With tax season in high gear, you might not have eyes towards 2023 taxes. But there's a key deadline for the self-employed or small business owners, which can ease next April's worries.
Employees that work in-house also pay this tax. But they have an employer that ponies up half of the 15.3% tax . Being self-employed, you’re both the employer and the employee, so the only person to pay half of the 15.3% tax is you. While you’re able to write-off half of the tax, it’s not the same as not paying it.
First, you can set a salary for yourself, based on the industry you work in. This salary is what you get for working for the S-Corp. Just like the LLC, all of these funds are taxed for Social Security and Medicare. This allows you to cut 15.3% of taxes on a portion of your yearly revenues that you have designated as dividend income from the business.for the S-Corp opt-in with the IRS. This has to be filed by March 15, in most cases.. First, you have to be a domestic company and can’t have more than 100 shareholders in the business. For most solo or small businesses in the US, this isn’t an issue.
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