$50,000 bank transfer...what about taxes?
My latest business was contacted by a production company working under a major airline and it looks like we got the job. The business is so new that it doesn't even have a bank account yet. They want to do a bank transfer tomorrow...right after the money is received...a significant portion of it will be transferred to a Brazilian company I'm using to complete this job via another bank transfer.
My question is, what should I expect regarding taxes and the IRS when $50,000 goes in my personal bank account, and $30,000 goes out shortly after?
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