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re: Personal Income Taxation Question
Posted on 6/12/11 at 8:39 am to RedStickBR
Posted on 6/12/11 at 8:39 am to RedStickBR
quote:
I could see working some jobs and being okay with 100k taxation on 300k salary.
It shouldn't be that high, right?
If you are in the 33% tax bracket, you don’t owe 33% on all of your income. Being in a higher tax bracket is marginal. You’ll only owe “more” tax on the portion of your income that falls within that bracket.
1
Posted on 6/12/11 at 11:09 am to urinetrouble
Yeah, I realize that. I was just throwing numbers out there. It shouldn't be that high, you're correct.
Posted on 6/12/11 at 11:55 am to Poodlebrain
quote:
You have to be real careful with respect to using debt for basis in an S-Corp. If the S-Corp is the borrower, then the shareholders will not get basis for the debt even if they personally guarantee the debt. It is better for the shareholders to borrow money as individuals and then lend the money to the S-Corp. This will give them basis for the loan.
Would this not allow, in essence, tax free distributions?
Posted on 6/12/11 at 3:02 pm to lynxcat
Distributions from an S-Corp. are generally tax free. They only result in gain if they are in excess of a shareholder's basis.
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