What Is The Irs Voluntary Disclosure Amnesty: Difference between revisions

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Getting back to the decision of which legal entity to choose, let's take each one separately. The most common form of legal entity is this business. There are two basic forms, C Corp and S Corp. A C Corp pays tax based on its profit for last year and then any dividends paid to shareholders likewise taxed. Hence the term double-taxation. An S Corp however works differently. The S Corp pays no tax on profits. The money flows through to the shareholders who then pay tax on cash. The big difference yet another excellent that the 15.3% self-employment tax does not apply. So, by forming an S Corporation, your small saves $3,060 for this year on income of $20,000. The tax still applies, but Just about every someone like better to pay $1,099 than $4,159. That is a huge savings.

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