I have a new, though not unpleasant problem. For 20 years I worked in Corporate America. Strictly Middle Class. Wife 2 Economy cars, 1 dog, 2 cats. In 2005 I got my neck broken in a car accident, (Kid on Drugs) was Paralyzed 4 months, in physical rehab 1 1/2 years.
Got bored, took myself off "Pemanant Disability" and my wife and I started a little company. We market products for disabled pets, and starting another to market battery powered fun transportation.
Long story short, by 2009 it looks like we will move to top tax bracket. So I figured I get all the breaks the "Rich" get that everyone talks about.
Bottom line is after 8 hours with my accountant, I find quite the opposit is true. As an S-Corp. I pay ALL my SS tax, 15%, I begin to lose my tax deductions, because I had some success, I pay my own Insurance, Retiement ect... My CPA tells me that there are no tax breaks for the "Rich", unless I spend money to deduct expense.
Yes, I voted for Bush. So where are his tax breaks?
2007-05-06
12:48:25
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14 answers
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asked by
Ken C
6