Business Income Statement Would You Expect Not To Pay Income Tax If You Own A Business And The Income Statement Shows A Loss?

Would you expect not to pay income tax if you own a business and the Income Statement shows a loss? - business income statement

Depends on what the loss is made. Certain expenses are not allowable deductions for taxes and must be "added" when calculating the taxable income of the company.

Like the previous answer, he said, counting any other taxable income subject to taxation in the overall tax burden - such as bank interest, a second job, etc. Also, some government services are.

In addition, you should check. The fee must be paid in July this year (and maybe next year in January, may not) on income you earn today is based, but with an income during the year ended April 5, 2008. For an average company, this means that profits in the year ending in which the financial statements (for example, for the twelve months to June 30, 2007 or March 31, 2008 or any time) its financial statements. So they are always one or two "back" with your taxes.

This means that when profits fall from a cliff, there will come a time when they make money (this year), but it has yet to make payments of taxes (for the last year, when) they make money. For this reason, you should always save money to pay their taxes.