- Personal: Homestead, Personal Property
- Business: Tools of Trade, Auto & Truck
- Wages, Social Security
- Pension & Retirement
- Life Insurance & Death Benefits
- Federal Bankruptcy Exemptions are not available in California. However, the following non-bankruptcy exemptions are found in US law: Wages, Social Security, Civil Service, and Veteran’s benefits.
- Special Rules for Retirement Accounts. The IRS recognizes Federal Bankruptcy law for retirement accounts regardless of what state you reside in.
- Tax Deductions – reduces earned income
- Tax Credits – pure tax offsets (no recapture)
- Tax-Neutral Exemption treatment – avoids negative tax triggers and reassessment
- Personal & Dependent Exemptions
- Business & Investment Exemptions
- Retirement Exemptions
- Charitable Exemptions
- Death Exemptions
Tax Savings Equals Improved Cash Flows & Net Returns
There are so many opportunities for tax exemptions and related tax benefits that one may never know if they have exploited (in a good way) all the legal tax savings opportunities, unless they get an Exemption Diagnostic analysis and Report.