In this video, learn to identify the things a small business must keep in mind with respect to income tax reporting.
- In 2011, there were 600,000 companies in the United States…with more than 20 employees.…There were 5.1 million businesses with…between one and 19 employees.…There were 22.7 million businesses with no employees.…In short, there are lots of small businesses out there.…Now, large businesses can afford to hire professionals…to deal with income tax issues.…But in the vast majority of these small businesses,…the owner herself must take the responsibility…of assembling the information that will be used…to generate the company's income tax report for the year.…
Here are some things to keep in mind…with respect to income tax reporting.…First, it's important that the business owner…maintain good records.…The burden of proof is on you, the taxpayer,…and not on the taxing authorities.…For example, when it comes to mileage for the business use…of your car or the business purpose of meals…or entertainment or travel, it is the responsibility…of the business owner to keep track of things…and write them down.…Develop an organized system for tracking receipts,…
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