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...
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...
Oct 28, 2019 | Income Tax
Household Employees If you have a household employee, you may need to withhold and pay Social Security and Medicare taxes(FICA), pay federal unemployment tax (FUTA), or both. Workers Who Are Household Employees A household employee is an employee hired to perform work...
Oct 23, 2019 | Income Tax
If you filed your business income and expenses as a proprietor in 2017 and reported $100,000 or more in gross receipts, your chances of IRS audit were 2.4 percent (2017 returns are still open for audit, so the percentage could increase). Had you reported this income...
