Many Florida companies benefit from using deferred compensation plans for a variety of reasons. Some startup companies lack the current cashflow to hire key employees; however, the company might be able to attract the right candidate by tying a portion of the employee’s compensation to future corporate earnings.
Certain gifts made during the course of the year can be deducted from your business’s taxable income. Of course, the IRS provides several limitations and exceptions, such as a $25 maximum per recipient and exclusion of gifts which are branded with the giver’s name or logo.
A like-kind exchange (also referred to as a 1031 exchange or Starker exchange) can help lower your current tax bill by deferring the tax due on the sale of your property.
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