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Selling your business can be bittersweet. On one hand, it means that you’ve built up something that’s successful enough someone else is interested in carrying on the legacy. On the other hand, it means the end of an era, the closing of a chapter.

Selling a business also has some implications from the tax perspective. Let’s take a look at some of the tax-related issues surrounding the sale of a business, a checklist to make the best of the deal:

Selling a business is a taxable event. The government is pretty good at recognizing opportunities for tax revenue, and the IRS is fully aware of the implications of trying to play games with your taxes during the transfer … Read more →

Starting a new business is an exciting time. You’ve stepped up, taken a risk, and are pursuing a dream. Yet, there are many things that will try to put that dream to an end. From business mistakes that aren’t at all related to your skills in your trade to dramatic market changes, many events can shut your business down before it really even has a chance to be successful.

One of the biggest areas in which new business owners tend to find themselves frustrated is with taxes. You need to have a handle on what opening a business is going to do to your tax situation and create a plan to make the most of it.

Here are some tax … Read more →

Being self-employed can be a tremendous burden. It often means working long hours, putting your personal finance on the line, and more. From the perspective of taxes, being self-employed has a number of implications, too. You’re responsible for paying your own payroll taxes, for example, and that includes the portion of payroll taxes traditionally paid by an employer. This is commonly referred to as the self-employment tax.

The good news is that there are some tax rules that favor the self-employed. If you know what they are, you can reduce the amount of drain that self-employment taxes will have on your business.

Here are some secrets that every self-employed person should know about self-employment taxes:

1. Self-employment, from the tax … Read more →

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