It's not specific to Obama. But he has made villains out of business owners.
My example assumes you have filed an LLC... if you filed as a C-Corp, you are doubly screwed. Forget the 80K in my example. You can send that in as well.
The reality is that sometimes small business owners have to borrow money to pay the taxes even if they draw no money out. Look at the CNC machine above... that's "profit" per the IRS... not an expense.
I personally think there should be no corporate income tax up to a very big number (like over $10M in "profit"). A business owner that makes "$500K/year" may only be "taking home" $100K/year.
My example assumes you have filed an LLC... if you filed as a C-Corp, you are doubly screwed. Forget the 80K in my example. You can send that in as well.
The reality is that sometimes small business owners have to borrow money to pay the taxes even if they draw no money out. Look at the CNC machine above... that's "profit" per the IRS... not an expense.
I personally think there should be no corporate income tax up to a very big number (like over $10M in "profit"). A business owner that makes "$500K/year" may only be "taking home" $100K/year.