i sold all shares of a corp i ouned. this corp had equipment,inventory, and recieveables. i recieve monthly payments for the company, do i pay the full 15 % or how do i deduct for the above items which have allready been taxed
Hello, First you pay each year as you collect they money. You use a form 6252 to reflect those payments each year. Was an S-Corporation or a C Corporation? Thanks Tom
do i pay taxes quarterly or anually
It depends on your other income, if you expect to owe more than $400 at year end you would want to pay quarterly.
25 years experience in Tax preparation