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CCEDC Webmaster
2:15 PM

Get the Maximum Tax Benefit When Purchasing a Business


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Courtesy of Guest Blogger, Stanley J. Bushner, Shareholder
Buckno Lisicky & Company CPA's
CLICK HERE to learn more about Buckno, Lisicky & Company CPA's


When you buy a business, after you have agreed on the purchase price and have the necessary financing in place, you want to get the maximum tax benefit. 

The buyer has two choices, the first choice is to buy the stock (assuming the selling business is a C or S corporation) and the second choice is to buy the business assets.  A buyer in almost all cases should buy the assets.  When allocating the purchase price the buyer will want to apportion most of costs to assets that can be depreciated the fastest.  This is especially true, since Sec. 179 an accelerated method of depreciation is available in 2014 for all personal property new or used up to $500,000 (not yet passed into  law for 2015).
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CCEDC Webmaster
10:29 AM

Divorce Taxation. What You Need to Know.

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Courtesy of Guest Blogger, Stanley J. Bushner, Shareholder
Buckno Lisicky & Company CPA's

CLICK HERE to learn more about Buckno, Lisicky & Company CPA's


There are various tax issues that I am usually confronted with when dealing with a divorce.   The tax issues to consider are the filing status, dependents, alimony vs. child support, property settlements, standard vs. itemized deductions and qualified retirement plans including IRA’s.

Couples that are separated may file married filing separate, married filing joint or head of household.  Head of household requires you live apart from your spouse for the last six months of the year and pay over half the cost of maintaining a residence for a child who is eligible to be your dependent.   Your marital status for the year is determined by your marital status on the last day of the year.
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CCEDC Webmaster
3:04 PM

Tax Tip: Understanding Bad Debts

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Courtesy of Guest Blogger, Stanley J. Bushner, Shareholder, Buckno Lisicky & Company CPA's

CLICK HERE to learn more about Buckno, Lisicky & Company CPA's

There are two kinds of bad debts business and non-business (personal).   There is a big (tax) difference between business and non-business bad debts.   A business bad debt is an ordinary deduction and therefore can be offset against ordinary income.  A non-business bad debt is a short-term capital loss thus limited to $3,000 a year against other income, after offsetting capital gains.
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