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You afraid of the Tax Man? Don’t Be!
Oct 23, 2019 @ 6:00 pm - 7:00 pm
Democrats are screaming about transparency, but they HAVE NONE!! What is Rep. Adam Schiff hiding? They have NOTHING to impeach Trump on, so they’re trying to work it backwards until they find something. That’s NOT how it works!
If Democrat officials are being honest, they need to investigate the people on their side of the aisle as well. So much corruption.
Guest, Dan Pilla of TaxHelpOnline.com explains some of the most common mistakes small business owners make, and CPA’s make when advising them.
With an LLC, owners can take some of the profits as dividend distribution rather than payroll. But… tax law requires that the corporation pay the shareholders a salary commensurate with the market FIRST!
Our tax system is out of control. There are 4 million words in the tax code. Most people are not equipped to remain in compliance.
If your business takes a loss for too many years, the IRS may “determine” that you are running a hobby, not a business, and that you don’t have a “profit motive”. If they do that, they can disallow ALL of your expense deductions and still tax you on the income! How do you prove MOTIVE?!?
Penalties only apply if you INTENDED to evade taxes. If you made your best effort to file correctly and messed up, they aren’t supposed to penalize you.
New book coming soon… Dan Pilla’s Small Business Tax Guide.