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Essay

taxes

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Issue:

Business

 

Written by:

Samuel A

 

Date added:

September 2, 2014

 

Level:

 

Grade:

B

 

No of pages / words:

3 / 720

 

Was viewed:

1194 times

 

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Essay content:

A dependent child can earn up to $4000 before paying income tax, but, if the child is over 18, you may have to cover payroll tax and workers' compensation. Poor record keeping often causes businesses to fail. The tax code requires that you keep "records appropriate to your trade or business." While the code does not specify a particular format, the records must be accurate...
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Proper records allow you to prepare tax returns more quickly, and may alert you to problems earlier. The balance in your checkbook plus the money you draw out of the business rarely is your taxable income. Equipment purchases may qualify for an immediate deduction instead of being depreciated. You may take up to $20,000 as "Section 179" deduction in 2000; that increases to $24,000 in 2001...
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