Tax Bill For Dummies
So I thought I would take up the challenge and see if I could explain the over thousand pages Joint Committee report in a way that would tell a regular person what they are interested in in a way that they can understand with reasonable accuracy.
How Much Owner Salary Should S Corp Pay To Maximize Qualified Income Deduction?
Take somebody who has about 70% of the math ability of an engineer or actuary, 80% of the verbal reading comprehension ability of a lawyer, 60% of the leadership ability of an Army officer and maybe 70% of the charisma of a top producing life insurance salesman and you have the makings of a pretty good CPA. An above-average share of humility is required, which is why some of those other professions might not do so well as CPAs.
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Over and over again courts have said that there is nothing sinister in so arranging one’s affairs as to keep taxes as low as possible. Everybody does so, rich or poor; and all do right, for nobody owes any public duty to pay more than the law demands: taxes are enforced exactions, not voluntary contributions. To demand more in the name of morals is mere cant.