Does it pay to be highly successful? From a personal and professional viewpoint, sure. You get satisfaction from helping your clients and customers and achieving milestones, as well as financial rewards. But from a tax viewpoint, success has its downside. Federal tax rules may penalize your efforts. Higher income tax rates aren’t the only things applied to owners who are very profitable. There are additional tax costs, all of which contribute to a significant tax bill. While taxes won’t dampen the drive for success, they do cut into what can be pocketed. Understand how these additional tax costs work. Added […]
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