3990 Minton Road Melbourne, Florida

Month: December 2019

Taxation & Business Specialist | Melbourne, Florida

Taking Draws in Addition to a Salary

Understanding Draws If you are a shareholder in an S Corporation, you may be familiar with the concept of taking draws. S Corporation shareholders are entitled to a portion of the profits that a company earns in any given time. Your piece of this profit is referred to as a draw, which is calculated based…
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What are Tax Brackets?

Calculate Your Tax Rate There are seven federal income tax brackets, each with different tax rate percentages. These range between 10% to 37% and are based on your income level for the previous year. As you bring in more money, it is taxed at a progressively higher rate. For instance, a single person who makes…
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