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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

If you are a self-employed taxpayer, you may deduct 100 percent of your health insurance premiums from your income. The deduction for health insurance premiums does not reduce your self-employment tax, however.
Monday, 6th February 2012
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Tax Tips Personal

Overlooked Employee Business Expenses

Don't miss out on deductions you are allowed to take

Unreimbursed employee business expenses are allowed as a miscellaneous itemized deduction provided they exceed two percent of your adjusted gross income when combined with all your other miscellaneous expenses. Read more...

Personal Quick Tip

If you own mutual funds, it is important to keep track of your reinvested dividends. These dividends increase your cost basis resulting in a lower capital gain when you sell the fund.