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You do not enter the income you pay yourself on a Schedule C. The net profit from the self-employment is your income.
You do not enter the income you pay yourself on a Schedule C. The net profit from the self-employment is your income.
Thank you very much. So is there a way to pay some social security if you don't have a profit in a particular year as a sole proprietor LLC?
@zemamy wrote:
Thank you very much. So is there a way to pay some social security if you don't have a profit in a particular year as a sole proprietor LLC?
No, there is no way to pay Social Security taxes if you do not have a net profit from your business.
@zemamy wrote:Thank you very much. So is there a way to pay some social security if you don't have a profit in a particular year as a sole proprietor LLC?
Maybe, yes. There are various rules involved that could restrict you from using this method, but find the section that asks about the "optional" method of self employment tax.
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