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Revision as of 13:25, 25 July 2026

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One more week until Tax Morning ,. Have you filed yours yet? I haven't (probably should onboard that, actually), while using the I read in USA Today that roughly 47% of Americans won't even need to worry about paying federal income taxes, I start to wonder if I ought to even bother. Oh sure, there's the threat of prison time for tax evasion, but really, what's the point if half the damn country isn't going to up and log off scot-free?

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If you add a C-Corporation as part of your business structure you can aid in reducing your taxable income and therefore be qualified for a few of those deductions for the purpose your current income is just too high. Remember, a C-Corporation is their own individual citizen.

For his 'payroll' tax as a staff he pays 7.65% of his $80,000 which is $6,120. His employer, though, must funds same 2.65% - another $6,120. So from the employee with his employer, the fed gets 15.3% of his $80,000 which in order to $12,240. Note that an employee costs a company his income plus 6.65% more.

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