Tax Planning When Selling Your Business
Jan 18, 2018
There are many considerations when selling your business, not the least of which is the tax implications. The impact, of course, varies on several criteria. Some of which are your tax bracket, how your business is structured (Sole Proprietor, LLC, S-Corp, C-Corp, what type of sale it is (Asset or Stock), and the terms of the sale itself. Midwest Group always recommends you talk with your accountant prior to engaging a broker to sell your business so that you are aware of the potential tax ramifications prior to a sale, rather than finding yourself with a large tax bill you hadn't prepared for. Your accountant can help you strategize, and he or she can show you how being flexible in the terms you accept from the buyer, while helping the buyer, can also benefit you in your tax planning. Here is a brief article on the top 10 tax considerations when selling your business by Hugo-Logo, a small business tax advisor.
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