Most bets are made casually and in an informal mood between friends and family, mainly paid in cash. This extra income could be useful for a snack, some extra clothes or paying bills. Does that exempt them from being taxable? What if it isn’t that much money? Lets dive into it on this month’s blog.
Congratulations on starting the journey of starting a business. One of the first steps to formalize your venture is registering with the IRS as a business entity.
The Internal Revenue Service offers many schemes or categories under which you can register a business depending on their structure. There are differences on the legal and tax rights and obligations.
Find out the key features that identify each one of the business structures.
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