ilmscore | Prediction Details
"we had this client who was filing his wholesale business on his personal tax returns and his net income would be close to a million dollars a year and we advise the client that hey you're overpaying about $30,000 a year in self-employment taxes you've been a sole proprietor filing your business on form Schedule C for almost 10 years like you've paid over a million dollars in self-employment taxes than you had to and all you needed to do was file form 2553 to El to be treated as an escort"
By Minority Mindset | April 22, 2024 | Pending
From video
ACCOUNTANT EXPLAINS: How To Pay Less Taxes | Khalil Dabaja x Jaspreet Singh 00:03:47 - 00:04:20
Interpreted Prediction
A client with a wholesale business filing on Schedule C, earning close to $1 million net income, was advised they were overpaying $30,000 annually in self-employment taxes. Filing form 2553 to be treated as an S-corp could have saved significant taxes over 10 years.

Prediction Details

Topic
Self-Employment Tax Savings

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