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Is that personal or corporate? It sounded like OP was talking about a business.
by turar 10y ago
Is that personal or corporate? It sounded like OP was talking about a business.
- bradgessler 10y agopersonal income tax rate
- turar 10y agoI'm curious how one can end up paying the full personal tax rate as an owner of a business. After expenses, depreciation, write-offs such as home office, vehicle, etc., you still don't have to pay yourself the entire corporate net income as a salary. Unless your lifestyle simply demands a top bracket salary.
- coredog64 10y agoIf it's just a D.B.A, why wouldn't it be the full personal tax rate. Unless the car is _only_ for work, you can't write off the cost of the vehicle, only the operating expenses when you use it for business. Same for home office deduction: The simple deduction is $5/sq. ft. (up to a max of 300 sq. ft.). $1500/year is nice to have back, yes, but it isn't much of a needle-mover on a professional salary.