Question by John O: How do i minimize taxes when selling a small business?
I’m selling a business and obviously want to minimize taxes.
It is an S corporation, in WA state.
I’m fimiliar with the 1031 exchange but was wondering if there are other options.
Regardless of the 1031 I need to reinvest the majority of the money into 2 businesses.
Thanks.
Best answer:
Answer by Pobept K
you need a good tax accountant or attorney
Know better? Leave your own answer in the comments!
By reducing the difference between the basis and the selling price. How you would do that requires a clear understanding of the business that you are selling. Since you want the capital to purchase a new business you don’t want to reduce the selling price so you need to work on those things that would “legally” increase the basis.