Types of Creditor & Tax Exemptions Ray Olmo
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
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.