Year End Tax Steps!
December 28, 2018 Year End Tax Steps! Take an inventory of your product. If there is product which is expired, damaged or no longer sell-able for whatever reason, take it out of your inventory and mark your total cost as “spoiled”. This is a deductible expense. If you have the ability to sell your excess inventory […]
IS YOUR BUSINESS SINGLE?
Are you operating your business under a single-member LLC? This entity has no effect on how the income or losses are reported. Single-member LLCs that have rental properties titled to it have the income is reported on Schedule E, even if tax documents are issued with the LLC’s EIN. Questioning your business entity choice now? […]
