When setting up a business and deciding on entity type, most people are looking for 1) liability protection and 2) tax savings – specifically lowering self-employment tax liability. For small businesses, the two best options are the LLC or the S-Corporation, and many tax or legal professionals seem to advocate for one team or the [...]
Posts Tagged ‘self-employment tax’
LLC vs. S-Corporation, Round 1
Posted in Partnerships and LLCs, S-Corporations, Sole Proprietorships/SMLLCs, tagged entity selections, Limited Liability Company, LLC, Payroll Tax, real estate businesses, real estate rentals, S-Corporation, self-employment tax, Single-Member LLC, single-owner business, SMLLC, tax savings on May 1, 2009 | 4 Comments »
Taxation for Ministers – Part I
Posted in Individual Tax, tagged housing allowance, ministers, Publication 517, SE tax, self-employment tax, tax deductions for ministers, tax on minister income, tax-free income on January 19, 2009 | 3 Comments »
I have had a lot of experience over the years with local ministers from some of the largest churches down to new church “plants” and home churches. Taxation for ministers can become very complicated and costly errors can easily be made. It is very important you understand the rules – especially if you are minister [...]
PDXCPA Twitter Tax Updates
- Worker, Homeownership, and Business Assistance Act of 2009 - great CCH summary now available: http://bit.ly/3Sf5O3 1 week ago
- Great new tax question and answer site - http://www.taxqueries.com/ 1 month ago
- IRS faces challenge on sole-proprietor expense deductions http://sbne.ws/r/32Y7 1 month ago
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Recent Posts
- Worker, Homeownership, and Business Assistance Act of 2009
- New Tax Q&A Website – TaxQueries.com
- Update on S-Corporation Failure to File Penalty
- Office In Home and Mileage Deductions
- Travel Expenses and Business Planning Trips
- Oregon Income Tax Increases – Sales Tax in Disguise?
- Single Member LLC Owner Liable for Unpaid Employer Payroll Tax
- Oregon 2009 Individual Income Tax Increases
- Oregon Business Tax Increase Update
- Loans from S-Corporation Shareholders
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