File Taxes as a Small Enterprise Proprietor: Types, 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 probably juggling advertising and marketing, operations, hiring, and sure, taxes. However come tax season, the distinction between flying blind and submitting confidently typically comes right down to understanding your enterprise construction and the tax benefits it presents. Let’s stroll by way of what you’ll want to learn about submitting taxes primarily based on your enterprise sort and the best way to proactively handle your tax burden.
Do I Must File Taxes In a different way if I’m Self-Employed?
If you happen to’re self-employed, the brief reply is sure, your tax obligations differ considerably from these of conventional W-2 workers. You’re accountable for each the worker and employer portion of Social Safety and Medicare taxes, generally known as self-employment tax.
Right here’s what which means 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 Kind You’ll Want:
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Pocket‑Extra, Tax‑Much less: Quick Wins for Excessive‑Incomes Medical Professionals Below OBBBA
By Ivan Havrylyan, CFP®, Outdoors The Field Monetary Planning
You spent years in coaching, sacrificed weekends, holidays, and sleep in your profession. Now you’re incomes what you’ve labored so arduous for. However with rising taxes, pupil loans, and the stress to plan for retirement and your youngsters’ faculty on the similar time, it will probably really feel like your revenue is slipping by way of your fingers.
Trump’s One Massive Lovely 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 avoid wasting severe cash and benefit from OBBBA earlier than the window closes
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How Do Present Taxes Work?
by Michael Reynolds, CFP®, Elevation Monetary LLC
Present taxes are one of the misunderstood areas of the U.S. tax code.
We hear all types of questions on it, particularly when individuals give or obtain bigger presents. A standard one goes one thing like this: “My mother gave me $5,000 for my birthday. Do I owe present taxes?”
It’s a good query. And like many areas of private finance, the actual reply requires somewhat unpacking. So let’s break it down and make clear how present taxes truly work, after they apply, and the way you need to use gifting as a wise technique to optimize your property.
What Is a Taxable Present?
Basically, the IRS considers most transfers of cash or property to be presents. Nonetheless, a number of exceptions apply.
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