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OnDemand Course

Self-Employment Tax Benefits and Deduction Strategies

Learn about proven strategies to reduce self-employment taxes and comply with the strict guidelines of the IRS.

Self-employment is a tax that small business owners often do not consider in their tax planning and can significantly increase a tax bill beyond projections. Without planning, this additional tax can have a serious impact on the bottom line. This tax is also an area in which proper planning and business strategy can significantly reduce or even avoid the liability altogether. As the government seeks to increase its tax revenue, compliance in proper reporting of income to recognize self-employment tax-eligible income has become an area of target enforcement for the Internal Revenue Service. This presentation will highlight what the self-employment tax is, how it differs from traditional Social Security and Medicare taxes (FICA) withheld from employees, and discuss strategies one can use to manage and minimize the self-employment tax specifically. This presentation also examines proposed legislation and its impact on the recognition of this tax, as well as recent judicial decisions impacting the enforcement and application of the current rules.

Learning Objectives

  • You will be able to identify self employment tax fundamentals
  • You will be able to identify Build Back Better Act
  • You will be able to recognize the relationship between S corps and self employment taxes
  • You will be able to identify enforcement challenges

99 minutes
Course Exam
Certificate of Completion
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Why Lorman?

Over 37 years and 1.4 million customers worth of experience providing continuing education. Our passion is providing you world-class training to help you succeed in business and as a professional.

Agenda

FICA Versus Self-Employment

  • Who Pays Each Tax
  • Income Subject to the Tax Types
  • SECA Versus FICA

Enforcement Challenges

  • Administration
  • Reasonable Compensation
  • Uncertainty With LLCs, S Corporations, NIIT

Build Back Better Act

  • Impact If Enacted
  • NIIT Impact
  • Specific S Corporation Impact

Ways to Manage the SE Tax

  • QCD
  • QLAC
  • ROTH IRA
  • Health Insurance

SE and the S Corporation

  • Reasonable Salary
  • Audit Target
  • Planning Points

Partnership Income Allocations

  • Guaranteed Payments
  • Share of Income
  • Planning Points
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Why Lorman?

Over 37 years and 1.4 million customers worth of experience providing continuing education. Our passion is providing you world-class training to help you succeed in business and as a professional.

Credits

OnDemand Course

This course was last revised on June 14, 2023.

Call 1-866-352-9540 for further credit information.

  • AIPB 2.0
     
  • This program is acceptable for 2.0 CPEC(s) towards the CB designation through the American Institute of Professional Bookkeepers (AIPB).
     
  • CPE/NASBA - QAS Self Study 2.8 including Taxes 2.8
     
  • Lorman Education Services is registered with the National Association of State Boards of Accountancy (NASBA) as a QAS Self Study sponsor of continuing professional education on the National Registry of CPE Sponsors. State boards of accountancy have final authority on the acceptance of individual courses for CPE credit. Complaints regarding registered sponsors may be submitted to the National Registry of CPE Sponsors through its web site: www.nasbaregistry.org. For more information regarding administrative policies such as complaint and refund, please contact our offices at 866-352-9539. CPE Credit: Maximum Credit Hours: 2.8 each session (based on a 50 minute credit hour). You must attend at least 50 minutes to obtain credit. Field of Study: Taxes for 2.8 hours. Prerequisite: . Level of Knowledge: Intermediate. Teaching Method: Seminar/Lecture. Advance Preparation: None. Delivery Method: QAS Self Study. Please refer to the information in this advertisement for outline, course content and objectives. Upon completion of this course, you will receive a certificate of attendance. Final approval of a course for CPE credit belongs with each state's regulatory board.
     
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Why Lorman?

Over 37 years and 1.4 million customers worth of experience providing continuing education. Our passion is providing you world-class training to help you succeed in business and as a professional.

Faculty

Mitchell Franklin, Ph.D., CPA

Mitchell Franklin, Ph.D., CPA

Le Moyne College

  • Associate professor of accounting, Le Moyne College Madden School of Business, Syracuse, New York
  • Active teacher and publisher in both individual taxation and small business taxation
  • Published over fifty papers and three books, outlets include TaxNotes, Journal of Taxation, Issues in Accounting Education, and Strategic Finance
  • Membership information: New York State Society of CPAs, AICPA, and American Accounting Association
  • Can be contacted at [email protected]
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Why Lorman?

Over 37 years and 1.4 million customers worth of experience providing continuing education. Our passion is providing you world-class training to help you succeed in business and as a professional.

All of your training, right here at Lorman

All of your training, right here at Lorman.

Pay once and get a full year of unlimited training in any format, any time!

  • OnDemand Courses
  • Live Webinars
  • MP3 Downloads
  • Course Manuals
  • Executive Reports
  • White Papers and Articles

Additional benefits include:

  • State Specific Credit Tracker
  • All-Access Pass Course Concierge

Questions? Call 877-296-2169 to speak with a real person.

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Product ID: 410363
Published 2023
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