Carpenter seeks tax savings
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Dear Tax Talk,
I am a self-employed carpenter. I currently operate as a
— Tom
Dear Tom,
Each type of entity has its advantages and disadvantages. Without looking at actual numbers, it is impossible to tell which entity will save you taxes. An advantage of a
Health insurance is usually deductible by an
Another advantage: A
A disadvantage of a
Another disadvantage is double taxation and lack of capital gains rates. A sale of appreciated property by a
In order to tell if the
To ensure compliance with requirements imposed by the IRS, we inform you that any U.S. federal tax advice contained in this communication (including any attachments) is not intended or written to be used, and cannot be used, for the purpose of (i) avoiding penalties under the Internal Revenue Code or (ii) promoting, marketing or recommending to another party any transaction or matter addressed herein. Taxpayers should seek professional advice based on their particular circumstances.
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