
I like Conagher. Filmed in southern Colorado, too.
http://en.wikipedia.org/wiki/Conagher
I hope you don't mind, but I'm going to start using that line.Weetabix wrote:I don't know much about him personally or his politics. Maybe that's why I like him. I've always thought movie stars should not be celebrities. They should be like racehorses - you bring them out to perform, then put them away and ignore them.
Aesop wrote:And he survived Gettysburg too.
Subchapter S.308Mike wrote:So, in regards to businesses, WHERE do you draw the line (what's taxable and what's not)????? Otherwise, businesses could be looking at part of their operations being taxed at WELL OVER 50%, and then some (not producing much revenue), not getting taxed at all. HOW do you divide up a company and it's operations for taxes - *IF* you want that company to stay afloat???
Actually, I was trying to see how you'd relate a business to a flat-tax plan, so everyone pays the same percentage of taxes (individuals AND businesses) so we can get rid of the IRS. But I appreciate the info anyway!PawPaw wrote::jacked:Subchapter S.308Mike wrote:So, in regards to businesses, WHERE do you draw the line (what's taxable and what's not)????? Otherwise, businesses could be looking at part of their operations being taxed at WELL OVER 50%, and then some (not producing much revenue), not getting taxed at all. HOW do you divide up a company and it's operations for taxes - *IF* you want that company to stay afloat???
My sisters and I recently formed an LLC with Subchapter S taxation. As I understand it, the business will pay no taxes, but all profits are taxable to the individual owners, whether or not the business actually declares a distribution of profits. Simple example, lets say that five investors throw in 1,000 each to start a business and after a year, that business has a profit of $1million. Each investor is on the hook for $200K in taxable income, but the business itself pays no taxes.
I'm sure that a tax professional can give you a better understanding.
I'd think it would be easier just to tax the people who make the money, i.e. owners. If you tax the business, they just pass it on to the customers, anyway, so it becomes more complicated. If you want simple, keep it simple.308Mike wrote:Actually, I was trying to see how you'd relate a business to a flat-tax plan, so everyone pays the same percentage of taxes (individuals AND businesses) so we can get rid of the IRS. But I appreciate the info anyway!PawPaw wrote::jacked:Subchapter S.308Mike wrote:So, in regards to businesses, WHERE do you draw the line (what's taxable and what's not)????? Otherwise, businesses could be looking at part of their operations being taxed at WELL OVER 50%, and then some (not producing much revenue), not getting taxed at all. HOW do you divide up a company and it's operations for taxes - *IF* you want that company to stay afloat???
My sisters and I recently formed an LLC with Subchapter S taxation. As I understand it, the business will pay no taxes, but all profits are taxable to the individual owners, whether or not the business actually declares a distribution of profits. Simple example, lets say that five investors throw in 1,000 each to start a business and after a year, that business has a profit of $1million. Each investor is on the hook for $200K in taxable income, but the business itself pays no taxes.
I'm sure that a tax professional can give you a better understanding.
True - which means the government will never go for it.Weetabix wrote:I'd think it would be easier just to tax the people who make the money, i.e. owners. If you tax the business, they just pass it on to the customers, anyway, so it becomes more complicated. If you want simple, keep it simple.308Mike wrote:Actually, I was trying to see how you'd relate a business to a flat-tax plan, so everyone pays the same percentage of taxes (individuals AND businesses) so we can get rid of the IRS. But I appreciate the info anyway!PawPaw wrote::jacked: Subchapter S.
My sisters and I recently formed an LLC with Subchapter S taxation. As I understand it, the business will pay no taxes, but all profits are taxable to the individual owners, whether or not the business actually declares a distribution of profits. Simple example, lets say that five investors throw in 1,000 each to start a business and after a year, that business has a profit of $1million. Each investor is on the hook for $200K in taxable income, but the business itself pays no taxes.
I'm sure that a tax professional can give you a better understanding.