Jon
The CPA
That's not cheating. Cheating is saying you only made x amount of money when you really made z amount.
Which is exactly what you're doing. You're claiming that you made X amount less deductions, when you are not entitled to said deductions.
You're incorrect and I would advise you read up on this.
I'm a fucking accountant. You can't take deductions for "all meals" or "a car just because it's in the business name." They have to serve a business purpose. It's in the tax code, and if you were to get audited, you'd be fucked.
And yes, Texas has a new franchise tax for businesses. Individuals still pay no income taxes, but businesses certainly do.
Furthermore, even though the higher tax rates apply to businesses who net over $250,000, there are other implications in Obama's plan. For instances, because of changes to allowable deductions, it will be harder for some businesses that gross over $250,000 to net themselves below $250,000.