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One of the reasons small businesses have been hit so hard with this is because for then (when incorporated as LLCs), their tax rate is 37% + state + local. I li
by rbultje 1y ago
One of the reasons small businesses have been hit so hard with this is because for then (when incorporated as LLCs), their tax rate is 37% + state + local. I live in NYC and my LLC has a combined tax rate of 50%.
- throwanem 1y agoYou live in the most expensive metro in the country, one of the most expensive in the world, and tax is where you think your money problems come from?
- dmoy 1y agoNote that LLC isn't a tax status An LLC can either file as a c corp and get corporate tax rates, or (sometimes) file as passthrough like as in a sole proprietorship. Or as a partnership. It gets complicated https://www.irs.gov/businesses/small-businesses-self-employed/llc-filing-as-a-corporation-or-partnership https://www.irs.gov/businesses/small-businesses-self-employe... Anyways, it's up to you, it's not necessarily due to it being an LLC.