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Are you a business owner planning to sell your business and retire? One critical aspect to understand is the tax implications of such a sale. This episode, "What are the tax implications when selling a business?" dives deep into the essential tax considerations every business owner must evaluate.

Learn about the basics of federal and state capital gains taxes, how they are calculated, and their impact on the net proceeds from the sale of your business. For instance, discover how a long-term capital gain is determined from the selling price minus the original cost basis and the percentage of federal capital gains tax that may apply.

Moreover, state income taxes can significantly affect the net proceeds, especially in states with high-income tax rates like California. This episode also covers states with no income tax, offering potential tax benefits for business owners during the sale.

Additionally, we discuss other crucial factors, including broker commissions and fees, which can affect your final take-home amount from the sale. Whether you're in Pennsylvania, West Virginia, Ohio, or any other state, this episode provides valuable insights to help you estimate the final check amount needed to retire comfortably.