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Reducing a Business Owner Client’s Exposure to Social Security and Self-Employment Taxes (REXE)

Monday, June 24, 2024
01:00 PM - 03:00 PM (Eastern)

Mike Tucker, Ph.D., LL.M., J.D., CPA

Bob Lickwar, CPA

  • Format Webinar
  • Credits 2.00
  • Level Intermediate
  • Field of Study Taxes (2)

$99.00


Overview

Many business owner clients wish to minimize their Social Security and self-employment tax liabilities. This course provides tax practitioners with the background to understand what kinds of income constitute self-employment income and earned income. It covers strategies that can be used to reduce clients' exposure to the self-employment tax and Social Security tax.

Major Topics:

  • Section 1402(a)(1) exclusions from the definition of self-employment income
  • Application of the SE tax to members of limited liability companies
  • Taking a self-employed owner's health insurance deductions against self-employment tax
  • How using the S corporation and the MMLLC treated as a partnership can help reduce an individual's exposure to self-employment tax
  • How hiring a spouse and/or child helps reduce self-employment tax
  • Differentiating between income treated as self- employment income and income that is not self-employment income

Learning Objectives

  • Determine when avoiding earned income/SE income works favorably for the client
  • Understand how hiring a spouse and/or child helps reduce self-employment tax
  • Differentiate between income treated as self- employment income and income that is not self-employment income

Who should take this course:

Tax practitioners who advise clients with regard to their self-employment tax liability

Basic knowledge of individual income tax

None

Yes

No

No

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