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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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| Q: I quickly penciled in my tax return and I think I will owe lots of money. Can I file an extension so I have more time to pay? |
A: No. Filing an extension only extends the time you have to file your tax return. It does not extend the time you have to pay your tax liability. There are various options available for paying your tax liability however. IRS now accepts credit cards (there is a fee) and Installment agreements (there is a fee). You should speak with a tax professional for further guidance.
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Tax Tips Personal
| Is an Inheritance Taxable? |
In most cases, an inheritance is not taxable to you, but there are exceptions At some point, you may inherit money or property that, in most cases, is not taxable to you. Life insurance proceeds are included in the deceased person's estate, but are not taxable to the beneficiaries. Bank accounts and other income-producing assets such as stocks are not taxable to you when received, but the income these assets generate is taxable to you. |
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Personal Quick Tip
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