Liquidating your Lose cam amateur
After receiving a Bachelor of Arts in English from UCLA, John Csiszar earned a Certified Financial Planner designation and served 18 years as an investment adviser.
Csiszar has served as a technical writer for various financial firms and has extensive experience writing for online publications.
This is especially true if you sell a piece of equipment and receive more for it than you paid, after adjusting for depreciation.
For example, if you paid $5,000 for a van that you are depreciating over five years and you liquidate your business after three years, selling the van for $3,000, you owe income tax on the $1,000 that exceeds the van's current value, after adjusting for depreciation.
The Schedule C form, which tracks profit and loss year by year, lists annual business expenditures such as rent and payroll, using them to offset business revenue when calculating net taxable profit.