self employment taxes

Using an S Corporation May Cut Your Tax Bill

Using an S Corporation May Cut Your Tax Bill

Do you conduct your business as a sole proprietorship or as a wholly owned limited liability company (LLC)? If so, you’re subject to both income tax and self-employment tax. There may be a way to cut your tax bill by using an S corporation. Self-employment tax basics The self-employment tax

Sonya Foster2021-04-12T14:54:16-06:00March 10th, 2020|

9 Tax Rules and Considerations When Starting Your Own Business

9 Tax Rules and Considerations When Starting Your Own Business

Many people who launch small businesses start out as sole proprietors. Here are nine tax rules and considerations involved in operating as that entity. 1. You may qualify for the pass-through deduction. To the extent your business generates qualified business income, you are eligible to claim the 20% pass-through deduction,

Sonya Foster2021-04-12T14:54:35-06:00February 19th, 2020|