The IRS has a new side gig: taxing your side gig. If you made over $5,000 selling goods or services through online platforms in 2024, expect a 1099-K form in your mailbox. (The previous threshold was $20,000.) It drops to $2,500 next year and a mere $600 in 2026.

However, personal property sold online is taxed differently than business income, so you don’t need a CPA to put your old gym shoes on eBay.

Exit stage: Alternatives to selling a business

Hiring helpdesk: Is a two-page resume OK?

Quitter: From firefighter to waffle maker CEO

(Source: Shutterstock)

Perhaps your dream was that your kids would take over your business, and they don’t want it (yet). Or the costs of selling are too high, or the amount of paperwork is too burdensome. For whatever reason, if putting the business up for sale isn’t an option, you have alternatives:

Leasing the business

In effect, you can rent your business to another party; they run it and you charge a fee. For tax purposes, leasing is generally less advantageous as it’s taxed as ordinary income, not as capital gains. You are also putting the future value of the business into someone else’s hands. If they succeed, that’s fine. If they fail, it may render your business unsaleable. 

Selling individual assets

You don’t need to sell your entire business at once. According to the IRS, categories include capital assets, depreciable property, real property and inventory. If your business is set up as a corporation, you can also sell stock certificates. These categories can have different tax implications.

Dissolving the business

Dissolving rather than selling your business can make sense when your enterprise is losing money. It can also make sense if your business is currently viable but facing changing tastes and trends that may affect its longevity. Once dissolution occurs, the business no longer legally exists.

In many cases, dissolution is less expensive than declaring bankruptcy. However, dissolution laws and procedures vary by state, and it’s critical all requirements are met or costly consequences can ensue. If your entity has partners or a board, they must agree to the dissolution.

Always seek professional advice when determining whether to sell, lease or dissolve your business. Your accountant or tax attorney will advise you regarding the best route for your individual circumstances.

(Source: Shutterstock)

Our long-tenured (yet anonymous) recruiter for a major company answers burning questions about interviews, resumes and everything else related to getting hired in today’s competitive and changing job market. Submit your questions to b.newsletter@business.com.

Q: I’ve always heard you should keep your resume to one page, but I have a lot of experience. Is a two-page resume OK? 

You’re right — the standard advice is “keep resumes to one page,” and that makes sense if you’re relatively junior or new in your career. However, I believe in leeway.

If you have extensive experience or a diverse skill set, a two-page resume is more than OK. In fact, it can be the optimal choice!

With two pages, seasoned veterans have the opportunity to provide a more complete picture of their expertise, detailed project descriptions, certifications, or technical proficiencies. With one page, you risk omitting important details that could sway a hiring team’s opinion in your favor. 

Still, brevity remains extremely important. A two-page resume must be concise, focused and avoid unnecessary repetition. I’ve read thousands of resumes, and this is a huge pet peeve; don’t list everything you’ve ever done at a job. (Please, I’m begging you!) You’ll overwhelm the person reviewing your resume and diminish your own accomplishments.

Thoughtful design and clear organization ensure hiring managers quickly grasp your qualifications, increasing the likelihood of making a lasting impression. If you can commit to those guidelines, you’ll make a two-page resume read like one.

(Source: StoreBound)

Evan Dash, CEO of StoreBound, didn’t originally plan his career around selling blenders, juicers, egg cookers, and a flagship Dash Mini Waffle Maker (over 20 million units sold). But the skills he learned as a firefighter later helped him grow a kitchen appliance company.

“Firefighting taught me the importance of adaptability and resilience,” Dash tells b. “Great outcomes depend on trust and communication within the team.”

He and his wife, Rachel, Storebound’s chief strategy officer, co-founded the company in 2010. Their trust and communication allowed them “to build something on our terms,” Dash says, especially by following Rachel’s intuition to create “small, fun appliances to appeal to younger consumers.”

He might’ve “traded his firefighting gear for a suit and tie” (in the words of his official bio), but as an entrepreneur, he’s still looking to “make a difference in people’s lives.”

Written by Jane Meggitt, Jake Kring-Schreifels, and Dawn Allcot.