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Top 100 accounting firm HHM CPAs has expanded outside of Tennessee after merging in Pensacola, FL-based CPA firm Bizzell, Neff & Galloway on March 1. Founded in 1976 by Managing Partner Tom Bizzell, Bizzell, Neff & Galloway provides accounting, incometax, consulting, and financial services to individuals and business owners.
Hight earned his master’s and bachelor’s degrees from Tennessee Tech University and previously served on the university’s College of Business Advisory Board. Becca Martin specializes in partnership taxation and supports clients in tax planning, taxconsulting and tax return preparation.
The term refers to when the IRS taxes the same income twice—once at the corporation level and again on an individual shareholder’s personal incometax. The IRS taxes corporations as separate legal entities, which opens them up to double taxation. The IRS then taxes them at the corporate incometax rate.
Note, that’s $9,180 more income, even after you take out Federal and State incometaxes. In short, S-Corps can greatly reduce your self-employment tax obligation by only paying self-employment tax based on your salary and not on the total business income. Tax Benefits #2: Pass-through Taxation.
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