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Question - Lilly operates a housecleaning business as a sole proprietorship. She oversees a team of 10 cleaning personnel, markets the business, and provides supplies and equipment. The business has been generating net taxable profits of $50,000 per year, before considering the QBI deduction. As a sole proprietor, Lilly qualifies for the 20% deduction, reducing taxable income from the business to $40,000.
a. Assume that Lilly's marginal tax rate on ordinary income is 35% and that she has no pressing need for cash flow from this business. Should Lilly consider incorporating and operating the business thru a C corporation?
What is the Income-tax liability if operated as a C corporation?
What is the Income-tax savings?
b. How would your conclusion change if Lilly's marginal tax rate were only 28%?
Annual tax savings will increase/decrease to?
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