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To: Alberta's Child
As in most cases with tax law, there are ways for small business owners to avoid paying most of these taxes while still obeying the law to the letter.

Want to bet??? I am a small buisness owner and there are few loop holes and NONE that i am aware of that will elliminate "most of these taxes" as you say....

43 posted on 01/03/2002 2:28:23 PM PST by is_is
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To: is_is
Americans revolted against England when the tax rate reached 10%. People now pay 50% without batting an eye.
50 posted on 01/03/2002 3:35:51 PM PST by Tymesup
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To: is_is
Here's a start:

Let's say you earn $72,000 per year as a self-employed small business owner. There's no reason why you can't convert your business from a sole proprietorship to a corporation, pay yourself $1,000 per month in salary, then distribute the remaining $60,000 to yourself in the form of dividends.

Dividends are subject to income taxes at your applicable tax rate, but they are not subject to payroll taxes.

If you Freep-mail me and let me know what kind of business you are in, I may be able to offer a few more general tips.

60 posted on 01/04/2002 4:57:19 AM PST by Alberta's Child
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