Why some owners pay thousands in back taxes, interest, and penalties
Article Abstract:
Most business owners pay high tax payments to the IRS because of their non-compliance to the agency's rules. IRS penalties can be in the form of interest, 20% negligence penalty and 75% penalty for overstating deductions. These penalties can be prevented if business owners will properly record their expenses incurred from travel, meals, entertainment, lodging and automobile repair and maintenance. They should also make sure that they keep the receipts of these expenses.
Publication Name: The Business Owner
Subject: Business, general
ISSN: 0190-4914
Year: 1999
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Managing marginal tax rates: a basic tax reduction tool
Article Abstract:
Marginal tax rate is the rate of tax one pay on the next dollar of taxable income. Tax bills can be reduced by knowing the marginal tax rates and allocating income on a manner that minimizes the income that is subjected to higher tax rates. Methods to reduce tax by planning based on comparative analysis of tax rates are presented.
Publication Name: The Business Owner
Subject: Business, general
ISSN: 0190-4914
Year: 2003
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Which is more valuable: increasing sales, lowering costs or cutting taxes?
Article Abstract:
Strategies for having a profitable growth in business by increasing sales and reducing costs, are discussed. Methods to plan tax savings to reduce cost are also presented.
Publication Name: The Business Owner
Subject: Business, general
ISSN: 0190-4914
Year: 2003
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