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    Tax implications for different business types?
    In the next few months, I'm planning on starting my own small (one person) business. I'm wondering what the different tax implications are to the different business structures (S/C Corp, LLC), especially with potential upcoming changes to the tax code (keeping politics out of it).

    For instance, what are the tax implications to a small, one man shop as an S/C Corp vs an LLC?

    I'm asking because it appears that there may be changes to the existing tax code, and that might affect the business structure I decide upon.

    My wife generally does our taxes, so I want to make things as easy on her as I can, and I definitely don't want to run afoul of the IRS.

    Any thoughts or suggestions?


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    An LLC has complete flexibility on how it wants to be taxed whereas a corporation may not. A major disadvantage to the corporate designation is its double taxation implications. A corporation's profit is taxed once (corporate tax), and the dividends its shareholders receive is then taxed again (individual tax). The S-corporation designation does allow flow through taxation (no corporate tax), but there are certain requirements to qualify as an S-corp that may limit its utility to a business. Depending upon the circumstances of a corporation, it may have no choice but to be a C-corp and face double taxation. - See more at: http://www.mycorporation.com/learnin....ghNnkykk.dpuf


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    The self-employed includes everyone who is a freelancer, independent contractor and many business owners who don't have any partners.


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    pripyat tours
    Thanks for sharing the info, keep up the good work going.... I really enjoyed exploring your site. good resource... Nice Informative Blog having nice sharing.. including reasonable comments here... This is my first time i visit here. I found so many interesting stuff in your blog especially its discussion. From the tons of comments on your articles, I guess I am not the only one having all the enjoyment here! keep up the good work pripyat tours


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    Indeed, changes to the existing tax code are made regularly, and you need to closely monitor the current information. For real, it might affect the business structure you decided upon. So, when I needed to learn about tax debt relief, I also searched the information on the internet. So, I found a company that offers their services in these questions and many others linked with taxes. They are always aware of the latest information and know for sure all the laws. Really very useful and saves you time. This is very important for me as a leader; time is money.


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    Last edited by kevinkovalsky; 05-12-2021 at 01:14 AM.
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    Thanks for sharing with us


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    A limited liability company, or LLC, can also be taxed as a pass-through entity. An LLC can be formed by an individual or group of individuals, also known as members. Unless an election is made with the IRS, an LLC with one member is taxed as a sole proprietorship, while a multi-member LLC is taxed as a partnership.


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