Business Starting Grants

selling business and want to avoid or lower my taxes...?

Ok, I have an LLC with a dba on a retail store (California). I'm looking into completing the sale in the next 2months. I read somewhere that a business can be sold as the LLC as a whole, or be sold as assets being broken down. Is that true and if so, is the advantage in selling the entire LLC really at a 15% tax vs 33% tax braket? Are there any tips in lower my capital gains tax on ($700k selling price). Meaning can I invest that gain into paying off my $400k mortgage and only have to pay taxes on the $300k or even buying a second home with $500k down and pay taxes on $200k?

Public Comments

1. Best advice is a GOOD tax accountant to advise you and handle all the state and IRS paper work. Good Luck.
2. If you truly own a business, then you truly have a Tax Accountant who is a Certified Public Accountant.
3. As others have said, you need to see a professional soon but the two ideas you put forward would not, in any way, lower your tax liability on the sale.