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re: Self employment tax, best structure to have in place to eliminate??
Posted on 1/21/17 at 11:03 am to tigerfoot
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!
1
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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