Chapter 13
Small businesses need to be aware of the tax implications for business decisions, as well as what sort of taxes, both federal and state, are created by specific types of business entities (sole proprietorship, partnership, S corporation, C corporation, or limited liability company [LLC]). This chapter is not an exhaustive discussion of all types of taxes or a consideration of all the tax implications and ramifications of running a small business; however, several key areas are relevant and important for the small business controller.
This chapter presents various tax issues pertaining to the choice of a business entity. It also discusses changes in fiscal years and differences in net income and taxable income. ...
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