IRS Form 1099, 1099-NEC, and Form 1099-MISC: Advanced Issues and Updates

Self-Employment Tax Benefits and Deduction Strategies (OnDemand Webinar)

$199.00

SKU: 410363EAU

Description

Learn about proven strategies to reduce selfemployment taxes and comply with the strict guidelines of the IRS.Selfemployment is a tax that small business owners often do not consider in their tax planning and can significantly increase a tax bill beyond projections. Without planning, this additional tax can have a serious impact on the bottom line. This tax is also an area in which proper planning and business strategy can significantly reduce or even avoid the liability altogether. As the government seeks to increase its tax revenue, compliance in proper reporting of income to recognize selfemployment taxeligible income has become an area of target enforcement for the Internal Revenue Service. This presentation will highlight what the selfemployment tax is, how it differs from traditional Social Security and Medicare taxes (FICA) withheld from employees, and discuss strategies one can use to manage and minimize the selfemployment tax specifically. This presentation also examines proposed legislation and its impact on the recognition of this tax, as well as recent judicial decisions impacting the enforcement and application of the current rules.

Date: 2023-06-14 Start Time: End Time:

Learning Objectives

FICA Versus Self-Employment
• Who Pays Each Tax
• Income Subject to the Tax Types
• SECA Versus FICA

Enforcement Challenges
• Administration
• Reasonable Compensation
• Uncertainty With LLCs, S Corporations, NIIT

Build Back Better Act
• Impact If Enacted
• NIIT Impact
• Specific S Corporation Impact

Ways to Manage the SE Tax
• QCD
• QLAC
• ROTH IRA
• Health Insurance

SE and the S Corporation
• Reasonable Salary
• Audit Target
• Planning Points

Partnership Income Allocations
• Guaranteed Payments
• Share of Income
• Planning Points

AIPB ,Additional credit may be available upon request. Contact Lorman at 866-352-9540 for further information.

Mitchell Franklin, Ph.D., CPA-Le Moyne College

IRS Form 1099, 1099-NEC, and Form 1099-MISC: Advanced Issues and Updates

Self Employment Tax Benefits and Deduction Strategies (OnDemand Webinar)

$199.00

SKU: 405477EAU

Description

Learn about proven strategies to reduce selfemployment taxes and comply with the strict guidelines of the IRS.Many selfemployed individuals struggle with paying the selfemployment tax in addition to the income tax. They do not understand which items of their business income they must include in their selfemployment income and which items they may exclude from their selfemployment income. They are not aware of strategies they can implement to reduce their selfemployment tax. This topic will help selfemployed individuals and their tax advisors to understand who is subject to the selfemployment tax and how to calculate it. It will explain the items of income included in selfemployment income and the items of business income excluded from business income. Strategies for reducing the selfemployment tax will be explained in detail. The effect of depreciation and gain or loss on the sale of a depreciable asset on selfemployment will be explained in detail. While the Tax Cuts and Jobs Act repealed the deduction for tax preparation fees for many individuals, this content will explain how selfemployed individuals may still deduct much of their tax preparation fees to save income tax and selfemployment tax. This topic will also explain how tax preparers should allocate the tax preparation fees to various schedules on tax returns of selfemployed individuals.

Date: 2019-05-21 Start Time: End Time:

Learning Objectives

Self-Employment Income
• Self-Employed Business Owners, Independent Contractors, and Farmers
• Partners
• LLC Members
• Ministers
• Community Property Law

Inclusions in and Exclusions From Self-Employment Income
• Ceiling and Floor
• Gains and Losses on the Sale of Fixed Assets
• Occasional Income
• Rental Income
• Notaries Public

How to Calculate the Self-Employment Tax
• Unadjusted Net Earnings From Self-Employment
• Adjusted Net Earnings From Self-Employment
• Ceiling on Social Security Tax Part of Self-Employment Income
• Effect of Salary and Wages
• Floor on Self-Employment Income

How to Reduce the Self-Employment Tax
• Plan Around the Ceiling and Floor
• Maximize Depreciation and the Section 179 Deduction
• Deduct Tax Preparation Fees Related to the Business
• Hire Your Children
• Incorporate

Tim Greene-Orrick, Herrington & Sutcliffe, Christine Lam – Imperva, Inc., Marty Mellican – Flexera