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guy
Apprentice
Joined: 15 Oct 2004
Posts: 4
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 Posted: 10/11/07 - 06:53 Post subject: |
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| I am planning to set up my own business and I am looking into which set up is the best for me. I will be the sole owner as well as the sole employee. Of course I do want to pay myself a nice salary or the whole point would be missed. The question I have is how this S Corp would be taxed. Thank you for your help. |
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lucais
Apprentice
Joined: 24 Nov 2006
Posts: 4
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| Posted: 11/16/07 - 02:04 Post subject: |
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| S Corps are not do not have to pay any taxes on their profits. But... their owners do have to pay taxes on the propotional shares of the profits of the business. Actually you might be better off paying yourself a lesser wage. As the wage is taxable... reaping your company's profits will probably provide you with a larger although somewhat less stable income. |
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