Do you have a single?-member (single)-owner) LLC?
If you are the sole owner of the household, you could be paying too many taxes! Small businesses are the best!-People start businesses. LLC As “single-member”Either as the sole owner, or as husband and wife. They chose the default tax designation, which they called “disregarded”. This means that the LLC For federal income tax purposes, it is ignored. Members report their business activity to their PERSONAL taxes, form 1040. They do it because it’s easy to report or because they don’t know better.
So, what’s your problem?
LLC Conversion to S corp
The problem with reporting business activity on your personal tax is that you can’t do so if you are earning earned (aka: “ordinary” Or “active”) income, your profits are subject to Not only federal income taxes are important, but so is SELF.-EMPLOYMENT taxes (Social Security, Medicare, etc). This government is available to you if you are a citizen. “nanny” You pay into a government system “fund” You might get back someday in retirement. If so, then you should not read any further. But you can choose to do so if that is what you want. to You can save thousands of dollars each year by paying attention and PAY ATTENTION!
Small business owners who are smart often form an S Corporation for earning income activities This is because: to You can save a lot of your self-Employment tax An S A corporation is a “pass-through” entity, which means that there is no federal income taxes. The owners report the net income or loss on their personal tax. This type of income is NOT subject to tax. to Self-Employment tax! This is a huge tax savings if your business makes $50k or more. However, you can’t eliminate all of your expenses.-Employer tax liability; the IRS expects you to pay some “reasonable” Your salary S corp, which is subject to payroll taxes (similar to Self-Employment tax However, you don’t have to. to All of your profit should be taken as salary. Even if you only take HALF your profit as a salary and half as a payment from the, S corp allows you to reduce your taxes by THOUSANDS each year.
Course Requirement William Bronchick – LLC to S Corp Conversion Kit
Actual Value $ 97
One-Time price: USD 49
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