August 2024 Newsletter
Are you in the process of starting a business or contemplating changing your business entity? If so, you’ll need to decide how to organize your company. Should you operate as a C corporation or as a pass-through entity such as a partnership, limited liability company (LLC) or S corporation? Among the important factors to consider are the potential tax consequences.
Teachers who are getting ready for a new school year often pay for some of their classroom supplies out-of-pocket. They may be able to get some of that cost back by taking advantage of a special tax break for educators.
Many businesses need to have some inventory available. But having too much inventory is expensive, not just to purchase but also to store, safeguard and insure. So, keeping your inventory as lean as possible is critical.
Tax Tips
QuickBooks Tips
Tax Due Dates
August 15
Employers: Deposit Social Security, Medicare and withheld income taxes for July if the monthly deposit rule applies.
Employers: Deposit nonpayroll withheld income tax for July if the monthly deposit rule applies.
September 10
Individuals: Report August tip income of $20 or more to employers (Form 4070).
?Click here to read the rest of the newsletter.
Please call us at (310) 666-7772 if you have any questions.
World Accounting Group
10436 Santa Monica Blvd #3030
Los Angeles, CA 90025