Originally Posted by
d2bets
Illinois, but doesn't matter the state.
It's a slightly lower threshold than what I said. Up to $50,000 will be taxed at 21% instead of 15%. That's a tax hike of $3,000 on just $50k corp income. The breakeven point is around $90,000. At $75,000, it's a tax hike of $2,000. After paying wages and expenses, tons of small biz corps have net income under $90k. They will all have to reorganize as s-corps to avoid a tax hike. But that can have negative consequences to health coverage. Very bad policy, makes no sense. Glad I'm already an s-corp and set up well to take advantage. Many are not so fortunate.
This is a fact, by the way. Very easy to see.