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Section 1202 of the IRS code can potentially save eligible business owners millions of dollars in taxes. However, it is an underutilized section as few business owners know how to successfully implement this strategy.
In this episode, Roby Kotcamp and Kyle Malmstrom explain what Section 1202 entails, the primary eligibility criteria for QSBS (qualified small business stock) transactions, and the major tax benefits involved in the process.
Roby and Kyle discuss:
- Three types of business owners that can benefit most from QSBS transactions
- Important dates that affect the extent of your tax exemption
- How to minimize your federal and state income tax as well as your estate tax
- Why you should plan at least a year in advance for QSBS transactions
- And more
Related: How To Elevate Your Advisory: A Guide for Financial Planner and Wealth Advisors