Tax payers in the US fashion industry face unique tax obligation and opportunities.
Keeping on top of your taxes is not an easy job, let alone understanding tax law and allowances well enough to avoid penalties and maximise on profit margins.
Fashion industry taxpayers are much more likely to be audited than the average. Audits for fashion industry professionals often result in substantial tax adjustments, which are identified according to total income and expenses incurred from said work.
Bookkeeping is often a huge cause of the IRS disagreeing with your income report. Insufficient/ inaccurate records can result in penalties and having to pay unnecessary tax.
As a professional in the fashion industry your accounting needs are unique to any other industry. Whether you it is selecting a proper accounting method to integrate your wholesale, retail sales, manufacturing and inventory systems, or understanding the evolving complexities surrounding tax on sales, Bambridge Accountants have worked with some of the most complex fashion industry tax cases.