“Shutting Down
a Sole Proprietorship”
To get my complete article
with all the details…
Want to shut down your sole proprietorship or a single-member LLC taxed as a sole proprietorship?
Be aware.
There are a host of tax rules to consider.
That’s because the tax code stipulates that you are not selling the business, but instead are selling the assets of the business.
[Remember, the “sale of a business” is an option
only if you operated the business as a partnership, as
an LLC treated as a partnership for tax purposes, or
as a corporation.]
What are the tax implications of the impending shutdown?
Good question?
Here are just some of the issues you’ll have to deal with…
- Asset Sale Tax Implications
- Allocating the Sale Price
- Calculating Additional depreciation
- Taxable Gains and Losses
- Calculating Taxes on Gains from Depreciable Real Estate
- Calculating Taxes on Gains from Other Depreciable or Amortizable Assets
And much more
Want to make sure you’re providing accurate tax information to the IRS using appropriate IRS forms, and be prepared for potential state income tax obligations on gains from the sale?
Take my advice. Read my new article…
CLICK HERE to read my completely new article titled:
“Shutting Down
a Sole Proprietorship”