Quote:
Originally Posted by MsElena
You need to think about yourself first of all. You'll have to claim that money on your taxes......................
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Gee,
I thought all you girls kept accounting entries for every transaction, all of your expenses related to the business, etc.
You have to have the accounting right to satisfy the IRS.
There once was an nice place called Sunny's in Springfield, MO that did not turn in the proper tax returns and withholding payments for the girls. IRS took over the property. I never did learn where everyone went after that happened.
The largest single reason that most US businesses fail is because they get crosswise with the IRS over employee withholding and employer wage contributions. Credit card receipts are used to estimate the total income of many businesses.
JR