QUESTION

Hi im set to pay 20% of my net income for child support if i open a business will i have to pay 20% of whatever net it makes

Asked on Dec 26th, 2016 on Child Support - Texas
More details to this question:
If i open a business will i have to pay 20% of what my business nets even if its a high amount above of what my child needs for living expenses. I live in TX hope u all can help me out with a clear answer
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1 ANSWER

Immigration Law Attorney serving Arlington, TX
2 Awards
Your child support is based on your income. If you set up your business as an LLC or Corporation, the business will pay you a salary and that's what your child support would be based upon. However, if you set up the business as a D/B/A, you would basically pay child support based on the business income. (It's better to set up the business as its own entity, preferably an LLC taxed as an S-Corp, because you would save on taxes.)
Answered on Dec 26th, 2016 at 6:03 PM

--- The Overstreet Law Firm 2100 N. Main, Suite 228 Fort Worth, TX 76164 Phone: 817-810-9747 Email: rdolaw@gmail.com https://www.theoverstreetlawfirm.com/

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