Tax Rates Reflect Life: Difference between revisions
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Revision as of 20:06, 22 September 2024
The IRS has set many tax deductions and benefits secured for citizens. Unfortunately, some taxpayers who bring home a top level of income can see these benefits phased out as their income increases.
Another angle to consider: suppose your small takes a loss of profits for the whole year. As a C Corp there is no tax on the loss, however there one more no flow-through to the shareholders significantly an S Corp. The loss will not help your own tax return at nearly all. A loss from an S Corp will reduce taxable income, provided there is other taxable income to decreased. If not, then there is no taxes due.
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