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I had an attorney/cpa who advised me on such things and we did everything
possible to limit the tax bite. You can't take unlimited bonuses
out of a corporation to avoid corporate taxes. Anyway, we are all
lucky to end up with 40 cents on the dollar after Fed income, state
income, sales, real estate, gas and all the other taxes we each
pay.
Bob
At 01:41 PM 3/9/2004 -0500, you wrote:
Sounds
like you paid more than your fair share if you ended up paying 60%. I'm
no expert in U.S. taxes, or your own personal situation for that matter,
but doesn't it make more sense in a small corporation to bonus out the
profits and just end up with a personal tax rate, rather than a corporate
one as well?
Just a thought.
Andrew
-----Original Message-----
From: BobsKC
[mailto:bobskc@xxxxxxxxxxxx]
Sent: Tuesday, March 09, 2004 11:55 AM
To: realtraders@xxxxxxxxxxxxxxx
Subject: Re: [RT] Political Posts
[snip]
In my small company, (37 employees), my firm paid taxes on what it made, I got what was left and then I paid taxes on that same money again. I was lucky to end up with 40 cents on the dollar. [snip]
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