When buying or selling a business it is wise to consult with an experienced Accountant. Expert eyes will help you in determining what you can expect to earn from the business as well as the tax consequences. There will also be payroll taxes, withholding, federal tax deposits and of course everyone’s favorite filing yearly income taxes. Unless you are an expert in this area or want to spend your time with Turbotax it is best to have a good accountant on staff.
Sellers will have to deal with a variety of taxes. Unless you fully understand the tax consequences of selling your business you will not know the net result. You will not know how much you will walk away with when all is said in done. Capital gains tax, recapture tax, real estate tax, passive, active, etc.. The bottom line is that like it or not Uncle Sam will share in your success. An experienced CPA/Accountant can help you make the best financial choices.
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