Former Senator Tom Daschle, who was to head the Health and Human Services Department, had income that he didn’t report in a timely fashion. We are not talking one day’s tips from being a waiter, we are talking a 6-figure sum.
With the caveat that I am not a tax attorney or accountant, here’s the easy answer – Report all of your income. That’s right – report it all.
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There are many “vectors” pulling on the owner of a small business. You have to market the company, get the business, do the work, and get paid. The sales to payment cycle can be months long, during which you have to manage the cash flow to cover your costs and pay your employees or sub-contractors, before you can take money for yourself. One of the many non-billable tasks that you might de-prioritize are employment taxes…
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