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CPA or Tax Guru Question

Discussion in 'Business & Tax Advice' started by Sanasante, Jun 24, 2013.

  1. Sanasante

    Sanasante Newbie

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    I have a partnership LLC in the state of Florida. We operate a photography company that works as a vendor out of hotel resorts.

    It is my understanding that there is no way that the "partners of the company" are allowed to pay themselves in any manner that is tax deductible from the business stand point. Is there any loop holes in the current tax code that would allow us to benefit in any way that is still tax deductible?
     
  2. Moosey

    Moosey Senior Member

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    I'm not sure about the laws in your locality, but here in Ontario, we can pay ourselves bonuses up to a certain amount once a year completely tax free.
     
  3. cooljazz

    cooljazz Newbie

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    Tax law varies from state to state. it better for you to speak to your accountant before making any decision
     
  4. tomapleaf

    tomapleaf Newbie

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    I would definately speak with an accountant about that. Like cooljazz said, tax law varies state to state - you dont want to mess around with this stuff.