Reducing a Business Owner Client's Exposure to Social Security and Self-Employment Taxes

Wednesday, Dec. 10
10:50am - 12:30pm

(Check-In 10:50am )

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2.00 Credits

Member Price $79.00

^{Price will increase by $10 after 12/3}

Non-Member Price $114.00

^{Price will increase by $10 after 12/3}

Overview

Many business owner clients wish to minimize their Social Security and self-employment tax liabilities. This course provides tax practitioners with the background to understand what kinds of income constitute self-employment income and earned income. It covers strategies that can be used to reduce clients’ exposure to the self-employment tax and Social Security tax.

Objectives

Determine when avoiding earned income/SE income works favorably for the client

Understand how hiring a spouse and/or child helps reduce self-employment tax

Differentiate between income treated as self- employment income and income that is not self-employment income

Highlights

Section 1402(a)(1) exclusions from the definition of self-employment income

Application of the SE tax to members of limited liability companies

Taking a self-employed owner's health insurance deductions against self-employment tax

How using the S corporation and the MMLLC treated as a partnership can help reduce an individual's exposure to self-employment tax

How hiring a spouse and/or child helps reduce self-employment tax

Differentiating between income treated as self- employment income and income that is not self-employment income

Designed For

Tax practitioners who advise clients with regard to their self-employment tax liability

Prerequisites

Basic knowledge of individual income tax

Preparation

None

Notice

By registering for this program and, accordingly, receiving the eMaterials, you’re acknowledging that you understand both the copyright restrictions on your eMaterials and the CTCPA cancellation policy.