If you have just started doing this PL business in 2015 and did great and never paid Federal corporate income tax before, don’t be surprise to pay HUGE taxes. Tax deadline is approaching soon. My net profit for 2015 was in the range of 200K, and I have to pay $22,250 + 39% of the amount over $100K. On top of that I have to pay the state income tax and self employment tax. If you have done this before, please shout out all ideas to reduce all these taxes legally. I am going to talk to my CPA this week, and I’d like to collect all ideas before meeting her.
- You must login to post comments