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Section 1031 of the Internal Revenue Code allows the deferral of gain on the sale and subsequent purchase of real property used for business use or investment. An exchange is much like a typical sale followed by an acquisition within 180 days but with a few rules attached.
BENEFITS OF AN EXCHANGE
This often overlooked tax strategy can help you accomplish many short and long-term real estate objectives:
Connie Custer, Business Development
100 Springhouse Drive, Suite 203
Collegeville, PA 19426
Office: 610.792.4880 ext. 230
Download the "1031 Exchanges Made Easy" File
Taken from the Daily Herald on September 25th 2021. By KELSEY SHEEHY of NerdWallet
The pandemic isn't crushing the entrepreneurial spirit. It's fueling it.
People normally tied to a desk or working double shifts used lockdown to launch side hustles, often out of necessity. And some have turned those side gigs into full-fledged businesses.
These basic but essential steps can help you take things to the next level and give your new venture a shot at staying power.
Read the Whole Article here:
Employers in Illinois with at least 5 employees must soon comply with the Illinois Secure Choice Savings Program Act (Secure Choice) or offer employees an employer-sponsored retirement plan.
Secure Choice requires employers to automatically withhold five percent of an employee’s compensation (up to the annual maximum allowed for IRA contributions each year as provided by the IRS), unless the employee elects a different amount or opts out of the program, and to remit those contributions to the Secure Choice program.
Under the original program, employers that satisfy these criteria are subject to the Secure Choice program:
The newly enacted law makes several notable changes to Secure Choice, including:
The program will notify employers before their scheduled start time to allow them time to register. The schedule is:
Wave 1: The enrollment deadline for employers with fewer than 25 employees and more than 15 employees will be no sooner than September 1, 2022
Wave 2: The enrollment deadline for employers with at least 5 employees but not more than 15 employees will be no sooner than September 1, 2023.
The Illinois Secure Choice website provides additional information, including FAQs.
These tax tips can help new business owners find success
Starting a business can be very rewarding. It can also be a little overwhelming. From business plans to market strategies, and even tax responsibilities…there are many things to consider. Here’s what new business owners can do to help get off to a good start.
Congratulations, Now that you sold your business, there are reports you need to fill out for the IRS.
Form 8594 is used to report the sale and purchase of a group of assets that constitute a business. Both the purchaser and seller must file Form 8594 with their own individual income tax return.
On Form 8594, the total selling price of the business is allocated to asset classes using the residual method.
Form 8594 provides the IRS with the following information:
Form 8594 lists seven classes of assets. For asset acquisitions occurring after March 15, 2001, make the allocation among the following assets in proportion to (but not more than) their fair market value on the purchase date in the following order:
Class I assets:
Overcoming Mediocrity is a podcast for success-driven women who want to empower their thoughts, design their dream careers, and build a beautiful life that’s aligned with their destiny. Hosted by Bestselling Author and Business Coach Christie Ruffino.
This show is for every woman on the edge of change who is ready to overcome mediocrity; to rise up and reinvent herself, elevate her thinking, and transform her life. Join Christie each week for powerful conversations, uplifting interviews, and mega doses of inspiration.
Visit Overcoming Mediocrity to learn more about our authors and guests.
This week Christie sits down with Tom Gosche. Tom Gosche is a Business Strategist dedicated to helping business owners be more profitable through customized business and financial strategy. His BRAND System™ is a process of creating and implementing effective brands, business building strategies, financial insight, and business transition success.
Seeing Tom in action quickly impresses upon attendees his skills, knowledge, and expertise in a lighthearted, even humorous, presentation.
Tom is a part of GLM, Inc. as a business consultant and business developer. He has formulated the idea of the BASiC Cycle of working with business owners. BASIC was formed with business owners in mind, by combining growth strategies, business planning, and financial review on a regular basis.
THE 2021 EXPO IS HERE AND WE ARE READY TO HIT IT OUT OF THE PARK!
Visit the GLM Booth and say the infamous tag line
("Steering Direction. Matching Ideas with Resources") and we will give you a gift!
Thursday September 9th from 3-6pm at the Boomers Ballpark (Wintrust Field)
Year-round tax planning is for everyone. An important part of that is recordkeeping. Gathering tax documents throughout the year and having an organized recordkeeping system can make it easier when it comes to filing a tax return or understanding a letter from the IRS.
Good records help:
Records to keep include:
In true blog fashion, the last parts are at the top of the page. Scroll all the way down and work your way back up to read them in order.
Tom is the Business Development Manager for GLM. If you are interested in learning more about GLM's services, contact him: