In an effort to close the growing $450 billion tax gap, the IRS announced it will be coming down hard on small businesses in 2013, whom the agency believes are underreporting their earnings and contributing to an astonishing 84% of the total tax gap, or $387 billion. At national and regional tax forums held throughout this past summer, the IRS highlighted particular areas of focus for small businesses in the coming year.
Debra Moore, CPA, Owner
P.O. Box 751
Bedford, VA 24523
moorebookkeeping at msn. com
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- Bullet Journal
- Changes to 2018 Taxes
- New 20 percent deduction for passthrough businesses Many owners of sole proprietorships, partnerships, trusts and S corporations can deduct up to 20 percent of their qualified business income.
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