Tax season is in full swing, as business owners are all too aware. While two of the resources listed below should prove helpful for considering the tax implications of transitioning a business, the other two offer a break from the subject of taxes by focusing on how a business transition fits into the bigger picture.
In the spirit of the season, this post from Inc.com discusses some of the strategies you will need to consider for tax purposes as you prepare to sell your business. Proper planning with the help of an expert can greatly reduce your tax burden and help you structure the sale to avoid huge bills from the IRS.
Selling your business is likely part of a bigger picture, namely retirement and what that will look like for you and your family. This post from Forbes addresses the subject in terms of creating a comprehensive plan for retirement income, considering the trade-offs with social security, how much it takes to fund retirement and the best time to leave the working world behind.
Business owners know the importance of having an exit strategy, but when you’re working on your business it can be hard to carve out time to think through a sale you’re not planning to make anytime soon. This podcast from Florida-based brokerage Morgan & Westfield discusses the importance of giving attention to an exit strategy long before selling is on your mind.
This post from law firm Miller Nash Graham & Dunn digs into the details of how tax laws play out in the sale or purchase of a business here in the northwest, shedding light on the laws surrounding business transactions and their real-world application.
Speak with an expert about transitioning your business.