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Deductions & credits
@EXODUS wrote:......I should switch to an S Corp and pay my self a salary so I don’t pay self employment tax....
But you'll have to then pay FICA (see https://www.irs.gov/taxtopics/tc751) and also FUTA (see https://www.irs.gov/individuals/international-taxpayers/federal-unemployment-tax).
You'll also have federal and state compliance costs, such as filing annual reports (fees), quarterly withholding, federal and possibly state corporate income tax returns, et al.
June 12, 2025
1:02 PM