Reseña del libro "The Korean-American Small Business Tax Handbook (en Inglés)"
You opened the store. Nobody explained the tax system that came with it.Korean-American owners of dry cleaners, restaurants, nail salons, markets, and service businesses face a tax system with three layers — federal income tax, employment tax, and state and local tax — and the mistakes that cost the most are the ones nobody warns you about. Should you be an LLC or an S corporation? How much salary must you pay yourself? Why does the IRS compare your bank deposits to your reported sales? What happens when a worker you have always paid in cash files for unemployment? What do you owe when you finally sell the business to your son?Written by a Los Angeles CPA who has prepared these returns for Korean-American business owners for over 25 years, this plain-English handbook covers:Choosing between a sole proprietorship, LLC, S corporation, and C corporation, and when switching pays for itselfReasonable compensation, payroll for yourself and your spouse, and the 20 percent qualified business income deductionEmployees versus independent contractors, California's ABC test, tip reporting, and the payroll taxes that create personal liabilityCash sales, bank deposit analysis, Form 8300, and how an audit actually beginsDeductions that hold up: vehicle, home office, meals, travel to Korea, and hiring familySales tax, licenses, and the agencies that are not the IRSBuying and selling a business, allocating the purchase price, and the leaseMoney from Korea, Korean partners, and Form 5472IRS notices, audits, payroll tax debt, and installment agreementsFourth in the Korean-American Money & Tax Guides series. Read more