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Shutting Down Your Tech Company? Here’s What You Need to Know

Shay CPA

Close all accounts This means bank and credit card accounts, of course. Research local laws to ensure you’re compliant with account closure requirements in every applicable state. You might need to pay the current calendar year’s franchise tax before you can officially close up shop, for example.

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1031 Exchange Explained: How to Pay Zero Tax on Real Estate Gains

LyfeAccounting

One is just paying the capital gains tax which a lot of people do to avoid the stress of finding a property. Or, you can put your 1031 money in a Delaware Statutory Trust or “DST”. The IRS can’t tax you for money that you never touched so this is where the qualified intermediary comes into play. And that’s it!