I can't believe it wasn't possible to do this all along!
I mean, what the hell.
Are you telling me that if I earn $50k at one job, but lose $25k with my LLC, the IRS wanted to tax me on the full $50k? Was, up until this ruling?
What the hell?
Generally speaking, the US is a good place for business. I know that. But I look at stuff like this, and then the self-employment tax on top of income tax, and I go: what?
Don't rules like that only punish good, honest people anyway?
I like how, at the end of the article, they mention that lots of people get out of the self-employment tax by showing their partner status in an LLC. WHAT? Is that legal? What does that even mean?!?
I mean, what the hell.
Are you telling me that if I earn $50k at one job, but lose $25k with my LLC, the IRS wanted to tax me on the full $50k? Was, up until this ruling?
What the hell?
Generally speaking, the US is a good place for business. I know that. But I look at stuff like this, and then the self-employment tax on top of income tax, and I go: what?
Don't rules like that only punish good, honest people anyway?
I like how, at the end of the article, they mention that lots of people get out of the self-employment tax by showing their partner status in an LLC. WHAT? Is that legal? What does that even mean?!?