Tax Reduction Tips Author:
Richard A. Chapo
In the rush to get tax returns prepared and filed by April 15th, many overpay their taxes. Following are a few tax reduction tips that could help you save a bundle.
Tax Credit For Starting A Small Business Pension Plan
Establishing a pension plan can help you retain important employees. What many business owners don't realize is a tax credit can be claimed if the business has 100 or fewer employees. Meet this requirement and you can take a tax credit of up to $500 in each of the first three years of the plan. Tax credits are extremely valuable because they are deducted directly from the taxes you owe, not gross revenues.
The credit is 50% of certain start up costs you incur in each of the first three years....
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