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I have a question about setting up my company to benefit from the new tax law. Can u help>

Accountant's Assistant: What state are you in? It matters because laws vary by location.

New york

Accountant's Assistant: Has anything been filed or reported?

No

Submitted: 2 months ago.Category: Tax
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Answered in 6 minutes by:
12/20/2017
Tax Professional: Robin D., Senior Tax Advisor 4 replied 2 months ago
Robin D.
Robin D., Senior Tax Advisor 4
Category: Tax
Satisfied Customers: 16,681
Experience: 15years with H & R Block. Divisional leader, Instructor
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Hello, I'm Robin. Welcome to JustAnswer. I'm reviewing your question now and typing up my reply. I'll post that in just a few moments.

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Tax Professional: Robin D., Senior Tax Advisor 4 replied 2 months ago

Pass-through entities are businesses that don't pay the corporate income tax or any entity-level tax. But, rather, the profits are passed through to the owners of the business. And then the owners report that income on their individual tax returns and pay tax on it, along with the rest of their normal income.

You would want to be a pass through and not a C corp.

Please let me know if you need more information.
If not then please scroll up to see the STARS to rate so I am credited.

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Robin D.
Robin D.
Robin D., Senior Tax Advisor 4
Category: Tax
Satisfied Customers: 16,681
16,681 Satisfied Customers
Experience: 15years with H & R Block. Divisional leader, Instructor

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