question

Forum|Forum|5 months ago
January 28, 2026
1 reply
14 views

Is this a live video call or just an option to chat?

MetLife VIII

AmyC

Level 15

This is a written chat event. You can reply with any questions you have.

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rwhitfieldAuthor

Level 2

We have owed over $10,000 every year for the past 3 years. We both work, own our home, 2 kids and both have our deductions at 0. We are at a loss on how this keeps happening. We have used the IRS tax estimator yet still owe. What else can we do to ensure we don't owe? Is there a better way to estimate our tax burden?

RobertB4444

Level 15

My husband recently started working contract roles where he is paid through a 1099 (I don't know if I am stating that correctly but it's basically a job where he does work for a company as a contractor and is not technically employed by that company and they don't withhold taxes). We are withholding 30% of that income just to be on the safe side. It has been suggested by multiple people that we start either an LLC or S-Corp for those jobs instead of contracting the work through him directly. When it comes to taxes is there a benefit to opening an LLC vs S-Corp?

There is. Income from a partnership or an S-Corp can be passed through to your husband at a much lower tax rate than just entering the income onto your tax return. The S-Corp or partnership can also pay your husband a salary that is less than the total amount that is received on the 1099 and you can save some money on the self-employment taxes.

An LLC can be taxed as a partnership or an S-Corp.

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