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If you are investigating various employer-sponsored retirement plans for your business, keep in mind that each plan has advantages and disadvantages. Ask a plan professional to help you determine which plan will work best for your business.
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As a business owner, you have unique college planning opportunities. If you are in a high tax bracket, it may be advantageous for you to shift assets or income to your child, who will typically be in a lower tax bracket. Generally, you can shift business income to your child using one of the following strategies:
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The applicable exclusion amount is the amount that can be sheltered from federal gift and estate tax by the unified credit. Prior to 2011, the applicable exclusion amount was not portable between spouses. If the first spouse to die left everything to the surviving spouse, the applicable exclusion amount of the first spouse to die would not be used and might be wasted.
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Gift splitting is a privilege extended to married persons. It allows you to treat a gift of separate property made by you to a person other than your spouse as made half by you and half by your spouse. Gift splitting may be advantageous because it:
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The QTIP election is a powerful post-mortem estate planning tool that can help your estate take advantage of the unlimited marital deduction and the applicable exclusion amount (the amount that can be sheltered from federal gift tax and estate tax by the unified credit). The QTIP election qualifies property, which may be in a trust, as QTIP property, which is given special tax treatment. A full or partial election can be made. The QTIP election is made by your personal representative on your estate tax return (Form 706).
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Whether you can deduct premiums paid for long-term care insurance (LTCI) depends on several factors
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Retirement plans offer many advantages for small businesses.
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In certain circumstances, you can take money from your IRA.