You'll need to sign in or create an account to connect with an expert.
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.
Still have questions?
Make a postAsk questions and learn more about your taxes and finances.
rumbleystoner420
New Member
fordescort12
Returning Member
adriano
Returning Member
tye4444
New Member
Sea3_G
New Member
Did the information on this page answer your question?
You have clicked a link to a site outside of the TurboTax Community. By clicking "Continue", you will leave the Community and be taken to that site instead.