Up to 50k net income,after all deductions, LLC are better for californians due to state tax benefits. Above 50k income, S-Corp is better in California.
Potentially everyone earning above 125k in California pays additional taxes than paying less.
For sure , All tax filers, annual income 150k, whoever filing itemized in California are going to pay 5% tax increase by eliminating state income tax from deduction.
Detailed information was posted in yesterday mercury news which state (NJ, NY, CA…etc) filers will pay how much additional…