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Taxes impact many of our business and financial activities. It is difficult
to make an informed business decision without understanding, at least
conceptually, the impact federal, state, and local taxes may have on the
contemplated action. To that end, there are a wide variety of steps that can
be taken to minimize and or obviate taxes which may significantly impact our
financial world.
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While sitting at a traffic light
waiting for the green light, you are slammed from the rear by a
drunk driver who never saw you and didn't even attempt to stop.
Clearly, you are an innocent victim with no fault in the accident.
Most
companies used business assets to pay the damages. However,
in the case of employee complaints, insurance covered some
of the damages. Owners mentioned that the payment of
damages nearly put them out of business, which affected them
for a long period of time as they worked to rebuild the
business and recoup their losses.
