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Old 10-03-2018, 12:18 PM   #152
joey2665
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Quote:
Originally Posted by Biggd View Post
After years of my Corp and LLC creating a tax loss to off set my income, thus paying very little in taxes, now my accountant tells me he doesn't want to see losses in those anymore. He says I will pay less on Corp tax profits than I will pay on my personal tax filing.
So now I have a whole new way of thinking, run up my Corp profits and pay less in taxes. Thanks Mr. Trump!
Good advice. It is a delicate balance between the W-2 from the business, your contribution to a tax deferred plan and you profit reported on your K-1 all combined with the new small business deduction. If done properly you can certainly reduce your tax significantly.
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