Tax planning for the sole proprietor.Facts: Hubert T Gillis owns and operates a grocery store on the ground floor of the two-story building in which he lives. The store has several other workers, including (at times) Mr. Gillis's wife and children. The store takes up the entire ground floor, and Mr. Gillis uses a room on the second floor to do the business's paper-work. Issue: What tax advice and planning can Mr. Gillis's tax adviser give him? Analysis Businesses operated as sole proprietorships A form of business in which one person owns all the assets of the business, in contrast to a partnership or a corporation. A person who does business for himself is engaged in the operation of a sole proprietorship. face a myriad on minimizing bussiness income and maximizing business of tax issues (and opportunities). Mr. Gillis's tax adviser deductions. These ideas and techniques cost relatively little should review the following checklist, which concentrates to implement, but may result in significant tax savings. Individual Tax Planning Tax planning Devising strategies throughout the year in order to minimize tax liability, for example, by choosing a tax filing status that is most beneficial to the taxpayer. Work Program: Operating a Sole Proprietorship [TABULAR tab·u·lar adj. 1. Having a plane surface; flat. 2. Organized as a table or list. 3. Calculated by means of a table. tabular resembling a table. DATA NOT REPRODUCIBLE IN ASCII ASCII or American Standard Code for Information Interchange, a set of codes used to represent letters, numbers, a few symbols, and control characters. Originally designed for teletype operations, it has found wide application in computers. ] |
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