From the course: Finance Foundations: Income Taxes

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Common tax issues for small businesses, part 1

Common tax issues for small businesses, part 1

From the course: Finance Foundations: Income Taxes

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Common tax issues for small businesses, part 1

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- Let's discuss common tax issues for small businesses. Now why our focus on small businesses? Well they're a lot of small businesses out there. For example, in 2018 the U.S. small business administration reported that there were 30.2 million small businesses in the United States. They define a small business as one with fewer than 500 employees. Now the vast majority of these small businesses have no employees at all, just the sole proprietor. just the sole proprietor. We also focus on small businesses We also focus on small businesses because large businesses can afford to hire professionals to hire professionalsto deal with tax issues. to deal with tax issues. For example, Berkshire Hathaway, Warren Buffett's company, employs 25 women and men who prepare a 32,700 page, U.S. federal tax return, they did that in 2017, They did that in 2017, plusstate and non-US tax returns. plus state and non U.S. tax returns. We're going to talk about tax issues that might that might be relevantfor…

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