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If you’re rich, this is good and noble accounting. If you’re poor, this is tax evasion.
48 points
You have to have enough income and deductible expenditures to where your itemized deductions would be greater than the standard deduction of $24K, which will not be the case for the overwhelming majority of people
16 points
4 points
Since the business finances are separate from the individuals/family they would have to pay the business with their personal funds, basically just paying taxes on all of their income twice.
1 point
