Income Tax

How business owners may be able to reduce tax by using an S corporation

Limited Liability Company, LLC, Medicare Taxes, S Corporation, Self Employment Tax, Small Business, Social Security / By Douglas Freeman

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 is imposed on 92.35% of self-employment …

How business owners may be able to reduce tax by using an S corporation Read More »

Factor in state and local taxes when deciding where to live in retirement

Retirement, Tax Cuts and Job Acts (TCJA), Tax Savings / By Douglas Freeman

Many Americans relocate to another state when they retire. If you’re thinking about such a move, state and local taxes should factor into your decision. Income, property and sales tax Choosing a state that has no personal income tax may appear to be the best option. But that might not be the case once you …

Factor in state and local taxes when deciding where to live in retirement Read More »