You’re saying that most small business owners choose to pay corporate taxes + individual taxes? Why would ‘main street’ businesss choose double taxation?
Haven't read full details on tax bill, but have read many articles decrying tax cuts for pass-through entities as primarily benefitting wealthy. Seems disingenuous to me...virtually every small business in America is organized as a pass-through entity.pic.twitter.com/12dohVPSf8
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95% of businesses are pass-through entities. https://www.brookings.edu/research/9-facts-about-pass-through-businesses/ …
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Kinda confused by the text. So if I am llc as s Corp, pay myself a $50k salary and make another $100k on top of that. Now I pay what % on that $100k?
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Hard to tell, but it sounds to me like you can only deduct 50% of the $50k - so, $25k.
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We ran out of money when we tried this in Kansas. It is a bit different at the Fed level. I can’t figure out if they ended up changing the way stock options are taxed.
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You can change status from an employee to a contractor being paid through a single-person LLC. Nothing changes in your day to day, but your tax rate plummets. This will be done by many high earners (execs, lawyers, investors, etc). See Kansas failure
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Agreed. I'm not getting that critique: every SMB I know uses LLC w/pass through.
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