by TheBusinessProfessor | Feb 23, 2025 | Business Taxation
What is a Tax Write-Off?Write-offs may be used to reduce a business taxable income. For this reason, things such as credits, deductions, and overall expenses become a write-off. There is always a chance for individuals and businesses to claim for certain deductions...
by TheBusinessProfessor | Feb 23, 2025 | Business Taxation
[cite] Back to: ACCOUNTING & TAXATION What is a Duty Free Zone? The Duty Free zone is an area where products are sold without the import, sales, value-added or other taxes. These products are sold to the international travelers with an understanding that they will...
by TheBusinessProfessor | Feb 23, 2025 | Business Taxation
[cite] Back to: ACCOUNTING & TAXATION What is a Double Column Tariff? A Double Column Tariff is a tariff system which has two different duty rates for a particular product. Here, the import tax on the product depends on the country of its origin. The rate is...
by TheBusinessProfessor | Feb 23, 2025 | Business Taxation
[cite] Back to: ACCOUNTING & TAXATION What happens if the business has losses? Business entities with pass-through taxation do not retain losses within the business entity. Losses are passed through to owners based either on the percentage of ownership or pursuant...
by TheBusinessProfessor | Feb 23, 2025 | Business Taxation
[cite] Back to: ACCOUNTING & TAXATION CORPORATIONS What tax issues arise when funding a business entity? The salient tax issues when funding a business entity concern the transfer of property to the entity in exchange for an ownership interest, the receipt of...
by TheBusinessProfessor | Feb 23, 2025 | Business Taxation
[cite] Back to: ACCOUNTING & TAXATION What happens if the equity received by the shareholder is in exchange for services to the corpora.on? Providing services to a corporation in exchange for stock is generally a taxable event. Pursuant to IRC Section 83(a), the...
