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If you’re working and no money is being withheld from the checks and wages you receive, then you’ll have to pay federal taxes, state taxes, social security and medicare, depending on the state you’re in.

When you are selfemployed, you’re viewed as an employee AND as the employer.
SCorp owners become W2 employees under their own business.

As a shareholder underneath your LLC or Sole Proprietorship, it is NOT considered payroll when you take money out of your account.

Remember, when you operate as an SCorp... At the end of the year, you’ll have to pay payroll taxes and take reasonable compensation.

If you have an SCorporation, you can become an employee and are therefore no longer viewed as just the shareholder.

This is how you can eliminate your SelfEmployment tax!


Taking the Next Step:

Book a Professional Tax Strategy Consultation: https://www.taxalchemy.com/consultati...

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Watch this FREE Webinar on How to Cut Your Tax Bill in Half as a Real Estate Investor ▶ https://join.taxalchemy.com/registrat...
Learn How to Grow Your OWN Rental Portfolio & Reduce Taxes Legally! https://www.taxalchemy.com/consultati...

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Check out these links Below!
Get Help Setting up Your LLC: https://betterlegal.com/?aff=07bef8e7
Learn How to Self Direct Your IRA or 401k: https://directedira.com/karltondennis/

*Disclaimer: I am not a financial advisor nor am I an attorney. This information is for entertainment purposes only. It is highly recommended that you speak with a tax professional or tax attorney before performing any of the strategies mentioned in this video. Thank you.

#taxes #taxfreeliving #taxexpert #taxreduction #llc

#taxes #taxfreeliving #taxexpert #taxreduction

If you have any questions on what is said in this video, or specific to your situation, send me a DM on social media @karltondennis.


*Disclaimer: I am not a financial advisor nor am I an attorney. This information is for entertainment purposes only. It is highly recommended that you speak with a tax professional or tax attorney before performing any of the strategies mentioned in this video. Thank you.