Self-Employment Tax: A Refresher on how it Works

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If you own a growing, unincorporated small business, you may be concerned about high self-employment tax bills. The SE tax is how Social Security and Medicare taxes are collected from self-employed individuals like you. Self-employment tax basics The maximum 15.3% self-employment tax rate hits the first $168,600 of your 2024 net SE income. The 15.3%

Spouse-Run Businesses Have Unique Tax Challenges

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Do you and your spouse run a successful unincorporated small business together? If so, you face some challenging tax issues. The partnership issue for spouse-run businesses An unincorporated business with your spouse is classified as a partnership for federal income tax purposes, unless you can avoid that treatment. If not, you must submit a Form