When forming a corporation or electing an LLC taxed as a corporation, a C corporation is subject to a 21% corporate tax rate on its profits. The corporation can pay employees and the salaries become taxable income for the employees. Retained earnings in the corporation can be invested after the 21% tax is paid. Some individuals opt to withdraw all profits from the corporation as salaries annually to avoid corporate taxes, which is not a significant tax-saving strategy.
Today on the podcast we are answering your questions covering an array of topics. We spend some time on where the best place to save your money is when you need to be able to access it sooner than later. We cover when it is appropriate to carry under insured motorist coverage, we break down the different kind of CDs out there and even discuss some changes made to Venmo and whether or not that might affect your taxes.
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The White Coat Investor has been helping doctors with their money since 2011. Our free financial planning resource covers a variety of topics from doctor mortgage loans and refinancing medical school loans to physician disability insurance and malpractice insurance. Learn about loan refinancing or consolidation, explore new investment strategies, and discover loan programs for specifically aimed at helping doctors. If you're a high-income professional and ready to get a "fair shake" on Wall Street, The White Coat Investor channel is for you!
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