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Why can't small business revenue(s) be decoupled from high-end personal income tax brackets?
Democrats and Republicans seem to be bickering over high-income tax rates, the latter use the argument that it's actually about small businesses which pay income tax as individuals…why can't the IRS create a category for small businesses so that the confusion will no longer exist? (The IRS doesn't have a problem making new regulations, although of course the pseudo-debate would continue on some other topic.)
2 Answers
- Anonymous9 years agoFavorite Answer
We already have it, a C corporation.
- troLv 79 years ago
small businesses can be sole proprietors, corporations or partnerships, each have specific taxes
the sole proprietor will pay self employment tax on his net to the same limit wage earners do, his income tax will depend on his exemptions and deductions(itemized or standard)
the corporation pays its own income tax on profits, the employees will pay taxes on their earnings, or shareholders on any dividends issued
the partnership passes along any profits to the partners who in turn pay their own taxes
what else could alter the way businesses are taxed
