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Biden called out about using S Corporations to pay less taxes!

Uncensored2008

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Not what I am hearing and reading when shareholders are involved

You are very confused.

S Corporations are pass-through taxation. Period. The individual pays on ALL income THEY obtain. Shareholders pay the amount that they are disbursed from the corporation.
 

Blues Man

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at a very reduced rate according to an accountant this morning
no the rate is the same as your personal rate there is no special tax rate for S corps.

I've had and S corp and a couple LLCs so I have experience with the taxes and how they are paid
 

Blues Man

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Not what I am hearing and reading when shareholders are involved
S corps have a limited number (100) of shareholders allowed. The stocks cannot be publicly traded.
 

Turtlesoup

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Not a Biden fan, but there is nothing illegal, immoral, or untoward about S Corporations. An S Corp isn't a loophole or dodge.
Actually there is ... S C O R P O R A T I ON..........not individual income producer like the rest of we Drones. Biden filing as an S corporation passed down his INCOME, losses, deductions, and credits through to WHAT SHAREHOLDERS for federal tax purpose? The S corporation is supposed to prevent double taxation in corporations/shareholders. The corporation (BIDEN) is passing his money to whom exactly? WHO are the BIDEN Shareholders? CHINA XI, GEORGE SOROS? Biden was not paying TAXES------lying about the money moving onto others or he what exactly? This is criminal TAX FRAUD.

S corporations are corporations that elect to pass corporate income, losses, deductions, and credits through to their shareholders for federal tax purposes
 
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Blues Man

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Actually there is ... S C O R P O R A T I ON..........not individual income producer like the rest of we Drones. Biden filing as an S corporation passed down his INCOME, losses, deductions, and credits through to WHAT SHAREHOLDERS for federal tax purpose?

S corporations are corporations that elect to pass corporate income, losses, deductions, and credits through to their shareholders for federal tax purposes
You got it not quite right.

A shareholder in and S corp pays all taxes on profits or writes of all losses on his personal tax form there is no passing it down to other people.

It's called a pass through because all profit and loss is reported on each shareholder's individual tax forms not a separate corporate tax return
 

Uncensored2008

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Actually there is ... S C O R P O R A T I ON..........not individual income producer like the rest of we Drones. Biden filing as an S corporation passed down his INCOME, losses, deductions, and credits through to WHAT SHAREHOLDERS for federal tax purpose? The S corporation is supposed to prevent double taxation in corporations/shareholders. The corporation (BIDEN) is passing his money to whom exactly? WHO are the BIDEN Shareholders? CHINA XI, GEORGE SOROS? Biden was not paying TAXES------lying about the money moving onto others or he what exactly?

S corporations are corporations that elect to pass corporate income, losses, deductions, and credits through to their shareholders for federal tax purposes

Uh, no.

 

Turtlesoup

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You got it not quite right.

A shareholder in and S corp pays all taxes on profits or writes of all losses on his personal tax form there is no passing it down to other people.

It's called a pass through because all profit and loss is reported on each shareholder's individual tax forms not a separate corporate tax return
It is known that BIDEN didn't pay taxes on this money.

He lied on his tax forms to shelter the money from being taxed....at all. DON't think anyone paid the taxes on this monen....
 

Blues Man

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It is known that BIDEN didn't pay taxes on this money.

He lied on his tax forms to shelter the money from being taxed....at all. DON't think anyone paid the taxes on this monen....

So what?

If the S corp ran at a loss there would be no profit to tax.

Do you have a link to his tax returs?
 
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Ordinary Guy

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S corps have a limited number (100) of shareholders allowed. The stocks cannot be publicly traded.
He still avoids paying SS and Medicare taxes which is about 800,000 dollars
 
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Ordinary Guy

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no the rate is the same as your personal rate there is no special tax rate for S corps.

