Reducing a Business Owner Client's Exposure to Social Security and Self-Employment Taxes (Morning Session II)

Tuesday, November 30 11:00am - 12:40pm

(Check-In 11:00am)

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2.00 Credits

Member Price $89.00

Non-Member Price $124.00

Overview

Many business owner clients wish to minimize their Social Security and self-employment tax liabilities. This course provides tax practitioners with the background to understand what kinds of income constitute self-employment income and earned income. It covers strategies that can be used to reduce clients’ exposure to the self-employment tax and Social Security tax.

Highlights

  • Section 1402(a)(1) exclusions from the definition of self-employment income
  • Application of the SE tax to members of limited liability companies
  • Taking a self-employed owner's health insurance deductions against self-employment tax
  • How using the S corporation and the MMLLC treated as a partnership can help reduce an individual's exposure to self-employment tax
  • How hiring a spouse and/or child helps reduce self-employment tax
  • Differentiating between income treated as self- employment income and income that is not self-employment income

Prerequisites

Basic knowledge of individual income tax

Designed For

Tax practitioners who advise clients with regard to their self-employment tax liability

Objectives

  • Determine when avoiding earned income/SE income works favorably for the client
  • Understand how hiring a spouse and/or child helps reduce self-employment tax
  • Differentiate between income treated as self- employment income and income that is not self-employment income

Notice

By registering for this program and, accordingly, receiving the eMaterials, you’re acknowledging that you understand both the copyright restrictions on your eMaterials and the CTCPA cancellation policy.

Leader(s):

Leaders

Michael Frost

Mike Frost, CPA, of Jacksonville, Alabama, provides tax consulting, continuing education, and motivational speaking services through his company, Mike Frost Enterprises. Mike is a former shareholder of MDA Professional Group, PC, where he managed the tax department of the Albertville office. Mike has 31 years of experience in public accounting, including but not limited to: Business and individual income tax preparation and planning; mergers and acquisitions; estate, gift, and trust tax preparation; small business consulting; Medicare planning and other elder care; audit representation; and religious groups and clergy. Mike has conducted CPE engagements and seminars throughout the United States and has served as technical advisor for tax articles in The Sand Mountain Reporter, a local newspaper. Mike has been a featured presenter at the Alabama Society of CPAs Annual Meeting and the Federal Tax Clinic held annually at the University of Alabama in Tuscaloosa. Mike graduated with “high honors and distinction” from Jacksonville State University with a major in accounting, a minor in finance, and a 4.0 GPA. He is a member of the American Institute of Certified Public Accountants and the Alabama Society of Certified Public Accountants. In addition, he is a graduate of the Tax Planning and Advising for Closely Held Businesses Certificate of Educational Achievement Program sponsored by the AICPA.

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Non-Member Price $124.00

Member Price $89.00