Five Tax-Saving Secrets for Jewelers

You probably have a vivid recollection of that knot you felt in your stomach around April 15 or Oct. 15 (for corporate tax returns), depending on the date you or your business paid the "Tax Man." If you're like many of your colleagues, you feel you pay far too much in business and personal taxes and would love to find ways to reduce that tax burden—without increasing expenses. This article covers five ways for jewelers to save money in taxes while simultaneously reaping other financial benefits. Reduce insurance costs and improve risk management and asset protection plans through captive insurance companies (CICs). CICs or "captives" are companies established just to provide insurance for the parent company. CICs enjoy special tax benefits and are great for business owners looking to make annual tax-deductible contributions of $100,000-$1 million in business asset protect

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