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There is now a flat rate of 15% on dividends but mine was not a public
held company and we were talking about bonuses. For the small
businessman who incorporates to protect his family from law suits which
could wipe out the entire family savings and holdings, there is most
certainly a double taxation. There are chapter S corporation
possibilities but not all companies are ideally suited for this
designation.
Bob
At 02:56 PM 3/9/2004 -0500, you wrote:
Doesn't the US
have a tax break on dividends so as to avoid double taxation? Obviously
not, and I am shocked.
----- Original Message -----
From: BobsKC
To:
realtraders@xxxxxxxxxxxxxxx
Sent: Tuesday, March 09, 2004 2:26 PM
Subject: RE: [RT] Political Posts
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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