Business Owners—Taking Money Out of a Business

Business Owners—Taking Money Out of a Business

Nov 11, 2019 | Income Tax

Business Owners – Taking Money Out of a Business When taking money out of a business, transactions must be carefully structured to avoid unwanted tax consequences or damage to the business entity. Business owners should follow the advice of a tax professional to...
Inventory/ Cost of Goods Sold

Inventory/ Cost of Goods Sold

Nov 6, 2019 | Business, Income Tax

Inventory An inventory is necessary to clearly show income when the production, purchase, or sale of merchandise is an income-producing factor. If a taxpayer must account for an inventory, the accrual method of accounting must be used for purchases and sales, unless...
Be Aware of Tax Issues While Working Abroad

Be Aware of Tax Issues While Working Abroad

Nov 4, 2019 | Income Tax

Here are three quick things to know about working abroad. Issue 1: Section 199A To qualify for the Section 199A deduction, your business income must be effectively connected with the conduct of a trade or business within the United States. The preamble to the proposed...