When you sell your business, price isn’t the only thing to consider. You also have to take into account the tax implications of the sale. The good news is that Uncle Sam will work with you when you and your buyer structure a “contingent sale” — also know as an “earn out” deal. You’ll get all the details when you read my new article titled Tax Tips: Selling Your Business … [Read more...]
Corporations
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Rent equipment to your corporation!
It’s a fact … Renting equipment to your corporation is a tricky business. To keep the IRS happy, you have to know the ins and outs of Section 179 expensing. Handle things the right way and you could save a bundle. Make a mistake and you could be inviting an audit. But don’t worry. We’ll explain the intricacies of the law in easy-to-understand language when you read my … [Read more...]
Sell Your Home to Your S Corporation and Then Make It Your Rental Property
Are you thinking of moving to a new home? Then I have good news for you … You see, your current home might make a great rental property which could create tax-free income for you plus you could form a new S corporation that would give you a step-up in the depreciable basis for the rental house. Want to find out more? Easy. Read my new article titled Tax Tips: Sell Home to S … [Read more...]
An important warning concerning your S corporation
Forming an S corporation to save on self-employment taxes is a great idea. BUT … If you earn income and assign it to your corporation, Uncle Sam will crush you like a bug! Want to stay uncrushed? We’ll show you the right way your S corporation can save on taxes when you read my new article titled Tax Tips: Don’t Get Crushed by Assigning Income to Your S … [Read more...]
Beyond the FBAR: Discover Little-Known Tax Traps in Foreign Reporting
It’s a fact … The IRS is going after taxpayers who fail to report their offshore accounts. Yes. You may have filed your FBAR and/or form 8938 and think you’re in good shape, but be aware … Uncle Sam has piled on a bunch of little-known international reporting requirements plus stiff penalties for non compliance. Want to stay out of big trouble with the IRS? Easy! Read … [Read more...]