Leaving a Business: Which Exit Plan is the Best Option for You?
Now that you are ready to leave a business, it’s important to come up with an exit plan. There are four different ways to leave your business: transfer ownership to family members, Employee Stock Option Plan (ESOP), sale to a third party, and liquidation. Read more to make the right decision for you.
Read ArticleRecordkeeping for Charitable Contributions
To deduct a charitable contribution, you need records to support the gift. What you need depends on the amount you are claiming and whether you gave cash or property. Cash gifts of any size require a bank record, written communication from the charity, or qualifying payroll deduction records. Contributions of $250 or more generally require…
Read ArticleDefer Capital Gains using Like-Kind Exchanges
A like-kind exchange, also called a Section 1031 exchange, may allow you to defer recognizing gain when you dispose of qualifying investment or business real property and acquire other qualifying real property. The tax is deferred, not eliminated, and the transaction has to follow specific IRS requirements and timelines to qualify. At Lightheart, Sanders and…
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