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Lothar
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Posted on 03-08-19 10:41
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I am thinking of opening a corporation for my small business but I am not sure how the taxes work. If the corporation makes profit, I heard you have to pay 21% tax which is less than individual tax. Do I have to pay extra tax if I want to take the profit from the corp into my own account? If I have to pay double tax then it's not worth the hassle.
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nayapidi
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Posted on 03-08-19 11:46
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Anooj
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Posted on 03-08-19 4:38
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Hi I am also interested in knowing the answer to this question. Nayapidi would you be kind enough to answer here so others can benefit too?
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nayapidi
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Posted on 03-08-19 4:58
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please PM me with details.
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anon
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Posted on 03-10-19 12:33
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You are taxed twice in C corp. First on c corp income then as dividend when you distribute the profit. The only way to take money out of C corp is either as a salary or dividend. C corp is not recommended for most small businesses.
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