We often get asked: How will my small business affect my personal taxes? There is no short answer, however, in this episode, Shawn and I go over this question and the important questions business owners should be asking themselves to understand their tax situation.
What entity structure is your business? How is your business operating?
Whether you’re an S-Corporation, Partnership, Sole Proprietor, or a Single-Member LLC, your taxes are going to look different. Shawn and I discuss just what kinds of taxes are out there you can be paying such as income tax, payroll tax, capital gains tax, self-employment tax, and so many more depending on your situation.
It is really important to understand what type of entity you are and how this will directly affect YOUR unique personal tax return so that you can plan, prepare, budget, and save for your tax payments. Check out our course, Uplevel your Small Business IQ at ModernCPAOnline.com for more information on how to understand your business entity and tax situation.
What’s Inside:
Mentioned In This Episode:
Modern CPA Online
ModernCPA - YouTube
Uplevel Your Small Business IQ Course
We often get asked: How will my small business affect my personal taxes? There is no short answer, however, in this episode, Shawn and I go over this question and the important questions business owners should be asking themselves to understand their tax situation.
What entity structure is your business? How is your business operating?
Whether you’re an S-Corporation, Partnership, Sole Proprietor, or a Single-Member LLC, your taxes are going to look different. Shawn and I discuss just what kinds of taxes are out there you can be paying such as income tax, payroll tax, capital gains tax, self-employment tax, and so many more depending on your situation.
It is really important to understand what type of entity you are and how this will directly affect YOUR unique personal tax return so that you can plan, prepare, budget, and save for your tax payments. Check out our course, Uplevel your Small Business IQ at ModernCPAOnline.com for more information on how to understand your business entity and tax situation.
What’s Inside:
Mentioned In This Episode:
Modern CPA Online
ModernCPA - YouTube
Uplevel Your Small Business IQ Course