Business Ownership Succession Planning

Consideration 1: Selling your business interest outright. When you sell your business interest to a family member or someone else, you receive cash (or assets you can convert to cash) that can be used to maintain your lifestyle or pay your estate taxes. You choose when to sell—now, at your retirement, at your death, or anytime in between. As long…

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How to Properly Close Down Your Business

Closing down your business is hard and heart breaking and if you are at the point that you are actually reading this post then people have probably been nagging you for money and you are at the end of your rope.  You worked hard to create opportunity for yourself as an entrepreneur but if the…

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Statutory Stock Options – IRS Form 3921

There are essentially two kinds of stock options, statutory and non-statutory.  If you exercise an Incentive Stock Option during 2010, you should have received IRS Form 3921, Exercise of an Incentive Stock Option Under Section 422(b), or a statement, from the corporation for each transfer made during 2010. The corporation should have provided you with the…

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Options Traders and taxes

The 1099-INT and 1099-DIV reported to the Internal Revenue Service details how much you received in interest and dividends through your account, while form 1099-B reported the total proceeds of your sales of stocks and bonds during the year. The amounts shown as interest and dividends should have tallied with your own records. But if…

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