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Self employment tax, best structure to have in place to eliminate??
Posted on 1/20/17 at 9:44 am
Posted on 1/20/17 at 9:44 am
I have a vague plan, but want to try to see if there are any other actions I could take aside from the S corp option. That is all I have been advised of at this point, and before I started the process wanted to bounce it off the Money Talk gurus.
Posted on 1/20/17 at 10:20 am to tigerfoot
Interested as well. LLC w/ S Corp election is only method ive tossed around.
Posted on 1/20/17 at 3:12 pm to tigerfoot
I'm an LLC that is treated like an SCorp. Works great for me.
Posted on 1/20/17 at 4:17 pm to VABuckeye
quote:
I'm an LLC that is treated like an SCorp. Works great for me.
Same here
Posted on 1/20/17 at 4:38 pm to Sho Nuff
What percentage are y'all saving? Approx
Posted on 1/20/17 at 4:39 pm to Cdawg
quote:
LLC distribution
Fully subject to SE taxes, no different than sole proprietorship unless you elect S corporation taxation.
Posted on 1/20/17 at 4:51 pm to VABuckeye
quote:
I'm an LLC that is treated like an SCorp. Works great for me.
Ditto
Posted on 1/20/17 at 10:45 pm to tigerfoot
it's like 15.3 but you cant eliminate all of it since you have to pay yourself a salary. just wondering what the guys here were averaging
Posted on 1/21/17 at 2:56 am to VABuckeye
quote:
I'm an LLC that is treated like an SCorp. Works great for me.
Same. Keep your salary as low as you can, but be reasonable.
Posted on 1/21/17 at 9:43 am to VABuckeye
Same here. LLC taxed as s-corp. We've bumped salaries down to reasonable level and take distributions. Not sure your business, but the lowered payroll burden also saves us some money on G/L and WC insurance (construction biz). This wasn't something I considered when we first set everything up.
Posted on 1/21/17 at 11:03 am to tigerfoot
If you make no money, you pay no S/E tax =)
Do you have employees?
Be advised, both the IRS and the states are talking a long, hard look at S Corp shareholder-employees salaries and just how "reasonable" they are.
Remember the old saying, pigs get fat, hogs get slaughtered!
Do you have employees?
Be advised, both the IRS and the states are talking a long, hard look at S Corp shareholder-employees salaries and just how "reasonable" they are.
Remember the old saying, pigs get fat, hogs get slaughtered!
Posted on 1/21/17 at 12:21 pm to LSUFanHouston
Besides the IRS saying your low salary is unreasonable, the lower the salary, the less money you can put into retirement. If you have a one person business, you need to have $212,000 in wages to max out your SEP at $53,000. The SEP contribution tax savings more than offsets the SS and MC tax on the additinal wages.
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