Thursday, April 16, 2009

Industry Specific Tax Information

Whew! We just got through another tax year this week. Hopefully all of you diligently mailed your taxes on April 15th, or applied for your extensions as needed.

In looking through some of the tax information on the IRS website I found some interesting information I thought I would share, which is good for the WHOLE year and not just at tax time.

The IRS has an area called Industries/Professions which provide you with materials for specific industries. For example, you can find an entire menu of items related to the Agricultural industry, which answers questions such as: How do I report farm income and expenses? Are crop insurance and crop disaster payments taxable? When do I deduct the cost of livestock and other items?

There are various industries covered in this way including: automotive, manufacturing, and the newly revamped construction industry. Check it out.

We also receive many questions on the difference between a C corporation and an S corporation in Pennsylvania. The IRS website not only explains this very well, but has the actual forms available for you to get a good idea of the types of documentation required both during and at the end of each tax year. To read through this information, click here.

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