It is Your Right to Make Sure that Your Business Pays No More Taxes than Necessary

The attorneys at Harris & Engler can help your business save money by advising you of tax considerations and by taking care to ensure that your business is paying no more tax than is necessary.  The law firm of Harris & Engler is located in Columbus, Ohio and its attorney help businesses with tax issues and other issues all over Ohio.

Selecting the proper business structure is critically important and can have important tax considerations.  Under the check-the-box system, businesses can generally choose whether to be taxed as a partnership (if qualified), or as a corporation.  Being taxed as a partnership is what is known as pass through taxation, in that the entity is not taxed at all, but the members of the partnership are taxed directly.  This avoids the much hated double taxation that occurs with corporations - which are taxed once at the recognition of corporate income and taxed again when a distribution is made to shareholders.

The attorneys at Harris & Engler are aware of the tax consequences involved in buying and selling a business and can structure the purchase or sale in a way that minimizes your tax burden.  When a business is acquired through a purchase of assets, each asset is treated separately to determine the consequences of the sale.  Assets are divided into three major categories: ordinary income property, capital assets, or business property.  This classification greatly impacts how much tax you will have to pay or if the asset for which you have previously made deductions or received credits or amortized will make you liable for the tax on recaptured income or gain on the asset.  

Both the buyer and seller will be seeking the best possible tax position in any business acquisition, but often their goals are at odds with each other.  

Columbus Business Tax Attorneys 

The attorneys at Harris & Engler understand how to minimize your business' tax burden and can structure your business' deals to put you in the best possible tax position.  You can talk to a business tax attorney today by calling (614) 610-9988.