Do you rent property to your business? Then be careful. You see, under the IRS’s “self-rental” rule, you could lose money in two painful ways. You could forfeit the juicy tax breaks you’re expecting. You could wind up paying unexpected taxes. And remember, this is true even if you create a separate entity that rents the property to your business! What can you do to … [Read more...]
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How coin, stamp, and baseball card collectors can keep the IRS happy
Are you a collector of coins, stamps, baseball cards, or other items? If the answer is “yes,” you should also start collecting some important tax information. For starters, you should know that your collecting activities will fall into one of four IRS-determined tax categories: Hobby Investment Trader Dealer Depending on how the IRS categorizes your collecting … [Read more...]
The best way to sell your business!
Thinking of selling your business? Well, before you do, you need to consider the kind of sale it’s going to be. Will it be an asset sale or a stock sale? Want to pay minimum taxes? Reduce post-sale liabilities? Get paid promptly in full? Of course you do! Which is why making the right asset sale/stock sale decision is so vitally important. You’ll find all the … [Read more...]
How to turn your C corporation into an S corporation
Thinking of turning your C corp into an S corporation? Be very careful. You see, if you don’t know how to make the conversion the right way, you could a victim of double taxation! Want to learn strategies that can save you thousands of dollars? Easy. Before you make any changes, read my new article titled Tax Tips: Converting a C corporation to an S corporation: Save … [Read more...]
Why your business may be worth more than you think!
[This is Part 1 in a series on selling your business the smart way] Thinking about selling your business and reaping the profits from years of hard work? Here’s good news… It may be worth more than you think, especially if you’re including intangible assets like customer lists, proprietary software, and goodwill. But remember this important fact: The more valuable … [Read more...]