Posted on 04/17/2018 6:33:34 PM PDT by PeterPrinciple
Pass-Through Business Taxes Previous law: Businesses organized as sole proprietorships, LLCs and partnerships don’t pay corporate tax rates. Instead, the owners pay individual income taxes on their share of business income – they’re called pass-through business taxes. Those tax rates are the same as the individual income tax rates. New law: Business owners can take a 20 percent deduction on their pass-through business income, with limits for those earning above $157,500 (single) and $315,000 (married, filing jointly).
(Excerpt) Read more at factcheck.org ...
I have often said we should all be self employed, not employees. Personal Services Incorporated.
The above information could have major impact on society and is huge for those who are self employed.
“Independent contracting” is the way to go.
“Employment” is for suckers.
This is a big deal, self employed people move power and societal decision back down to the local economy, our pocket books.
The problem is all this is temporary and the libs will want to kill it..........................
The newest and best tax shelter is being self employed.
It’s hardly an “untold story”, all this has been around for months for anyone interested.
And don’t forget to consider the 15.3% self-employment tax (for socialist security and medicare). That is basically unchanged for 2018.
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