THE TAXMAN IS COMING!

Now that the different departments of business have introduced themselves, let’s get down to brass tacks.  About the only thing sure in life are death and taxes.  And the reality now is the looming deadline to file the U.S. income tax return for all residents and citizens of the United States of America. One needs to pay the piper even in death.

LIFE -----> TAXES -----> DEATH -----> TAXES

 

Here's the game plan:

• For a SOLE PROPRIETORSHIP, the businessman includes his business in his income tax return.
• For PARTNERSHIP, each partner includes his business in his income tax return.
• For LIMITED LIABILITY COMPANY (LLC), each member can file as a partnership or a corporation.  If there is only one member, he can file his business in his individual income tax return or as a corporation.
• For a CORPORATION, each shareholder or stockholder includes his earnings from the corporation in his income tax return.

Happy Tax Day April 15!

Knight in Business 4.8.2013.