I have a single member LLC. All income from it will be passive income such as interest, dividends, capital gain or rental income, none of which is subject to self employment (SE) tax. Obviously the LLC will have expenses too. If I use the default tax status, its treated as sole proprietor and income is reported on Schedule C.
1. Is this income then subject to SE Tax because its on Schedule C or is it reported elsewhere? If elsewhere, is that income still offset by the expenses?
2. If it does trigger SE Tax, would a status election of S-Corp solve this problem if it is subject to SE tax and what other issues would that raise?
“I will not sign a plan that adds one dime to our deficits — either now or in the future.” (Remarks by President Obama to a Joint Session of Congress, September 9, 2009) This afternoon Budget Committee Ranking Member Ryan walked through why the bill put forward by Democrats FAILS the President’s deficit test. — The Majority Leader said the bill scores as reducing deficit by $131 billion over the next 10 years. First a little bit about CBO: I work with them every single day; very good people; great professionals. They do their jobs well. But their job is to score what is placed in front of them. And what has been placed in front of them is a bill that is fill of gimmicks and smoke and mirrors. Now what do I mean when I say that? First off, the bill has ten years of tax increases and ten years of Medicare cuts to pay for six years of spending. The true ten year cost when subsidies kick-in? $2.3 trillion. The bill is full of gimmicks that more than erase the false claim of deficit reduction: – $52 billion of savings is claimed by counting increased Social Security payroll revenues. These dollars are already claimed for future Social Security beneficiaries, and claiming to offset the cost of this bill either means were double-counting or were not going to pay Social Security benefits. – $72 billion in savings is claimed from the CLASS Act long-term care insurance. These so-called savings are not offsets, but rather premiums collected to pay for future benefits. Senate …
European companies: gov’t debt hurts business
Soaring government debt endangers Europe’s business climate because it could hold back economic growth and crowd out financing for companies, European employers said Monday.
What kind of job can I obtain if I have an Associates degree in Business Management but will change it to Accounting when I transfer to a University? I work part time as an Accounting clerk but want to know what other opportunity are out there with an Accounting Degree? Please help, I’m confused.
