Selling Business Assets:
This is probably the area that business owners know the least about, besides knowing that this is when the capital gains tax comes into effect. Any time you sell something that you have been taking deductions for as business use property, there will most likely be a taxable event, gains, and tax liability generated. If you sell the item for less than you paid for it, why is there a gain and tax, you say? Let’s take a look at the copy machine you bought in 1995, that you want to sell because you need a higher capacity model: (more…)
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