Being a Sole Proprietor As a sole proprietor, you must pay self-employment taxes on your net business earnings at a current rate of 15.3%: 12.4% is for social security and 2.9% for Medicare. In 2021 the first $142,800 of your earnings is subject to Social security taxation, and all your net earnings are subject to…
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This is the one period of the year that everyone does not looks forward to! Tax Season is the most bothersome inconvenience and never anyone’s favorite time of the year. This upcoming tax season is a bit more complex, with unique and special twists to the norms. A lot of care must be taken when…
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What SBA Loan Types are available, and what are the Tax Ramifications that go along with these loans? The U.S. government has launched many programs to support local businesses. To add some more clarity, we want to share information on the two SBA COVID-19 loan options. Here’s a chart that shows a comparison between the…
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Taking Ownership If you are a business owner, you wear many hats. After all the work you put in building your business, hiring employees, staying on top of inventory, and maintaining the books, it can often seem that you come last. However, making a living is critical to your health and financial security. The IRS…
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