How to know if you should elect S-Corporation status as a freelancer to save money on taxes


How to know if you should elect S-Corporation status as a freelancer to save money on taxes

Recent highlights:

1. Normally, as a business owner, your entire income is subject to self-employment taxes, which is the equivalent of FICA taxes for employees, plus income taxes.

2. Riley Adams, a CPA and the founder of Young and the Invested, told Insider he recently incorporated his freelance writing business and elected S Corporation status.

3. So you might be saving money on self-employment taxes, but you might be paying more in income taxes, Derus said.

4. With an S Corporation, your entire income is still subject to income taxes

#biyro #onlineshopping #businessconsulting #passiveincome #blackbusinessowner

More: https://biyro.com/blog/freelance/how-to-know-if-you-should-elect-s-corporation-status-as-a-freelancer-to-save-money-on-taxes/

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