More. Corp rate went from 15 to 21.

But I’m winning !

"More. Corp rate went from 15 to 21."

Huh?

Don’t you read the news ? 

Old lowest rate went from 15 % to a flat 21%.

Thanks Republicans. Small businesses are winning !

Did you read what you wrote?   You said the corporate tax rate went from 15 to 21%.   It actually went from 35 to 21%.

You may be referring to some changes regarding capital gains, but that gets into short vs long term.

Are you confused about the difference between corporate taxes and capital gains?  Do you know what you are talking about?

Once again you are showing your inability to read past what RT News feeds you.

The lowest Corp tax rate prior to the new tax law was 15 %.

I’m disappointed. And I don’t know what I’m talking about ?

Jebus. Some people’s kids.

“Are you confused about the difference between corporate taxes and capital gains?  Do you know what you are talking about”

I will accept your apology now.

The max tax went from 35 to 21.  You are referring to 2016.

At some point you just have to admit you are wrong. As in, yep, I didn’t know that.

The new republican tax bill replaced the old one didn’t it ?

I last filed taxes in October of 2018, first time time I used the new tax bill, correct ?

I’m losing respect.

I see you edited your  reply, good thinking.

“It is common to say that the U.S. corporate tax rate through 2017 was 35%, but the rate varied from 15% to 35%, depending on the amount of corporate income subject to tax for the year.Dec 11, 2018”

I'll have to apologize again.   I was dividing my attention between some beers, Star Trek on Netflix and this conversation....

That being said..  I haven't filed as a small business/corporation since about 2006.  Back then,  my corp was structured as sub s and every dime of income was expensed.  As w2 to me, 1099 to consultants, as computer hardware/software,  etc. etc.  Bottom line,  the corporation showed little to no income ever.  That's how I did it.  And as far as I know, everyone I worked with/for/around did it the same way.   Those who ran sub c, for whatever accounting reason they had, showed extremely small taxable corporate income, paying the vast majority of their taxes under personal w2.

As far as I know, the corporate rates have changed some but the rules have not changed much at all.  How have you managed, as a small business, to show enough corporate profit that you actually ended up paying more in taxes this year than last with your corporate and personal income?  We're talking federal taxes here.

so your taxes went up? As farmers we have all sorts of advantages over ordinary w-2 filers to reduce our tax bills. Seems like you either take that opportunity the tax laws provide to reduce your tax bill or you can complain Trump did nothing for you. Its your choice. 

“so your taxes went up?”

That’s what happens if your rate goes from 15% to 21%.

Try to keep up. 

And we take full advantage of all tax rules, always have. That’s why they went up !

Doesn’t take a genius. 

“I'll have to apologize again.   I was dividing my attention between some beers, Star Trek on Netflix and this conversation....”

Apology accepted. I understand. 

“I'll have to apologize again.   I was dividing my attention between some beers, Star Trek on Netflix and this conversation....”

Apology accepted. I understand. "

Did you read the rest of my post?  How did you manage to pay corporate taxes? What is it you do with corporate profits?

“Did you read the rest of my post?  How did you manage to pay corporate taxes? What is it you do with corporate profits?”

No.

I’m not running for president, I have no obligation to release my tax returns.

But, to close this.

“How did you manage to pay corporate taxes?” I have a corporation.

“What is it you do with corporate profits?” I pay taxes on them.

The end , I’ll let everyone else contribute, this thread has been derailed long enough.

NOTE TO MIKE your new policy has had a beneficial effect. Tim thought enough to edit at least one of his replies after his initial posting would most likely have violated them.

I could guess how far into the box of Naty Lite he was, but it would just be a guess.

And, I didn’t tell richard to get back on the porch. So that’s good.

My favorite Startrek series is “Enterprise”.

Lots of hotness there.

Speaking of Corporations, I was the CEO (and sole stockholder) of two Corporations, incorporated in Delaware. 

I'd be glad to show my filings … but unfortunately, I never had to pay taxes.                                             

Look dude. You are the one who brought up your taxes and had to add the snarky remarks {several} with the exclamation points. I simply ask a question and reported any farm return can take advantage especially in years with a tax increase. Are you really telling us that some simple  planning like buying seed, fert, or chemicals {which naturally you would have to buy anyway} to mitagate your taxes was not tried? Depreciation if you have a tax bill? Many other small adjustments are available but you tried them all then decided to pay more taxes than usual?

“You are the one who brought up your taxes”

Ah, what’s the thread about again ?

As to the rest, you had the last word, I can’t even start.

"Many other small adjustments are available but you tried them all then decided to pay more taxes than usual?"

No, mcfarm, he didn't decide to pay more taxes. If you had read the thread, you would know that his tax rate went from 15% to 21%.

number 1 carl, neither one of us ask you. Number 2 I could care less what his rate is, he could adjust his income and his taxes if he had chosen.

“number 1 carl, neither one of us ask you. Number 2 I could care less what his rate is, he could adjust his income and his taxes if he had chosen.”

Friend, I gotta tell ya that at some point you just need to gather your self respect and quit digging. We’ve all been there.

Not that you’re worried but I can assure you I hire a very fine accounting firm to watch out for things. One thing we are looking into is dropping the C corp, not that many advantages anymore. But, it’s a difficult path from what I’ve been told.

Oh, and I think you meant to say you “couldn’t” care less. Sorry, don’t mean to be pedantic but once a teacher always a teacher. LOL

And also, you don’t get to choose who replies. No one has to be asked. Not the way things work. I think Carl was just being helpful.

Cheers.

Back to the thread,

Who is getting a break on taxes ?

On the subject of Sub C vs Sub S,  I always ran sub S as did most of my collegues. Simpler and better tax wise in computer consulting. Not familiar enough with farming to understand why an argument could be made for C.

"number 1 carl, neither one of us ask you?"

Forgive me, mc. I had no idea that permission was required to join a thread.

By the way, mc,  who gave you the invitation?

Number 2 I could care less what his rate is, he could adjust his income and his taxes if he had chosen.

Mcfarmer has been contributing to the Forum for many years and is not a novice who need advice from someone with a reading comprehension problem.