Dealing With Tax Problems: Easy As Pie

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Revision as of 10:50, 23 January 2025

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Getting to the decision of which legal entity to choose, let's take each one separately. The most common form of legal entity is the business. There are two basic forms, C Corp and S Corp. A C Corp pays tax as reported by its profit for the majority and then any dividends paid to shareholders additionally taxed. Hence the term double-taxation. An S Corp however works differently. The S Corp pays no tax on profits. The net profit flows to the shareholders who then pay tax on cash. The big difference let me reveal that the 15.3% self-employment tax doesn't apply. So, by forming an S Corporation, your business saves $3,060 for the year on income of $20,000. The taxes still applies, but Just about every someone love to pay $1,099 than $4,159. That is a huge savings.

There is really a fine line between tax evasion and tax avoidance. Tax avoidance is legal while tax evasion is criminal. Should you want to pursue advanced tax planning, distinct you with it is also of a tax professional that definitely to defend the strategy to the Irs.

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