Q: When the Budget Control Act of 2011 passed, were any tax provisions included within it? A: A full read of the text has not revealed any new tax provisions within the law. However, it is apparent that this act…
Selling a business is something that most business owners will only attempt once in their career. With an estimated 70% – 90% of their total net worth tied up in their business, they can’t afford to make a costly mistake,…
Introduction How are you going to end the relationship with your business? Believe it or not, that day will come. Fortunately, you have a number of options to plan your exit and watch your legacy continue. Four good, viable options…
In a Tax Court decision, it was decided that an individual was not eligible for losses stemming from an S corporation because he declared bankruptcy. In the case at hand, the taxpayer filled bankruptcy near year-end. The taxpayer then attempted…
Q: I am planning on buying a large piece of equipment, is there anyway I could deduct the cost of this equipment rapidly? A: Yes. If the equipment is new, “bonus” depreciation can be taken against the asset. Additionally, regardless…
Most buyers are eager to “make their mark” once they’ve acquired a business. But unless the business is losing money, or employees and customers alike despised the previous owner, it is generally a mistake for a new owner to make…
Introduction What is the most severe threat to the existence of your business? Some may answer “my competition”, or “income and estate taxes”. Even others would answer, “rising costs”. While these are good answers and are concerns in day to…
A married couple was not allowed to deduct travel expenses for the husband’s travel to work at construction sites. In the case, the couple lived primarily in a camper and mostly worked at construction sites in states other than where…
Q: I have a business which I would like to establish a value for. Is there a commonly used or well accepted formula or multiple I can use in order to value my business? A: Quite simply, there is no…
Selling a business you’ve spent most of your working life to build is one of the most important personal and financial decisions most business owners will ever make, and for that reason, it’s important not to wait too long. The…
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