- So Jim, your wife's family have been
small business owners for as long as I can remember.
- That's right, my mother-in-law Larue,
and father-in-law JR operated a small grocery store
on Main Street in our hometown of Grantsville, Utah.
- See I remember the Junior Mart, as it was called,
among other things, JR, your father-in-law
was the butcher, and he had the world's fattest dog.
- Old Pat, yup Pat was pretty fat.
- So this Junior Mart grew slowly,
rented a new larger location, and then built their own
new bigger building still on Main Street,
now right across the street from our Aunt Mimi's house.
- They also have expanded and built an additional store
in a nearby town.
- So you must have been in on a few family discussions
about small businesses and income taxes.
- I have.
- Well, what kind of tax issues come up?
Now don't give us any personal details,
just some general issues.
- Well that's an interesting question.
These people are experts in local marketing
and taking care of customers, but they don't have
any special expertise in terms of bookkeeping
or income taxes.
- Okay, so what have they done?
- Well in my opinion, they have done something very wise,
they've joined a local grocery store business association,
like a co-op, this association helps them
with routine tax issues, such as payroll,
as well as more complex tax planning issues.
- Okay, so they've spent a little money
to hire some income tax expertise.
- Exactly.
- And that's one good tax tip for a small business
person to remember, spend a little money
to hire some tax expertise.
- So let's talk some more about income tax issues
of interest to small business owners.