Having the ability to remove income from the 1040 and be taxed at the C Corp (1120) level and include fringe benefits like health insurance and medical reimbursement plan would be a great strategy to include in ITA. It would need to account for the tax at the 1120 level on the projected profit and include the wages as taxable on the 1040 - but this would allow other current strategies to be included, like hiring children, retirement plan contributions, etc.
@MattG Great idea! Thank you for providing this insight. I would recommend exploring the use of our custom strategy feature within Intuit Tax Advisor. In the interim, I'm updating your suggestion to the status of "open for voting".
@MattG Great idea! Thank you for providing this insight. I would recommend exploring the use of our custom strategy feature within Intuit Tax Advisor. In the interim, I'm updating your suggestion to the status of "open for voting".
@Intuit_David - I will use the custom strategy for sure, this specific strategy may require more than 1 strategy as there would be tax rate for C Corp needed in addition to the moving of the income from the 1040. So there is more intricacies that are involved with this particular strategy.
