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TheTaxManCometh
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| Number of Posts: | 3 |
| Registered on: | 5/19/2022 |
| Online Status: | Not Online |
Recent Posts
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re: Let’s Discuss Filing as S Corp vs SP
Posted by TheTaxManCometh on 12/9/22 at 3:10 pm
I think the big thing you're currently missing is the QBI deduction (depending on your income if you are phased out, etc). If not above thresholds, inside an S Corp only the 40K would be eligible for the 20% QBI Deduction, whereas as on a Schedule C, the full 120K would....
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re: What is best way to set up tax structure for a job paid purely as a 1099? Sub-S? Corp?
Posted by TheTaxManCometh on 6/26/22 at 10:09 am
Also keep in mind different states have different tax laws. The Fact that S Corp income is hit for 6.5% excise tax in TN means it’s not as big a slam dunk as it would be in other states. ...
re: Thoughts on whether I need a LLC or not
Posted by TheTaxManCometh on 5/19/22 at 4:45 pm
On 3), there absolutely will be a sizable amount for TN F&E tax. .25 per every $100 of fixed assets, along with 6.5% on all income not subject to SE tax. So if this is a $1M building there’s $2500 of franchise tax. And say it shows 20k of net income, there’s another $1300 of excise tax....
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