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Latest revision as of 19:42, 31 October 2024
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Another angle to consider: suppose business takes a loss of revenue for this year. As a C Corp there is no tax on the loss, however there can also no flow-through to the shareholders significantly an S Corp. Losing will not help your tax return at all. A loss from an S Corp will reduce taxable income, provided there is other taxable income to cut back. If not, then tend to be : no income tax due.
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We hear a lot about income taxes, when you get some people thought just how much income-related taxes they're salaried. We're taxed by both our federal government and our state. As the federal government takes the lion's share, I'll place emphasis on its taxation.
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