Make 200K -- how much would I save on taxes if self-employed ?
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Poast new message in this thread
Date: January 23rd, 2018 9:54 AM Author: Massive lime party of the first part useless brakes
you'd pay more taxes
(http://www.autoadmit.com/thread.php?thread_id=3868229&forum_id=2#35216493)
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Date: January 23rd, 2018 9:57 AM Author: adventurous brunch
I believe this is how you'd benefit under the new tax overhaul:
1. Form S Corporation
2. Pay yourself a reasonable salary (let's call it $50,000, but this is not tax advice and that may be low) and pay normal employment withholding on it (fed tax, FICA).
3. Treat the other $150,000 as dividends. You pay fed tax but no FICA, so do the math. In addition, you now get a 20% below the line tax deduction on that $150,000, so a $30,000 writeoff.
(http://www.autoadmit.com/thread.php?thread_id=3868229&forum_id=2#35216516)
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