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Is there an upper limit of business revenue that can be reported on a personal tax return?

Is there an upper limit of business revenue that can be reported on a personal tax return?
 
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Category : > Business Tax
Posted On : Thu Nov 25th,2010

 
Is there an upper limit of business revenue that can be reported on a personal tax return?
 

Is there an upper limit of business revenue that can be reported on a personal tax return?

Answer: According to the IRS rules you are allowed to report any amount of business income on your personal tax return. There are non-regulatory reasons, however, why it may be advantageous to incorporate your business and report the income on a corporate tax return. Some of these reasons include tax savings and a lower chance of an audit.

Example: A taxpayer starts a business in January 2004 earns $1,500,000 in gross receipts. The taxpayer reports this activity on his personal 2004 tax return. For the 2005 tax year the taxpayer incorporates his company because he wants to reduce his chance of being audited.

  


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