“NFTs and Taxes: New Rules and WhatYou Need to Know Now” To get my complete, FREE articlewith all the details… In this issue of the Tax Reduction Letter, I’ll be talking about NFTs - “non-fungible-tokens.” So let’s start with a definition. What is an NFT? NFTs represent ownership of virtual or physical assets which can be bought or sold on online … [Read more...]
Self-employment Tax
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Tax-free Conversion of a Partnership into an S Corporation
“Tax-free Conversion of a Partnershipinto an S Corporation” To get my complete articlewith all the details... Do you run your business as a partnership or LLC? [In this issue, I’ll refer to both of these ways of doing business as partnerships, because the partnership federal income-tax rules apply to both.] Then you may be considering turning your business … [Read more...]
When Partners and LLC Members Don’t Pay Self-Employment Taxes
Is your business an LLC, a partnership, or a similar entity? If it is, you need to read my new article. Why? Because the information in it can potentially save you a lot of money. How? By answering this vitally important question... Do you and your co-ownershave to pay self-employment taxes? Because you’re dealing with the IRS, there’s no simple answer to this … [Read more...]
Self-Employment: A Quick Guide To Tax and Savings Issues
Thinking of becoming self-employed? Before you take the leap, read my new article. Waving goodbye to your boss and going into business for yourself sounds wonderful. And it can be. But before you make the big move, you should be aware of the consequences of your decision. And there are many consequences. The good, the bad, and the ugly. Here’s the story in … [Read more...]
When You’re Subject to Self-Employment Taxes
“When You’re Subjectto Self-Employment Taxes” To get my complete, new articlewith all the details... How much self-employment tax do you have to pay? It’s not always easy to figure out. That’s why you need to read my new article. Do you own your own business? Then you know that you have to pay self-employment taxes to fund your Social Security and Medicare … [Read more...]