Save Taxes Using a Partial Annuity Exchange

By |2022-08-18T08:46:56-04:00January 14th, 2013|Accounting and Auditing|

Variable annuity contract distributions generally contain two components, taxable income and nontaxable return of basis (investment). However, distributions received before the annuity starting date (nonannuity distributions) are likely to be less taxpayer-friendly. Initially, these generally consist entirely of taxable income until all of the annuity contract’s earnings have been distributed. Subsequent payments are considered to [...]

Maximizing the Deduction for Start-up Expenses

By |2013-01-07T08:40:42-05:00January 7th, 2013|Accounting and Auditing|

Individuals starting a new business or acquiring the assets of an existing business often incur start-up expenses, which can be considerable, in the investigation and acquisition phase before actual business operations begin. Most start-up expenditures can be segregated into two broad categories: (a) investigatory expenses and (b) business preopening costs. Taxpayers can immediately deduct up [...]

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