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Tax Tips Small Business
| Thinking of Selling Your Corporation? |
Carefully review your options before making a decision When it come time to sell your corporation, you have two options. You can either sell the corporation stock or have the corporation sell the assets and distribute the proceeds. The tax implications of the two sales are very different. If you choose to sell the stock, you are the seller. The corporation is not affected by the transaction. The new owner steps into your shoes as the shareholder and takes over the existing corporation. If your share of the proceeds exceeds your basis in the stock, you'll have a capital gain to report on Schedule D. |
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Small Business Quick Tip
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| Payroll Services |
| Complete payroll services for small business clients. We have provided complete payroll services for small business clients for many years. Based on the needs of your company we will prepare paychecks, track the hours worked by your employees, prepare all of your weekly, monthly, quarterly and annual payroll filing, and help you to manage any additional employee benefits that you might offer. Not only that, but we do have the capability of offering you and your employees Direct Deposit of their paychecks. |
Tax Tips Personal
| Do You Have Debt Forgiveness? |
You may not have to include it in income When you are liable for a loan but can't repay it, some lenders will forgive the debt. What many borrowers don't realize is that this cancellation of debt results in taxable income in the year of forgiveness. The lender usually will issue a 1099-C to report the cancelled debt. If you receive one, don't ignore it. Be sure to give it to your tax preparer and discuss the circumstances surrounding the loan. |
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Personal Quick Tip
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