Smart Tax Strategies for Small Business Owners After Selling Company
Today we’re going to dive into the intricacies of tax planning for small business owners facing a major transition: the sale of their business. This episode is particularly relevant for those in the midst of a liquidation event, where understanding the tax implications can make a significant difference in financial outcomes.
Many business owners might find themselves with a substantial sum of money post-sale, potentially ranging from $3 million to $7 million or more. However, this windfall comes with a hefty tax bill that can impact not just the immediate year of sale but also future financial stability. We’re going to help you understand the smart tax strategies to consider for year one and the options you have for every subsequent year that follows.
Here’s what we discuss in this episode:
0:00 – Intro
1:40 – Retirement savings
3:50 – Year 1 strategies
7:14 – Strategies after year 1
12:12 – Social Security strategies
14:19 – Next step
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Investment Advisory Services offered through CreativeOne Wealth, LLC, a SEC registered investment adviser. CreativeOne Wealth, LLC and Bowman Financial Strategies are unaffiliated entities.
Licensed Insurance Professional. We are an independent financial services firm helping individuals create retirement strategies using a variety of investment and insurance products to custom suit their needs and objectives. This material has been prepared for informational and educational purposes only. It is not intended to provide, and should not be relied upon for, accounting, legal, tax or investment advice. 19770 - 2020/2/10
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