It is coming up on tax season again as a business owner that is set up as a sole proprietorship or partnership you could be setting yourself up for the tax man's greedy pockets. Not only will you pay taxes on your business income but you will get hit with the self employment tax as well. Protect yourself by setting up an S corporation, as a shareholder you can contribute up to 25% of the shareholders employee S corporation salary. This will help you save hard earned tax dollars for you instead of giving it to the government.
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