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And then what happens when you want to pay yourself a salary? Aren't you essentially paying corporate tax rate and income tax on that amount? Maybe that doesn
by d23 4y ago
And then what happens when you want to pay yourself a salary? Aren't you essentially paying corporate tax rate and income tax on that amount? Maybe that doesn't apply for a sole proprietorship, but does it for a small business?
- incomingpain 4y agoPayroll is a deduction as well. You only pay taxes on profit. If you paid taxes on gross revenues it'd make running any business basically impossible.