Traditional IRA vs Roth IRA
$8 million. That’s what The Inspector General says that the IRS has missed in revenue generation from sole proprietors. “Tests for unreported income during IRS audits of sole proprietors are critical to the process of verifying that the correct amount of tax is reported,” said TIGTA Inspector General J. Russell George in a statement. “Our results indicate that sole proprietors may have avoided tax and interest assessments of over $8 million in fiscal year 2008.” So now the IRS is going to spend some extra effort into looking into the books and lives of these thieves and ne’er do wells called sole proprietors. Never mind that $8 million is only .001% of the stimulus. What will these cats think of next?
Solution? Incorporate. How? The process is simple. The choices are few i.e. LLC, C Corp, S Corp. Limited Partnership or a regular partnership. Pick the one that is right for you and go to the Secretary of State’s website for your state and follow the instructions. Or enlist the aid of a QUALIFIED professional. Like me. www.robideaucpa.com