Joe Biden Exploited S-Corporation Loophole to Avoid Payroll Tax

Oh boy looks like Joe and Jill have somehow outdone Trump !!

Joe and Jill have used an IRS "loophole" to dodge millions in taxes !!

No !! How can this be ?

Yup they used some kind of "S-Corp" tax dodge !!

He must answer now for his own hypocrisy LOL !!

Irony = it's payroll taxes on top of everything else LOL

The establishment media is all aflutter Monday after a New York Times story over the weekend about incumbent GOP President Donald Trump’s tax records, but it turns out Democrat candidate former Vice President Joe Biden used a series of tax code loopholes to avoid paying hundreds of thousands of dollars in taxes over the years.

Back in August, the Wall Street Journal’s Chris Jacobs exposed how the Biden family structured what is called an “S-Corp” to avoid paying hundreds of thousands of dollars in taxes.

“How the Bidens Dodged the Payroll Tax,” was Jacobs’ headline on Aug. 10.

In it, the Journal details how the Bidens set up an S-Corporation to avoid paying more than half a million dollars in taxes they would have otherwise owed.


Joe Biden Exploited S-Corporation Loophole to Avoid Payroll Tax

Loopholes are legal though! Except when it's the office of presidency. Look at Pelosi, Schumer, Nadler and probably AOC and hell, Ruth, how are they making money? Why aren't they donating their salaries?

Hell, if I could increase my net worth by a million, I'd take pictures in front of the fences of empty car lots too.

I have an s Corp. how exactly did he do this legally?

originally posted by: iwanttobelieve70
I have an s Corp. how exactly did he do this legally?

I think the story explains 😈

a reply to: xuenchen
And don't forget how little Joe and Jill donated to charity. Just $369, according to the IRS.

abcnews.go.com...

Most of that probably went to the Clinton Foundation.

Anyone who has a corporation can take these loopholes to get breaks on taxes, I can't condemn Biden for that. The loopholes are for all business owners that apply. I was a S corporation for a few years, then went back to single proprietor because I didn't benefit enough from the corporation to justify the extra book keeping and I didn't feel right using some of the deductions that corporations use, my accountant even was against taking them, he said that there is more auditing done if you take some of the tax breaks. I figured it was more pain than gain, so I went back to just my regular Single proprietor instead, I did all my tax stuff and I made more by working more instead of trying to save paying taxes. I never got rich, but I have no regrets.

If you are honest and treat people fair, your chance of getting sued personally is not that high.

a reply to: xuenchen

Oh boy looks like Joe and Jill have somehow outdone Trump

Woudln't that make them better than Trump by your very own measures then? Since you celebrate Trump on his tax avoidance?

originally posted by: Southern Guardian
a reply to: xuenchen

Oh boy looks like Joe and Jill have somehow outdone Trump

Woudln't that make them better than Trump by your very own measures then? Since you celebrate Trump on his tax avoidance?

Sorry won't answer questions that you think might be legitimate 😃

a reply to: xuenchen

Sorry won't answer questions that you think might be legitimate

That quesion really didn't need your answering Xue. You've been bragging and excusing the president's avoidance of tax obligations as a sign of him being a smart businessman and person. By default, that applies one in the same to the Bidens as well (in fact more so, given you've reported they'd outdone Trump).

Carry on, it's all fine as we're covered off here.

a reply to: iwanttobelieve70

I have an s Corp. how exactly did he do this legally?

An S-corp can elect to reimburse officers of the corporation using "Officer Compensation" instead of a salary. That does not relieve the officers from their tax obligations on the money, but it does shortcut the typical payroll taxes. This is meant to reward investors without them incurring inappropriate payroll taxes, but it is written so broadly it can be used for anyone who is an officer of the S-corp.

I have used this loophole to get a business off the ground and into the black, but I advise extreme caution when doing it. First, you and your S-corp will have a greater chance of being audited. Second, you will lose out on benefits should you need them; Social Security will consider that period of time as ineligible to count toward benefits. Finally, there is a pretty substantial risk of piercing the corporate veil if the numbers do not add up perfectly, and that will land you in serious hot water with the IRS should that happen.

With those cautions stated, yes, it is legal. The only problem I have with Biden doing it is that he turned right around and attacked Trump for doing much less to hurt the SS trust fund. Not to mention, Trump did not profit personally from his actions; Biden certainly did.

TheRedneck

originally posted by: xuenchen
Oh boy looks like Joe and Jill have somehow outdone Trump !!

Joe and Jill have used an IRS "loophole" to dodge millions in taxes !!

No !! How can this be ?

Yup they used some kind of "S-Corp" tax dodge !!

He must answer now for his own hypocrisy LOL !!

Irony = it's payroll taxes on top of everything else LOL

The establishment media is all aflutter Monday after a New York Times story over the weekend about incumbent GOP President Donald Trump’s tax records, but it turns out Democrat candidate former Vice President Joe Biden used a series of tax code loopholes to avoid paying hundreds of thousands of dollars in taxes over the years.

Back in August, the Wall Street Journal’s Chris Jacobs exposed how the Biden family structured what is called an “S-Corp” to avoid paying hundreds of thousands of dollars in taxes.

“How the Bidens Dodged the Payroll Tax,” was Jacobs’ headline on Aug. 10.

In it, the Journal details how the Bidens set up an S-Corporation to avoid paying more than half a million dollars in taxes they would have otherwise owed.


Joe Biden Exploited S-Corporation Loophole to Avoid Payroll Tax

Joe Biden wants to "tax the rich" without closing the legal loopholes that enable tax avoidance.

FYI: Joe Biden graduated in the BOTTOM 10% of his college class.

Duh.....