Several weeks ago I was in a meeting with a small business owner at my office. She’d come by to talk about her plans to transition away from her business, as she is in her 50’s and getting burnt out. She’s built a successful enterprise over the years, and stands to make a nice profit on the sale of her equity stake.
Her biggest problem in this transition? Taxes, of course! Although she stands to receive a nice chunk of change from the sale, she’ll end up owing several hundred thousands of dollars between state and federal taxes. And as we worked through the mechanics of the transition and how she might reduce her tax burden, she asked a question I hadn’t thought much about: “aren’t there tax benefits I can claim as a woman owned business?”
I hate to admit this, but woman owned business tax benefits aren’t a subject I’d looked into before. I’d always assumed there were some tax benefits for women and minority owned businesses, but I’d never looked into what they were exactly.
So I researched it. And since I’m certain there are thousands of women entrepreneurs out there wondering the same thing, I consolidated my findings into this post.