How one can File Taxes as a Small Enterprise Proprietor: Varieties, Methods, and Key Variations for Sole Props, LLCs, and S-Corps
by Christopher Stroup, CFP®, MBA, EA, Silicon Seashore Monetary
As a small enterprise proprietor, you’re possible juggling advertising, operations, hiring, and sure, taxes. However come tax season, the distinction between flying blind and submitting confidently typically comes right down to understanding your small business construction and the tax benefits it affords. Let’s stroll by means of what it’s worthwhile to learn about submitting taxes based mostly on your small business kind and the best way to proactively handle your tax burden.
Do I Must File Taxes In a different way if I’m Self-Employed?
For those who’re self-employed, the brief reply is sure, your tax obligations differ considerably from these of conventional W-2 workers. You’re answerable for each the worker and employer portion of Social Safety and Medicare taxes, generally known as self-employment tax.
Right here’s what meaning for you:
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Self-Employment Tax Fee: 15.3% (12.4% Social Safety + 2.9% Medicare).
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When It is Due: Quarterly, by way of estimated funds (April 15, June 15, September 15, January 15).
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Tax Type You’ll Want:
Pocket‑Extra, Tax‑Much less: Quick Wins for Excessive‑Incomes Medical Professionals Beneath OBBBA
By Ivan Havrylyan, CFP®, Outdoors The Field Monetary Planning
You spent years in coaching, sacrificed weekends, holidays, and sleep to your profession. Now you’re incomes what you’ve labored so laborious for. However with rising taxes, scholar loans, and the stress to plan for retirement and your youngsters’ faculty on the identical time, it could actually really feel like your earnings is slipping by means of your fingers.
Trump’s One Large Stunning Invoice (OBBBA), signed on July 4th, 2025, simply gave medical professionals such as you a robust, limited-time alternative to legally pocket extra of your hard-earned cash. Many of those alternatives expire as quickly as 2029 – and even earlier.
Let’s unpack the sensible strikes high-earning nurse practitioners, dentists, and different medical professionals could make proper now to save lots of critical cash and benefit from OBBBA earlier than the window closes
How Do Reward Taxes Work?
by Michael Reynolds, CFP®, Elevation Monetary LLC
Reward taxes are one of the misunderstood areas of the U.S. tax code.
We hear every kind of questions on it, particularly when folks give or obtain bigger presents. A typical one goes one thing like this: “My mother gave me $5,000 for my birthday. Do I owe reward taxes?”
It’s a good query. And like many areas of private finance, the true reply requires a little bit unpacking. So let’s break it down and make clear how reward taxes really work, after they apply, and the way you should use gifting as a wise technique to optimize your property.
What Is a Taxable Reward?
Generally, the IRS considers most transfers of cash or property to be presents. Nonetheless, a number of exceptions apply.
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