If you’re thinking about buying a business, now or in the future, remember this important fact: The manner in which you buy the business will have a huge impact on the taxes you pay long after the date of purchase! That’s why reading my new article is so important. You see, it explains the tax and liability implications of buying the assets of a business as opposed to buying … [Read more...]
Corporations
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The smart way to incorporate your proprietorship
Thinking of turning your sole proprietorship into a corporation? This could be a great idea — but be careful! You see, when you incorporate your business, you have to decide which assets you want to transfer to your new corporation and which you want to keep in your own name. For some assets, you get better tax benefits and better liability protection when you don’t transfer … [Read more...]
How to create year-end medical & retirement plan deductions
Time is running out! The fact is, if you don’t act by December, 31 you may lose some big tax deductions that you can (and should!) lawfully claim. I’m talking about medical deductions and retirement-plan contributions that can be positioned as business tax-deductions — deductions that can slash your 2013 tax bill! In my new article you’ll find six practical, proven strategies … [Read more...]
Time to say farewell to your S corporation?
To paraphrase Bob Dylan, “the tax laws they are a changin.” This means that if you’re running your business as an S corporation you need to understand the current law and make plans accordingly. For example, consider this… High individual-rates and low corporate-rates might make a switch to a C corporation a very smart decision. Why should you consider making the change? … [Read more...]
Watch out for the S corporation tax on “built-in-gains”
Do you operate your business as a C corporation? Would you like to turn it into an S corporation? If the answer is “yes,” be very careful! You see the IRS’s “built-in-gains” tax keeps a C corporation from wriggling out of double taxation by switching to an S corporation and then instantly selling or liquidating all its assets. If you want to stay in Uncle Sam’s good … [Read more...]