COVENANT BUSINESS PLANNING SOLUTIONS

Taxes… What are they good for?

Well, taxes are how we as citizens support our country’s operations. We can’t always agree the way tax money is spent on various programs or policies.  But we all agree that taxes can be a burden and reducing them legitimately is a great option for many business owners.  Most entrepreneurs don’t realize that many of the taxes imposed on us are actually voluntary. There are a multitude of legitimate strategies and techniques from which to choose to reduce your tax burden - some are stand-alone but many work best in conjunction with other strategies.

One particularly popular strategy will allow you to sell all or a portion of your company to a ready and willing buyer, at full fair market value while retaining complete control, salary & benefits plus indefinitely defer all capital gains on the sale AND while managing a completely income tax exempt entity!

So, let’s talk about taxes.

Capital Gains Tax

If you’re a baby-boomer business owner, you are likely considering your upcoming exit of your business and the successive ownership. In simple terms, your retirement.  This is probably the biggest decision in your life if not the biggest financial decision you will ever make.

The simplest means of your exit will involve selling the business outright, although there are numerous strategies that may be available.

Ask your CPA/Accountant this question, “How much will I have to pay in capital gains taxes if I sold my business today?”