N
neilwilson
Guest
we are in nj.
we are Green card holders except 1, is a citizen( sibling)..
we want the monies to be transfred from the parent name to three siblings- all adults. divivded equally.there are no family feuds...
we want to minimize taxes, at this point with all the dividens money is paying 30% tax bracket.
we want monies not to in any account such as a trust because this will force us to withdraw income from the trust and add to our income and pay higher taxes..
we have been looking for advice
and we got advice : open a C corp
1. will divide the monies iinto 3 equall parts so it drops the tax rate froom 30% to 15%- for first 50K income per C Corp instantly, one does not have to add this income to the personal income tax since we all are workiing have 30% + tax bracket,
corp pays its own taxes, money can be invested safetly into cd to other corp's or other business. it is open as can be ... and still safe. this money can be used to give fringe benifit for managing money, bonus to the managers, owners, at the end of the year to minimize taxes to the corp and individual.
2. we were also told that we could use this moneyto invest in cds or to buy stock of such companies as intel and IBM. or other tangible assest. is this true?
further, if corp sold the stck and would profit $10000, Corp would pay only taxes on 30% of profit. forexample, say $10,000 gain will only be taxed at 15%, as long as under 50K total earnings, on $3000.
$10,000-------------------------------------------->profit to C corp
$7,000---------------------------------------------->tax free to C orp
$3,000---------------------------------------------->15% tax= $450
it sounds too tooo good to be true?
Any account's opinion we also be helpful!!!
we are Green card holders except 1, is a citizen( sibling)..
we want the monies to be transfred from the parent name to three siblings- all adults. divivded equally.there are no family feuds...
we want to minimize taxes, at this point with all the dividens money is paying 30% tax bracket.
we want monies not to in any account such as a trust because this will force us to withdraw income from the trust and add to our income and pay higher taxes..
we have been looking for advice
and we got advice : open a C corp
1. will divide the monies iinto 3 equall parts so it drops the tax rate froom 30% to 15%- for first 50K income per C Corp instantly, one does not have to add this income to the personal income tax since we all are workiing have 30% + tax bracket,
corp pays its own taxes, money can be invested safetly into cd to other corp's or other business. it is open as can be ... and still safe. this money can be used to give fringe benifit for managing money, bonus to the managers, owners, at the end of the year to minimize taxes to the corp and individual.
2. we were also told that we could use this moneyto invest in cds or to buy stock of such companies as intel and IBM. or other tangible assest. is this true?
further, if corp sold the stck and would profit $10000, Corp would pay only taxes on 30% of profit. forexample, say $10,000 gain will only be taxed at 15%, as long as under 50K total earnings, on $3000.
$10,000-------------------------------------------->profit to C corp
$7,000---------------------------------------------->tax free to C orp
$3,000---------------------------------------------->15% tax= $450
it sounds too tooo good to be true?
Any account's opinion we also be helpful!!!