Many small-business owners pay taxes on their business profits at personal tax rates, but some companies are considering restructuring as C-Corporations to avoid that. This year's top corporate tax rate is lower than the top personal rate, but there are still disadvantages to becoming a C-Corporation, according to tax lawyer Robert W. Wood. "There may be a slight short-term advantage in C-Corporations, but there are a number of negative long-term implications that would outweigh short-term benefit," he said.
Could restructuring help businesses lower their tax burdens?
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