Saturday November 21, 2009

smSmallBiz.com - SmartMoney's Small Business Site

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Do You Owe the Dreaded Self-Employment Tax?
Perks are plenty, but being your own boss comes with a big tax bite.
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Russom Posted: 9:15 PM On September 27, 2009
Good evening guys! Thanks for the invitation so much. I will try to come back as soon as possible. ;).
I am from Slovakia and learning to speak English, give true I wrote the following sentence: 'The traders must leave only to recover point to signal analysis, or the south that futures may exclude on one harvest before both aspects are important.'

8) Thanks in advance. Russom.
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Michael T. Hanley, CPA Posted: 11:49 AM On July 6, 2009
Another great article by Bill Bischoff!

I think it is important to point out to anyone who is in the position where they are subject to Self-Employment Tax should be considering whether the S Corporation would be a better option going forward. The S Corporation allows the business owner to split their income between 'salary' and 'shareholder distributions,' as long as the salary portion is considered 'reasonable.'

This can provide tremendous tax savings for the small business owner. I usually recommend this situation for anyone making $5,000 or more per year in self-employment income.

Michael T. Hanley, CPA is the Managing Partner of the Smithtown, NY CPA Firm, Merl & Hanley, LLP and the author of Effective Tax Planning for the MicroBusiness (available at bookstores nationwide or online at www.30minutebooks.com).
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