Did you take the Section 179 deduction on the tangible property you bought for your business? Good move … but be careful! You see, the deduction comes with strings attached and if you don’t comply with the tax law, Uncle Sam can show up and “recapture” a lot of money. We’ll show you how to avoid problems and stay on the right side of the law when you read my new article … [Read more...]
Corporations
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Should your S corporation buy life insurance?
Benjamin Franklin said, “nothing is certain except death and taxes.” True. But there are often great ways to slash your tax bill (as readers of this publication know!). And life insurance can help survivors, even though it won’t do much good for you. So… what about having your S corporation buy life insurance? Is this a good idea? Sometimes it is a great idea. But … [Read more...]
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...]
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...]
2016 health insurance for S corporation owners
A little history… For 2014 and 2015, the IRS let S corporations escape the $100-a-day penalties on select corporate payments of health insurance (for owners with a more than two percent ownership interest). But what about 2016? I’ll tell you exactly what you need to do with your S-corporation to make sure you keep your health insurance deductions and avoid penalties for … [Read more...]