Tag Archives: small business

As recent tax initiatives have been aimed at collecting more tax revenues from millionaires, you may ask, just who are these millionaire taxpayers? According to research by the Tax Foundation, a group that advocates for lowering taxes, many of these millionaire taxpayers are owners of small businesses. It is more likely for partnership and S corporation small business owners to be million taxpayers than sole proprietors.  Based on IRS data, the Tax Foundation calculated that 51% of partnerships and S corporations reported income of $1 million or more, as compared to 6% from sole proprietors. The study also found that … Click to Read More