How would you like to reduce your federal income tax rate to 15%?
Many of us have heard the buzz surrounding the tax reform framework proposed by President Trump last week. If passed, the new tax laws will have an impact on every single American taxpayer – both businesses and individuals. Trump’s new proposed tax rates will benefit certain types of businesses dramatically by allowing them to pay a potential 15% rate vs. the much higher current corporate tax rate of 35%.
These “pass-through” companies are set up to prevent a business owner from being taxed twice: once for the income of a company they own and then again for their personal earnings from that company. While both “mom-and-pop” businesses and large Wall Street corporations can be ‘pass-through’ entities, they are most commonly businesses such as dental offices, real estate holding companies, or local family-owned groceries.
This is not a catch-all win for everyone, however, as we all know that the Federal Government won’t simply pretend that money isn’t there on a technicality.
The process to find out if you are able to take advantage of this designation, however, is an easy one. The Webb, Tanner & Powell team is ready to sit down with you and determine if there is a better way for you to structure your business to take advantage of the new low tax rates. With our unmatched quality and determined advocacy, we will consult with you on your corporate needs, as well as create, file, and register these types of ‘pass-through’ corporations for you at a low flat rate.
If you are interested in talking through the possibilities, feel free to call us today at 770-962-0100.