I've had and S corp and a couple LLCs so I have experience with the taxes and how they are paid
he does not pay SS nor medicare taxes which is why he did this
 

Rambunctious

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The Biden's are long time tax cheats and tax avoiders...Just like the Pelosi's the Waters and the Feinsteins and many other democrat elected scum.....
 
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Ordinary Guy

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You are very confused.

S Corporations are pass-through taxation. Period. The individual pays on ALL income THEY obtain. Shareholders pay the amount that they are disbursed from the corporation.
they do not pay SS nor Medicare taxes, I think you are confused
 
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Ordinary Guy

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Nope, the same graduated rate anyone else pays.. And the opportunity for creative deductions was severely reduced by Trump's tax overhaul.
Nope, Biden did not pay SS nor Medicare taxes by doing this, that is 800,000 dollars, he is a fucking hypocrite
 
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Ordinary Guy

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It doesn't avoid taxes.

{A traditional C Corporation is treated as a separate legal entity by the U.S. Internal Revenue Services (IRS). The business is charged corporate income tax for profits earned. The shareholders are liable to pay personal income tax on income earned from the company, i.e. profits earned in the form of dividends. This practice is often termed as “double taxation.” Certain fringe benefits provided for employee welfare such as healthcare and life insurance are deductible from corporate profits, which helps reduce the corporation’s tax burden.}

Note that when the Fascists howl about "corporations as people" that it was THEY who created this (in 1860) in order to apply INCOME TAX to them as if they were a persorn.

{Conversely, an S corporation does not get charged at the corporate level. All gains accrued by the business are attributed to the owners, who are then charged personal income tax. It resembles the model of a sole proprietorship or a partnership. An S corporation is not permitted to deduct the cost of fringe benefits offered, which means that they add to the taxable income of all shareholders holding more than 2% of stock.}

Hence, an S corp in no way avoids taxation, and in fact often pays more if there are employee benefits, depreciable fixed assets and other corporate deductions which are not available to individuals in pass-through taxation.

it avoids SS and Medicare taxes, about $800,000 in this instance
 

Blues Man

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He still avoids paying SS and Medicare taxes which is about 800,000 dollars
So what?

There are incomes that are exempt from SS taxes.

Rental income for one. Capital gains income for another
 

AzogtheDefiler

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Don’t hate the player. Hate the game.
 

Blues Man

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they do not pay SS nor Medicare taxes, I think you are confused
See this is where you're wrong.

An S corp shareholder is expected to have a reasonable salary that is subject to FICA but that's it.

The profits over and above that are not liable for FICA taxes.

For example.

I had a S corp I paid myself a salary of 60K a year if I made 200K that year the 140K in profits would not be subject to FICA taxes because it is technically a dividend.
 
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Ordinary Guy

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See this is where you're wrong.

An S corp shareholder is expected to have a reasonable salary that is subject to FICA but that's it.

The profits over and above that are not liable for FICA taxes.

For example.

I had a S corp I paid myself a salary of 60K a year if I made 200K that year the 140K in profits would not be subject to FICA taxes because it is technically a dividend.
And Biden saved 800,000 on 13 million, fucking bullshit
 

Blues Man

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And Biden saved 800,000 on 13 million, fucking bullshit
An audit will reveal how much he owes.
And i don;t think Biden does his own taxes.

This really is nothing to get worked up over.

Over how many years was this money earned? What is considered a reasonable salary for the business and besides that only 143K a year is subject to FICA taxes

So the max anyone will pay in a single year in FICA taxes is 21450.
 
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Ordinary Guy

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An audit will reveal how much he owes.
And i don;t think Biden does his own taxes.

This really is nothing to get worked up over.

Over how many years was this money earned? What is considered a reasonable salary for the business and besides that only 143K a year is subject to FICA taxes

So the max anyone will pay in a single year in FICA taxes is 21450.
2017-18, do you never watch the news, it has been on for days, they did it to shield as much of that 13 million as possible
 

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