My wife comes to me with the following tax saving strategies:
Computer Consulting received $7900 from customers in the last week of December. Can she just hold on to the money and include it in January 2005 receipts?
She would like to purchase a car in the name of Computer Consulting. What are his options?
She would like to employ Jim and Rosa in his computer business.
Comment on whether these would be good tax strategies.
With the assumption that this is an unincorporated business reporting on a Schedule C, the following responses would be appropriate:
The $7900 of receipts can be held over, but it isn't right and they would be moved back to December if discovered. Granted it is a common practice which also makes it a common area for audit. IRS and State auditors perform cut-off ...
Solution Summary
The solution presents a paragraph in response to each question about income and expense reporting for a small business. The explanations provide possible consequences in using certain strategies.
... such as auditing, penalties of different businesses those pay taxes. ... by providing valuable and cost saving services (Berry ...Tax Savvy for Small Business (12th ed ...
... of the over-60 "depression generation" and their saving behavior. ... We do more than prepare taxes. ... to optimize their profitability and minimize their tax exposure ...
... and administrative expenses and income tax expense ... The Savings Bank's wholly owned subsidiary, Flushing Commercial Bank ... cost of funds to finance its strategies. ...
... of the wealth in property in form of the tax and spends ... know that the property will be heavily taxed after death ... In this sense then estate taxes can be said to ...
... cost saving of the $100 billion over the 15 years but ... to pay taxes on the medical devices or the drug ... drug development that would cause an increase in the tax. ...
... CRTC might implement charges and taxes, which will ... alone (eg, Currently focused on long distance savings). ... networks in its marketing strategies to highlight ...
... entered into by Mexico provide that taxes derived from ... income for individuals will only be taxed in Mexico. In other cases, foreign tax credit may be applicable ...
... returns; they help with tax planning, financial ... you establish retirement and savings plans that ... elements influences the entrepreneur's strategy options, and ...
... The amounts set aside are not taxed to the ... and often state and local -- taxes through participation ... 424-3676 The IRS offers information on tax requirements for ...
