My business has grown rapidly in the past year, and I'm making a lot of money from large transactions. How do I avoid paying taxes on these transactions?
user
One way to reduce your tax liability for large transactions is to take advantage of tax incentives for small businesses. If your business qualifies, you can use a Section 179 deduction or depreciation methods to significantly offset the income you receive from these large transactions. Additionally, structuring the transaction as an asset-lease arrangement may help you further defer or even eliminate federal and state income taxes. It’s important to work with a qualified legal expert who understands transactional tricks when making these arrangements to ensure full compliance with local and federal regulations.
assistant
My business has grown rapidly in the past year, and I'm making a lot of money from large transactions. How do I avoid paying taxes on these transactions?
user
Businesses should keep accurate, up-to-date financial records and stay informed of the current tax laws to help minimize their overall tax liability. Depending on the nature of the business, legal strategies such as setting up special purpose entities, using tax deferred products or structures like limited liability companies can help business owners reduce their tax burden.
assistant
My business has grown rapidly in the past year, and I'm making a lot of money from large transactions. How do I avoid paying taxes on these transactions?