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How do I best save myself money through taxes when selling?
- Here are some strategies that can help you save money on taxes when selling your business:
- Structure the sale properly: Consider structuring the sale as an asset sale rather than a stock sale, as it may result in lower tax liabilities.
- Take advantage of deductions: You may be eligible for deductions such as the cost of selling a business, business expenses, and depreciation.
- Time the sale strategically: Timing the sale during a year when your tax bracket is lower can help reduce the amount of tax owed on the sale.
- Defer taxes through a 1031 exchange: A 1031 exchange allows you to defer paying capital gains tax on the sale by reinvesting the proceeds into another property or investment.
- Seek professional advice: Consult with a tax professional or financial advisor to determine the best tax-saving strategies for your specific situation.