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| Accounting Periods and Methods |
| Accounting Periods and Methods
Each taxpayer (business or individual) must figure taxable income on an annual accounting period called a tax year. The calendar year is the most common tax year. Other tax years are a fiscal year and a short tax year. |
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tax , taxpayer , income , accounting , year |
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| Business Taxes |
| Business Taxes
The form of business you operate determines what taxes you must pay and how you pay them. The following are the four general types of business taxes. |
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business , tax , taxes |
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| Federal |
| Different business structures (sole proprietorship, partnership, corporation, or limited liability company) have different income tax requirements regarding filing dates, forms required, and tax rates and calculations. |
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federalincometax , tax |
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| How long should I keep records? |
| How long should I keep records?
The length of time you should keep a document depends on the action, expense, or event the document records. Generally, you must keep your records that support an item of income or deductions on a tax return until the period of limitations for that return runs out. |
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record , document , long , keep , business , tax |
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| Local |
| Local authorities may tax personal property like machinery, equipment, furniture, supplies, leased equipment, and even movable machinery used in a business. |
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localtax |
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| Planning Your Estate |
| Planning your estate is to distribute your assets according to your wishes after your death. Successful estate planning transfers your assets to your beneficiaries quickly and usually with minimal tax consequences. |
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estate , tax , death , attorney , CPA |
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| Sales |
| Sales taxes are added to the cost of a product or service and are generally paid by the customer.Use taxes are generally levied on the sales price or rental charge for tangible personal property on which no sales tax has been paid. |
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salestax |
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