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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.Many self-employed individuals struggle with paying the self-employment tax in addition to the income tax. They do not understand which items of their business income they must include in their self-employment income and which items they may exclude from their self-employment income. They are not aware of strategies they can implement to reduce their self-employment tax. This topic will help self-employed individuals and their tax advisors to understand who is subject to the self-employment tax and how to calculate it. It will explain the items of income included in self-employment income and the items of business income excluded from business income. Strategies for reducing the self-employment tax will be explained in detail. The effect of depreciation and gain or loss on the sale of a depreciable asset on self-employment will be explained in detail. While the Tax Cuts and Jobs Act repealed the deduction for tax preparation fees for many individuals, this content will explain how self-employed individuals may still deduct much of their tax preparation fees to save income tax and self-employment tax. This topic will also explain how tax preparers should allocate the tax preparation fees to various schedules on tax returns of self-employed individuals.
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Why Lorman?

Over 32 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

Self-Employment Income
  • Self-Employed Business Owners, Independent Contractors, and Farmers
  • Partners
  • LLC Members
  • Ministers
  • Community Property Law
Inclusions in and Exclusions From Self-Employment Income
  • Ceiling and Floor
  • Gains and Losses on the Sale of Fixed Assets
  • Occasional Income
  • Rental Income
  • Notaries Public
How to Calculate the Self-Employment Tax
  • Unadjusted Net Earnings From Self-Employment
  • Adjusted Net Earnings From Self-Employment
  • Ceiling on Social Security Tax Part of Self-Employment Income
  • Effect of Salary and Wages
  • Floor on Self-Employment Income
How to Reduce the Self-Employment Tax
  • Plan Around the Ceiling and Floor
  • Maximize Depreciation and the Section 179 Deduction
  • Deduct Tax Preparation Fees Related to the Business
  • Hire Your Children
  • Incorporate
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More Program Information

Why Lorman?

Over 32 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

Audio & Reference Manual

This program does NOT qualify, nor meet the National Standard for NASBA accreditation.

MP3 Download

This program does NOT qualify, nor meet the National Standard for NASBA accreditation.

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Why Lorman?

Over 32 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

Alan D. Campbell

Alan D. Campbell

  • Has served on the faculties of several universities and as a self-employed consultant
  • Practice emphasizes all aspects of tax research and tax planning for tax professionals and businesses
  • Conducts regular seminars and workshops on tax topics for individuals and businesses
  • Author of several publications related to the areas of tax planning in numerous journals, including The Tax Adviser, Practical Tax Strategies, and the Journal of Accountancy; Four of his articles relate directly to the self-employment tax
  • Co-author of the book Tax Strategies for the Self-Employed published by CCH Incorporated
  • American Institute of Certified Public Accountants and Institute of Management Accountants
  • B.S. degree in accounting, Arkansas State University; M.B.A. degree in business administration, Arkansas State University; Ph.D. degree in accounting, University of North Texas
  • Can be contacted at 936-553-4364 or [email protected]
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Over 32 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.

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Product ID: 405477
Published 2019
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