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/