A form of taxation allocated to partnerships, S-Corporations, trusts and a few other special types of business operations by the IRS. This information is reported via Form K-1 and this document allocates the earnings, special forms of income and deductions to the respective owners based on some preset formula.
Many small business owners are actively involved in the community and thus donate time and money to their favorite cause. In almost every case the owner believes the donation is a business deduction. […]