Medicare Tax

An S corporation could cut your self-employment tax

C Corporations, Corporations, Employment Tax, Federal Income Tax, Income Tax, Internal Revenue Service (IRS), S Corporation, Self Employment Tax / Douglas Freeman

If your business is organized as a sole proprietorship or as a wholly-owned limited liability company (LLC), you’re subject to both income tax and self-employment tax. There may be a way to cut your tax bill by conducting business as an S corporation. Fundamentals of self-employment tax. The self-employment tax is imposed on 92.35% of […]

An S corporation could cut your self-employment tax Read More »

Answers to your questions about 2020 individual tax limits

2019 Tax Return, FICA, Income Tax, Individual Income Tax, IRA, Social Security, Tax Savings / Douglas Freeman

Right now, you may be more concerned about your 2019 tax bill than you are about your 2020 tax situation. That’s understandable because your 2019 individual tax return is due to be filed in less than three months. However, it’s a good idea to familiarize yourself with tax-related amounts that may have changed for 2020.

Answers to your questions about 2020 individual tax limits Read More »