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re: How can I reduce my taxable income?
Posted on 4/18/12 at 10:47 pm to ColdDuck
Posted on 4/18/12 at 10:47 pm to ColdDuck
Why are you paying yourself a draw without taxes taken out?
Get on payroll, take taxes out appropriately and you won't have to pay the stupid estimated tax payments.
Better yet. Speak with an accountant and set things up properly.
Get on payroll, take taxes out appropriately and you won't have to pay the stupid estimated tax payments.
Better yet. Speak with an accountant and set things up properly.
This post was edited on 4/18/12 at 10:48 pm
2
Posted on 4/18/12 at 11:03 pm to VABuckeye
I have an accountant but never inquired about my wife. My business is an LLC and income is on my personal return with pass through taxation. So I just have to pay the quarterly estimated taxes. No big deal.
She does help me out with the business and I like the idea of her payment basically going into a simple Ira plus 3% match. I could pay her 15k, she can defer 11500 and I can match 3%. That would be a good chunk that would be a business expense and less on my taxable income. Of source I would have to pay ss and FICA.
She does help me out with the business and I like the idea of her payment basically going into a simple Ira plus 3% match. I could pay her 15k, she can defer 11500 and I can match 3%. That would be a good chunk that would be a business expense and less on my taxable income. Of source I would have to pay ss and FICA.
This post was edited on 4/18/12 at 11:04 pm
Posted on 4/18/12 at 11:12 pm to VABuckeye
quote:
Get on payroll, take taxes out appropriately and you won't have to pay the stupid estimated tax payments.
I think you cant do this anyway. single member LLCs can not have the owner on payroll according to a bunch of Google searches?
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