How to calculate self employment taxes
Self-employment taxes are the employment taxes for someone who is self-employed. They are separate from your state and federal taxes. If you want a quick answer, check line 12 on schedule SE. Continue reading if you want to understand how self-employment taxes work. Table of Contents Full Video Transcript: How to calculate self employment taxes…
What is reasonable compensation for s-corp owners?
What is reasonable compensation for s corp owners? Section 162 of the tax code states, “a reasonable allowance for salaries or other compensation for personal services actually rendered,” but what does this mean for your s-corp owner compensation? The term you will hear repeatedly when it comes to S-corp owners and compensation is, “reasonable.” The…
Should I own an S-Corp to save taxes?
How many S-Corps should you have? Is one enough? Multiple? Or should you skip the s-corp altogether? I will only focus on the taxes and retirement savings when it comes to the s-corp and not any legal or shareholder benefits. S-Corporations are great for small business taxes, but you need to know how those taxes…
How to file an annual report for an LLC or S-Corp in Florida
File Annual Report FULL TRANSCRIPT [Edited for readability] In this video. I’m going to show you how to update your annual report if you have an LLC or an S-Corp in the State of Florida. So the first thing we’re going to do is go to Google and type in Sunbiz renewal. We’re going to…
Can a 1099 independent contractor have a Solo 401(k)?
The short answer is yes and it depends. First, let’s clarify who we’re talking about here. If you are earning money as a side hustle, independent contractor, 1099, sole proprietor, or schedule C filers which are really all the same thing, you may be eligible based on these types of income to contribute to a…
Small Business Tax Extension IRS Form 7004
Track your USPS Certified Mail Receipt here https://tools.usps.com/
PPP 2nd Draw: 7 Mistakes to Avoid
The SBA document from the video is here. The PPP 2nd Draw Application from the video is here.
The American Rescue Plan Text
Here is the text for the American Rescue Plan. We will have a video up here shortly breaking it down. If you are a small business owner, self employed, independent contractor or on a marketplace plan you should take a closer look at the American Rescue Plan Act. The new act has a marketplace…
