When it comes time to sell your business, you’ll have to consider the intangible asset of goodwill. Definition: Goodwill is the value of a business in excess of its identifiable tangible and intangible assets. It represents the value of your reputation and customer loyalty. Goodwill can be worth a lot of money when you sell, but there are tax consequences that you have to be … [Read more...]
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How to handle a failed rental-property purchase
If you’re planning on buying a rental property, we hope all goes well and you come out a winner. But what happens if the deal falls through and you lose your deposit, inspection fees, travel costs, etc.? The answer is, Uncle Sam is there to help. That’s right. The law says you can deduct your losses if you follow the IRS’s rules. Want to learn how the tax law can come to … [Read more...]
How to sell your business using a “contingent” price
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...]
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...]
Tax tips for owners of vacant lots or unproductive land
Do you own a vacant lot or some unproductive land that you plan to sell for a profit? Sounds good … but when it comes to your taxes you’ll have to make some important decisions. Like exactly what you can write off as itemized deductions or capitalize by making a formal “election.” But don’t be put off by all this complexity. We’ll make everything crystal clear when you read … [Read more...]