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Politics : Politics for Pros- moderated
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To: Triffin who wrote (84453)11/6/2004 3:21:34 PM
From: Keith Feral  Read Replies (1) of 793914
 
I think individual deserve the same tax advantages as public companies which pay taxes on gross income as defined by total revenues less expenses. Trying to make a schedule C deduction on your personal tax return is pointless. AMT tax hikes keep lifting your effective tax rates as you begin deductions add up. Open your own business and things are much different. Did anyone hear Bush talking about the number of small businesses and subchapter S corp's during the debates. That piece gave me a big shit eating grin since Congress approved an increase in business deductions from $25,000 to $100,000 per year. Therein lies your $50,000 income exclusion. It's actually double that amount now. All you have to do is figure out how to incorporate your own interests.
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