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Professionalservice industries tend to evolve over time as the regulatory environment evolves and new technologies emerge. For instance, the financialadvice industry has seen many changes to regulations (for both advisors and their clients), advisor business models, and the advisor technology landscape.
You can either fall into the category of transactional advisors, where you are simply looking to sell a product, or you can take the wholly encompassing, 360-degree approach to giving good financialadvice, supported by a range of other professionalservices.
If eligible, you may be able to exclude up to 100% of the gain from federal taxes when you sell your shares through the capital gains tax exclusion. The potential tax savings simply cannot be understated. Using IRS Section 1202, taxpayers can sell stock potentially free of federal capital gains taxes if the requirements are met.
The structure of your tax firm is one of the most consequential decisions you will make as a business owner. The implications ripple through every aspect of your practice, from how you are protected against potential lawsuits to the way you handle tax season for your own business.
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