Hey all - I started a new business this year that is starting to generate income and I'm realizing that one day I may sell it.
I'm curious what I should be doing today to shield my income, and the proceeds I'd get from a sale, from taxes as much as possible.
I'm a US based entrepreneur with a Massachusetts LLC. I know there are some cool incentives for "qualified businesses" in the US these days.
I'm going to ask my accountant, but was thinking this community may have more hacks than someone who just does income taxes for your average Joe.
I'm curious what resources people would recommend to optimize around annual taxes, as well as what I should be doing now to plan for a future sale (should I "invest" money into the business, should I issue shares so I pay long term capital gains, etc).
Thanks for any help!
what kind of business?
A blog that sells advertising
Congrats on starting a new business!
I think this is a pretty tricky topic and it depends on a lot of factors from what kind of business it is to how large it is and what kind of return are you expecting (one time payment, revenue over time, etc.).
I would recommend contacting someone specialized in startup exits.