In Part 1 of this three-part series, we discussed the pros and cons of forming a sole proprietorship or a single-member LLC (taxed as a proprietorship). In Part 2, we discussed what the three possible corporate forms of business have to offer. In this new article, (Part 3), we’ll consider your options if you’re acquiring or starting a business with more than one … [Read more...]
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Buying a business? Make tax-smart price allocations!
When you acquire a business through an “asset purchase,” you win in two ways. You can generally avoid exposure to unknown or undisclosed business liabilities. The tax-basis of the assets can be stepped up (increased) to reflect the purchase price that you pay for the business. The step-up gives you bigger depreciation and amortization deductions. But there’s another … [Read more...]
How to buy a business the smart way
Thinking about buying a business? Then one of the most important decisions you’ll have to make is whether to purchase the assets of the business or the ownership interest in the business. And remember, either way there are important legal and tax issues to consider. If you are planning on buying a C or S corporation, a partnership, or an LLC (that’s treated as a … [Read more...]
Hard facts expatriates have to face
Thinking about leaving the U.S. and becoming a resident of another country? Or renouncing your U.S. citizenship? Or giving up your long-term residency and expatriating? You can take these steps if you want to but be aware that they’ll have serious tax consequences you need to know about. My advice? Before you pack your bags and wave goodbye to Uncle Sam, take a minute and … [Read more...]
Tax Code’s Officially Designed “Rent-to-Own Your Home” Program for Investors and Renters
Talk about a win-win for property owners and tenants who want to become owners! The tax code’s rent-to-own program creates a no-hassle rental for the homeowner and a chance for the tenant to gain an ownership interest in the property. Don’t miss this important information! You’ll get all the details when you read my new article titled Tax Tips: Tax Code’s Officially … [Read more...]