Hey, it's Mark, the tax wit, here with your Tax Tip Tuesday for September 18th. So, you're an LLC? That sounds pretty cool. Limited Liability Corporation sounds fancy. So, you call the IRS and say, "Okay, so yeah, my LLC decided to blank, whatever they're gonna say. We don't care." The LLC is a disregarded entity. It doesn't mean anything to us. You're a sole proprietor. Sole proprietor means you're paying self-employment tax. Self-employment tax means you're paying all your Social Security, Medicare, and plus your regular income taxes all at the end of the year, which can end up being almost like 30% in some cases. So, it can be quite substantial. The only option you have if you don't want to be hit with those LLC self-employment taxes is going to be to have the IRS recognize you as an S corp. Then, you have to put yourself on payroll, yet to pay all these taxes throughout the year for part of your salary, and the other part is going to be a distribution, which with the new tcga, it actually is going to give you a discount on that income. So, if you want to talk to me about it, I'd love to hear some feedback, and we'll see if that could help you with your business. Anyway, this is your Tax Tip Tuesday. Thanks for checking in, and we'll see you next time.
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8858 turbotax Form: What You Should Know
IRS Form 8858 — Fidelity Investments Learn more about IRS Form 8858 for U.S. Persons with respect to foreign disregarded entities (FB's) and foreign branches (FB's) with The Tax Law Firm at Fidelity Investments. IRS Form 8858 — The Tax Law Firm Learn more about IRS Form 8858 for Foreign Disregarded Entities (FDES) with The Tax Law Firm at Fidelity Investments. Form 8858 for U.S. Persons with respect to foreign disregarded entities and foreign branches (FB's) — Office of Tax Counselor Learn more about IRS Form 8858 for U.S. Persons with respect to foreign disregarded entities (FB's) with the Tax Law Firm at OTC Wealth Management. Learn more about IRS Form 8858 for Foreign Disregarded Entities (FDES) and Foreign Branches (FB's) — IRS Learn more about IRS Form 8858 for Foreign Disregarded Entity (FDES) and Foreign Branches (FB's) — IRS Learn more about Tax Reform in 2021: An Overview IRS Form 8858 H&R Block OTC Wealth Management Websites — Forms of Tax Return For Individuals (Form 1040A) and For Corporations (Form 1120.) Individuals File Individual Income Tax Return For Individual Income Tax Returns If you have a personal income tax return, prepare your own return using Form 1040 (or Form 1040NR) or Form 1120(A). If you're not sure if you're allowed to prepare an Individual Income Tax Return, find out if you can use the IRS Form 1040A (or Form 1040NR) For corporations, look up Form 1120(A) or Form 1001 Use these online tools to help you prepare your Individual Income Tax Return Form 941, Alternative Minimum Tax Form 944, Employee Compensation Tax Information Disclosure Statement. Form 8862, Foreign Tax Credit Statement. Form 944X, U.S. Sales and Use Tax Return and Declaration Supplement. Form 939, Information Return for Taxable Persons. Form 941 for Individuals Form 1040EZ, Employer Portfolio Tax Return. Form 1040A, Return of the Gross Income of Certain U.S. Citizens or Resident Aliens Not Eligible for an Electronic Filing Additional Tax Return.
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