Are there penalties for filing the tax return late? If yes, what is the penalty? Services plans to sell the equipment it owns on January 1, 2024. What is the gain from the sale of the equipment If the equipment is sold for $100,000? Is it better for the business to be taxed as a C corporation or treated as sole proprietorship and included with my personal taxes? I am considering purchasing a Rolex watch to wear during business meetings. Would the purchase of the watch be considered advertisement and therefore a tax deduction?