses tired of the EU crisis. But there is a problem. Our corporate tax rates exceed the European rates. So, they want to reduce the corporate taxes while increasing individual taxes.
With this episode of Tax Talk, you will learn how small business owners are saving taxes by creating a related corporation for income shifting.
Saving taxes requires you to have a tax tool box. Some tools you may never use. Others tools may be used often.
Our upcoming episode, this Friday, on Printing Private Money, takes advantage of related entity planning.
Tax planning for the small business includes the new corporate ESOP rules (employee stock ownership plan) for owners over age fifty- five.
For a technical explanation, see the related post on my blog, on this link.
Learn more about International Tax Counselors Dooley, and Brian Dooley, CPA on this link.
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