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If you are contemplating setting up your own business or already have a business in the Walnut Creek area, here are some useful tax tips.
If your business continues to grow, you may find yourself in a position where you need to consider how the estate tax affects your estate plan. Sections 303 and 6166 of the Internal Revenue Code (IRC) can help alleviate some tax burden for small business owners who qualify. This one-time opportunity allows the estate to redeem stock with very little tax cost or to defer estate tax for a period of time. This allows the business to generate more revenue to pay some of the taxes. The requirements for this are complicated, and you should consult with an attorney if you have questions.
Please remember this is only a summary of some of the tax tips business owners need to keep in mind. There are several other matters that may affect your tax status as a business owner, and a lawyer familiar with tax law and business laws can assist you.
Mendes Weed, LLP helps businesses comply with tax laws, and we may be able to help you as well. With offices in Walnut Creek, Sacramento and San Francisco, we are conveniently situated to serve Northern California, but we assist clients throughout California and the U.S..
Disclaimer: The tips and materials provided on this page are for informational purposes only, offered as public service. No information on this website should be considered legal advice or used as a substitute for legal advice. For legal advice, you should contact an attorney directly.