Can anyone here pllease explain why the profits from my LLC are taxed at around 40%? My only source of income is the LLC and my net profits are only $70,000.

I don't have any write-offs as such, but my spouse has an income of around $50,000.

My CPA says that my net income from LLC is subject to 40% tax rate!!!!!!! Can you please confirm this is true, it sounds so unreal!!

This is really very frustrating!!!!

Thanks!