Kiritsis & Associates
There are many myths about self-employment taxes. Below is a look at some of the tax realities.
1. More than half your payment does not go to pay for future retirement benefits. If you pay yourself as an employee for rendering services to your businesses, as an employee, it is likely you are not going to get any retirement benefits for the self-employment tax portion (although, your business can take a deduction, which could alleviate some of your overall tax burden). Also, a portion of your payroll tax may go to things, which can be traced to your federal income tax withholdings, or the preverbal Medicare taxes.
2. Complex issues regarding family operated businesses. If your family is employed by your small businesses, an intricate web of federal tax, state/local tax, as well as, labor laws, could impact whether your family can work for the business, how much they can work, how much they should get paid, how much they should be taxed, and how everything fits into the overall tax situation.
3. Many ways to help you avoid self-employment taxes. There are many ways to help minimize your self-employment taxes, such as side business contracts to reduce and/or shift your business' taxable income, and structuring your business so you receive capital type of income distribution (generally, resulting in significantly fewer taxes) through setting up an LLC, or even better, an S Corp.
Law Offices of Kiritsis & Associates
Phone # 212 922 0005
Manhattan Office (Main Office):
633 Third Avenue
New York, NY 10017
Brooklyn Office (By Appointment Only):
1023 74th Street
Brooklyn, NY 11228
New Jersey Office:
7309 Ventnor Avenue
Ventnor, NJ 08406
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We hope you would find this website useful with regards to finding potentially relevant information for your legal issue. The Law Offices of Kiritsis & Associates PLLC is a boutique law Firm Group headquartered in Midtown Manhattan, with offices in Manhattan, Brooklyn (NY) and New Jersey. We strive to provide professional legal services for individuals and various business entities. Our clientele ranges from including aspiring entrepreneurs, startups to established business organizations.
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