When handling individual tax issues, it’s important to remember that the IRS does not consider a business a taxable entity. Therefore, all business assets, income, and liabilities are considered to belong to the owner or sole proprietor. Our veteran tax attorneys work with you to ensure your business assets are protected.
There are several tax issues partners need to consider when filing tax returns. Because partners are considered to be self-employed, they need to complete self-employment taxes. Partnerships do not have corporate tax status. Therefore, the IRS taxes the profits that flow to individual partners as personal income. The complexities that arise from issues in reporting profits and losses from your partnership are vast. Partner with one of our leading tax attorneys to handle the necessary paperwork for your partnership.
The biggest difference between a partnership and corporation is that partners pay taxes on their individual tax returns, and corporations are taxed directly by the IRS. The corporate tax rate is 15% for income up to $50,000 and 25% between $50,000 and $75,000. Our tax attorneys work with you to determine your best option.