When it comes to savings taxes, we can't go elephant hunting, we have to chip away at what's available a little at a time.
Let us share some tax saving tips with you every month:
JULY - Don't forget valuable exclusions and credits:
You are allowed a ten percent tax credit for rehabilitating an older industrial or commercial building (anything pre-1936). Eligible small businesses can claim 50 percent of costs associated with making the business more accessible to the handicapped. Family-owned business and farms can qualify for an additional estate tax reduction that, when coupled with the unified credit, excludes up to $1.3 million from estate taxation.