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#1
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Re: Declaring Yourself a Corporation for Tax Purposes
I can't really think of where this would go. There have been some tax articles in the Magazine lately, perhaps there's a thread in that forum where this would fit.
Regards, T |
#2
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Re: Declaring Yourself a Corporation for Tax Purposes
arent you going to pay double taxes as a corp? the income is taxed at the corp level, then taxed when you withdrawal it from the corp as personal income, etc.
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#3
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Re: Declaring Yourself a Corporation for Tax Purposes
[ QUOTE ]
arent you going to pay double taxes as a corp? the income is taxed at the corp level, then taxed when you withdrawal it from the corp as personal income, etc. [/ QUOTE ] No, sub-chapter S corporations and limited liability corps (ie, most small businesses) generally allow the owner to avoid double taxation. That said, I don't see how you'd hope to take any sort of tax advantage by incorporating yourself. Tell me if I'm missing something. |
#4
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Re: Declaring Yourself a Corporation for Tax Purposes
Tax discussions end up all over the place and seem to most frequently end up in the New, Views, Gossip forum.
The main advantage to incorporation would seem to be making distributions from an S Corporation and avoiding the payroll taxes on those distributions. Income from a single-member limited liability company (one owner) is typically reported as if the owner earned the income directly. A single-member LLC is commonly referred to as a disregarded entity. |
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