The Randy Arozarena Show Tampa Bay Rays Shirt
This isn't necessarily true. It all depends on how the business's taxes are setup. I have a LLC that is taxed as an S corp. For an s corp the business doesn't pay taxes on profits at all. The business only pays ss, medicare and unemployment taxes based on wages paid to employees. At the end of the year, profits are calculated and the profits or loss are then passed on to the owner/owners via a K-1 that they have to report and pay income taxes on their 1040(personal return). The owners can keep that money in their business, but it is technically their money that they can take out of the business at anytime as a distribution without paying any additional taxes on it since it's already been accounted for.
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