From the course: Finance Foundations: Income Taxes
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Tax issues at a family grocery store
From the course: Finance Foundations: Income Taxes
Tax issues at a family grocery store
- So Jim, your wife's family have been small business owners for as long as I can remember. - That's right, my mother-in-law Larue, and father-in-law JR operated a small grocery store on Main Street in our hometown of Grantsville, Utah. - See I remember the Junior Mart, as it was called, among other things, JR, your father-in-law was the butcher, and he had the world's fattest dog. - Old Pat, yup Pat was pretty fat. - So this Junior Mart grew slowly, rented a new larger location, and then built their own new bigger building still on Main Street, now right across the street from our Aunt Mimi's house. - They also have expanded and built an additional store in a nearby town. - So you must have been in on a few family discussions about small businesses and income taxes. - I have. - Well, what kind of tax issues come up? Now don't give us any personal details, just some general issues. - Well that's an interesting question. These people are experts in local marketing and taking care of…
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