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Understanding Tax Liabilities When Selling a Business

Today, we’re setting sail into the deep waters of tax liabilities when selling your prized business. It’s a topic as complex as navigating through a storm—but fear not, we’ve got the compass to guide you safely to shore!

When you decide to part ways with your business, Uncle Sam wants his cut of the treasure chest. This can come in the form of capital gains taxes. Essentially, it’s the tax on the profit you make from selling your business. But don’t let it scare you!

There are strategies to minimize these taxes, like timing the sale strategically or exploring tax-deferred exchanges. Another sea monster to beware of: depreciation recapture. This sneaky creature can surface when you’ve claimed depreciation deductions on assets over the years. Selling those assets at a profit can trigger taxes on the depreciation you previously deducted. Yikes! But with proper planning, you can soften this blow.

At Mabry Tax Advisory, we specialize in protecting your treasure—from audits to navigating the tricky waters of selling a business. Our crew of tax experts knows the ins and outs of tax liabilities and can help you chart a course that maximizes your profits and minimizes tax headaches.

Ready to set sail with confidence? Contact us today for expert tax resolution and preparation services. Let’s ensure your business sale is smooth sailing all the way to the tax port. Because when it comes to taxes, knowledge and preparation are your best anchors in turbulent waters.

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