When selling business assets, understanding the tax implications is crucial. One area to focus on is Section 1231 of the Internal Revenue Code, which governs the treatment of gains and losses from the sale or exchange of certain business property.
Nick Wheeler, CPA
Recent Posts
How Section 1231 Gains and Losses Affect Business Asset Sales
Posted by Nick Wheeler, CPA on Jan 14, 2025
Posted in Business Tax
Intangible assets, such as patents, trademarks, copyrights, and goodwill, play a crucial role in today’s businesses. The tax treatment of these assets can be complex, but businesses need to understand the issues involved. Here are some answers to frequently asked questions.
Posted in Business Tax
Healthy Savings: How Tax-Smart HSAs Can Benefit Your Small Business and Employees
Posted by Nick Wheeler, CPA on Dec 09, 2024
As a small business owner, managing health care costs for yourself and your employees can be challenging. One effective tool to consider adding is a Health Savings Account (HSA). HSAs offer a range of benefits that can help you save on healthcare expenses while providing valuable tax advantages. You may already have an HSA. It’s a good time to review how these accounts work because the IRS has announced the relevant inflation-adjusted amounts for 2025.
Posted in Business Advisory
From Flights to Meals: A Guide to Business Travel Tax Deductions
Posted by Nick Wheeler, CPA on Nov 14, 2024
As a business owner, you may travel to visit customers, attend conferences, check on vendors, and for other purposes. Understanding which travel expenses are tax deductible can significantly affect your bottom line. Properly managing travel costs can help ensure compliance and maximize your tax savings.
Posted in Business Tax
Profitable businesses often experience cash flow shortages, particularly if they’re experiencing rapid growth. Business owners may wonder why they owe taxes when they regularly struggle to find cash to cover their bills. The answer can be found by understanding the key differences between profits and cash flow.
Posted in Business Advisory
Help Ensure Your Partnership or LLC Complies With Tax Law
Posted by Nick Wheeler, CPA on Sep 19, 2024
When drafting partnership and LLC operating agreements, various tax issues must be addressed. This is also true of multi-member LLCs that are treated as partnerships for tax purposes. Here are some critical issues to include in your agreement so your business remains in compliance with federal tax law.
Posted in Business Tax
Closing a Business Involves a Number of Tax Responsibilities.
Posted by Nick Wheeler, CPA on Aug 01, 2024
While many facets of the economy have improved this year, the rising cost of living and other economic factors have caused many businesses to close their doors. If this is your situation, we can help you, including taking care of various tax responsibilities.
Posted in Business Tax
If Your Business Has Co-Owners, You Probably Need a Buy-Sell Agreement
Posted by Nick Wheeler, CPA on Jul 15, 2024
Are you buying a business that will have one or more co-owners? Or do you already own one fitting that description? If so, consider installing a buy-sell agreement. A well-drafted agreement can do these valuable things:
Posted in Business Advisory
When it comes to expense reporting, having rigorous financial controls is critical to operating a profitable business. You should monitor expenditures incurred by employees on behalf of the company. This enables your organization to track spending, control costs and maintain accurate financial records.
Posted in Accounting & Outsourcing
The Tax Advantages of Including Debt in a C Corporation Capital Structure
Posted by Nick Wheeler, CPA on May 16, 2024
Let’s say you plan to use a C corporation to operate a newly acquired business or you have an existing C corporation that needs more capital. You should know that the federal tax code treats corporate debt more favorably than corporate equity. So for shareholders of closely held C corporations, it can be a tax-smart move to include in the corporation’s capital structure:
Posted in Business Tax