Even though you shield those assets from estate taxes, your heirs or the trust itself will still pay taxes. Typically this comes in the form of income taxes which either the trust pays or your heirs pay when they receive distributions. The U.S. has a multitiered income tax system under which taxes are imposed by […]

When a sale is made on credit, the amount of credit granted to customers is also granted a sales allowance. Also, sales returns and allowances are subtracted from the total sales to calculate net sales. Furthermore, credit sales refer to sales that are made on credit, where customers are allowed to pay at a later […]