Taxes are often treated as a once-a-year obligation, but for business owners approaching retirement, some of the most important tax decisions must be made long before a return is filed.
In this episode of Coasting in Retirement, Josh Null welcomes Sam Driver, CPA and partner at Foley-based Johnson, Slaughter, Driver & Northcutt, for a conversation about three tax topics that may have significant implications for mature business owners.
Josh and Sam discuss depreciation deductions and how the cost of business equipment and other eligible property may affect taxable income. They also explore business succession planning, including the decisions owners should consider when preparing to retire, transfer their company, or preserve its value for the next generation. Finally, they examine how corporate entity structure can influence a business owner’s tax responsibilities and broader financial strategy.
Could the structure that worked when you started your business be less effective today? And have you coordinated your tax strategy with your personal retirement plans and the future of your company?
Listen to the full episode to hear Josh and Sam explain why proactive tax planning can be especially valuable for business owners preparing for their next chapter. This discussion is educational and is not individualized tax advice.
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