Tax Rates Reflect Standard Of Living: Difference between revisions

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Revision as of 05:32, 23 February 2025

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Getting to be able to the decision of which legal entity to choose, let's take each one separately. The most typical form of legal entity is this provider. There are two basic forms, C Corp and S Corp. A C Corp pays tax as reported by its profit for last year and then any dividends paid to shareholders additionally be taxed. Hence the term double-taxation. An S Corp however works differently. The S Corp pays no tax on profits. The gain flows right through to the shareholders who then pay tax on cash. The big difference extra that the 15.3% self-employment tax does not apply. So, by forming an S Corporation, business saves $3,060 for this year on a profit of $20,000. The taxes still applies, but I'm sure someone would rather pay $1,099 than $4,159. That is a huge savings.

Now, I'm hardly suggesting you stay and entertain a life in criminal offence. Tax issues would have been minor in comparison to spending level of jail. Frankly, it just isn't worth it, but it's at least somewhat and also humorous to see how the government uses tax laws to go to after illegal conduct.

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