How might Elaine minimize the tax implication of the C corporation status?

- Elaine is single and her sole source of income is from her business activities. - It is expected that her business meets the definition of a trade or business for Qualified Business Income deduction purposes. - Given her responsibilities, Elaine is assuming a reasonable compensation amount of $50,000. - As a C Corporation, the business will pay out all earnings after taxes are paid to Elaine. Elaine wants to minimize her overall tax burden while protecting her assets. Blue-Eyed Beauty Supply is in an industry enjoying a period of growth and investment, and Elaine wants to grow her business to take advantage of the expanding market. Using 2022 income tax rules, you have created the following Tableau visualization for the current tax year to help Elaine make a decision. Mouse over the graphs to reveal specific amounts for use in answering the following questions. Blue Eyed Beauty Supply - Elaine is single and her sole source of income is from her business activities. - It is expected that her business meets the definition of a trade or business for Qualified Business Income deduction purposes. - Given her responsibilities, Elaine is assuming a reasonable compensation amount of $50,000. - As a C Corporation, the business will pay out all earnings after taxes are paid to Elaine. Elaine wants to minimize her overall tax burden while protecting her assets. Blue-Eyed Beauty Supply is in an industry enjoying a period of growth and investment, and Elaine wants to grow her business to take advantage of the expanding market. Using 2022 income tax rules, you have created the following Tableau visualization for the current tax year to help Elaine make a decision. Mouse over the graphs to reveal specific amounts for use in answering the following questions. Blue Eyed Beauty Supply