Tag Archives: IRS

Tax Strategies to Consider When Selling a Business

selling

Baby boomers own 2.3 million businesses, according to Project Equity. This nonprofit organization predicts that six out of 10 owners plan to sell their businesses within the next decade. If you’re among this number or a younger-generation owner thinking of selling a business, keep these seven tax considerations in mind. 1. Negotiate everything for the sale of a sole proprietorship If your business is a sole proprietorship, a sale is…

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Take Advantage Now of Expiring Provisions

tax credit

Several tax breaks that are available in 2019 are set to expire soon. Businesses face a use-it-or-lose-it opportunity, suggesting that you act now if the tax breaks make sense for your company. Work opportunity tax credit If you’re considering hiring a new employee, there’s a federal tax incentive to hire a person who falls within a targeted group (defined by the tax law). This incentive is the work opportunity tax…

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How to Avoid Tax-Related Identity Theft

identity theft

Tax-related identity theft is prominent on the IRS’s 2019 Dirty Dozen list of Tax Scams. Tax-related identity theft is not just stealing personal information of individuals. Because of successful efforts to crack down on such identity theft, thieves have shifted their focus to businesses. They create and use, or attempt to use, the identifying information of businesses to obtain tax benefits. For example, as the IRS has noted, cybercriminals that obtain a…

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Five Myths About Payroll Taxes

tax calculator

If you want to grow your business, you probably need to hire employees to help you. Becoming an employer and expanding your staff entails many responsibilities, one of which is seeing to payroll taxes. Unfortunately, there are many myths about these taxes. Here is the reality: 1. Myth: Transforming employees into independent contractors to save on payroll taxes is easy Reality: You probably know that it costs less to use an…

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