As you may be aware, income that you generate conducting your business as a sole proprietorship (or through a wholly-owned limited liability company (LLC)) is subject to both income tax and self-employment tax. The self-employment tax is imposed on 92.35% of self-employment income at a 12.4% rate for social security up to the social [...]
Unfortunately, in addition to the difficult personal issues the process entails, several tax concerns need to be addressed to ensure that tax costs are kept to a minimum and that important tax-related decisions are properly made when facing a divorce or legal separation. Support provisions. Where one spouse is to be making support payments [...]
If you are thinking about setting up a retirement plan for yourself and your employees, but are concerned about the financial commitment and administrative burdens involved in providing a traditional pension or profit-sharing plan you may want to consider a “simplified employee pension,” or SEP. SEPs are intended as an alternative to “qualified” retirement [...]
Parent Buys House, Kid Pays The Mortgage. Who Gets the Interest Deduction? March 1, 2012 by WithumSmith Brown, CPAs As you’re likely aware, the lending market is not what it used to be. The resulting housing market crash forced lenders to tighten their purse strings, leaving many hopeful homebuyers unable to secure a mortgage. [...]