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Credits: 2

Qualifies For: IRS

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Guide to Reducing Your Business Owner Clients' Exposure to Social Security and Self-Employment Taxes (REXE)

  • Customer Rating
    Not Yet Rated
  • Field of Study
    Taxes
  • Level
    Intermediate
  • Credits
    2
  • Qualifies for

    IRS CPE

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 and strategies that can be used to reduce their clients' exposure to the Self-Employment 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 taken 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 children helps reduce self-employment tax
  •  Differentiating between income treated as self- employment income and income that is not self-employment income

Learning Objectives

  • Identify what kinds of income are and are not subject to Social Security and  self-employment tax
  • Understand how the  self-employment tax applies to  general partners, limited partners, and LLC members
  • Determine how using a pass-through entity can reduce or eliminate employment tax for the principals and family members
  •  Understand how the 0.9% tax and the 3.8% tax apply to self-employment income and earned income

Who should take this course:

Designed for:

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

Prerequisite:

Basic knowledge of individual income tax

Advanced Preparation:

None

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