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| Below are some helpful tips on ideas to reduce your income taxes. If
there is any situation you may need help with, let us know by sending an e-mail, or by calling (502) 969-6115, and
we’ll be glad to help you. |
And now, a few Tax Tips:
TO
REDUCE FAMILY INCOME TAXES
FACTS:
Client (propreitor) owns small business.
And client needs to save
money for school tuition for 2 teen-age children under 18 years of age .
CONCLUSION:
By hiring the children to help in the family business, Income and Social Security taxes are reduced by a minimum of
$1,500 per year !!
(Based on $3,000 earned by each child.)
SAVING CAPITAL GAINS TAX ON APPRECIATED REAL ESTATE
FACTS :
Client held commercial rental property many years
with value of $300,000.
Client now past 70 years of age and wants to sell
to gift cash to family members.
We advised him he could "exchange" this property for another, or pass
the property to heirs by inheritance.
Client sold this property 2 years later resulting
in capital gain tax due of $60,000.
CONCLUSION:
By client willing the property to heirs, this $60,000 tax could
have been saved !!
Questions?
Give WW Hollister PSC a call at (502)
969-6115 or e-mail us for
your specific concern.
William
W Hollister PSC Home Page
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