If you’re facing foreclosure on your home, you probably feel like things can’t get much worse. But they can. You see, the law treats foreclosure as if you sold your home — and you can’t deduct losses on the sale of your personal home. Worse, if the lender sells your home for less than the amount of your mortgage, the lender sends you a 1099-C for cancellation of debt … [Read more...]
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Selling Your Business: Sell Corporate Stock as an Asset Sale
Selling your S or C corporation can be a tricky business. Which is why you should consider selling your corporate stock as an asset sale. You see, an asset sale can help you avoid double taxation, get rid of known and unknown liabilities, and give your buyer a step-up basis. You’ll get the whole story when you read my new article titled Tax Tips: Selling Your Business: … [Read more...]
Golden Nugget: New Write-Offs in New Repair Regulations
Good news from the IRS! (You read that right. Uncle Sam actually has some good news for you.) You see, with the new “tangible property” regulations, you can now write off replaced components like roofs, HVAC systems, lighting systems, etc. Want to learn how to take advantage of two great new ways to save on taxes? You’ll find out how to come out a winner when you read … [Read more...]
Selling Your Business: How to sell intangible assets the right way
Thinking about selling your business? Then don’t forget that it may include some extremely valuable “intangible assets.” Intangible assets include customer lists, goodwill, proprietary software, and much more. If you do decide to sell your business, here is what you need to know: Intangibles sold by your sole proprietorship or single-member LLC. If you sell a … [Read more...]
Selling Your Business: How to Make Tax-Saving Price Allocations for an Asset Sale
If you sell a business that you’ve operated as a sole proprietorship or single-member LLC (treated as a sole proprietorship for tax purposes), you automatically are making an asset sale. To come out a winner, you need to know how the law taxes each of the assets. The good news is that if you know what you’re doing, you can slash your tax bill and collect a lot more … [Read more...]