First off I'd like thank you all in advance for letting me participate on this board. Im glad you pros are here. I had a few tax questions in re: to taxing my corporation.
First off Im an S corp. And my business is importing goods from China and re-selling them here in the states via a website. Now, my website does take all major credit cards in which funds then get deposited every 2 days into my bank account. I pull in approx. $1500.00/day. NOW of course, that is NOT profit. Only a small portion is but I move volume, that's why the $$ amount is high. Looking at my bankk records since Feb. of this year 08 until Nov.1st , I have grossed 1.7 mill. I know it sounds like a lot but I didnt make even close to that, I wish.
Im a little conernced about getting audited. If I were, Im not sure HOW I would supply sufficient "proof" of purchases from China. I started my wire transfers via western union but recently I have been doing bank transfers for an easier paper trail. All I could give them are the western union transfers and bank wire transfers. Also, I spend $2500.00/month in postage so IF Im going to do this right, I will write that off for all 10 months(25k)
Does the IRS monitor bank accounts in general? NONE that has deposits close to 10k at a time over the course of this year.
Thank you
First off Im an S corp. And my business is importing goods from China and re-selling them here in the states via a website. Now, my website does take all major credit cards in which funds then get deposited every 2 days into my bank account. I pull in approx. $1500.00/day. NOW of course, that is NOT profit. Only a small portion is but I move volume, that's why the $$ amount is high. Looking at my bankk records since Feb. of this year 08 until Nov.1st , I have grossed 1.7 mill. I know it sounds like a lot but I didnt make even close to that, I wish.
Im a little conernced about getting audited. If I were, Im not sure HOW I would supply sufficient "proof" of purchases from China. I started my wire transfers via western union but recently I have been doing bank transfers for an easier paper trail. All I could give them are the western union transfers and bank wire transfers. Also, I spend $2500.00/month in postage so IF Im going to do this right, I will write that off for all 10 months(25k)
Does the IRS monitor bank accounts in general? NONE that has deposits close to 10k at a time over the course of this year.
Thank you