Learn about the SETARA® Plan
Self-Employed Tax and Retirement Analysis
It’s very likely that no one has ever analyzed how the earned income you are reporting from your business to the IRS impacts your future Social Security retirement benefits. We provide self-employed business owners with a written SETARA® plan, [Self-Employed Tax and Retirement Analysis] saving business owners tens of thousands of dollars in payroll taxes and lifetime retirement benefits.
We comply with IRS mandated reasonable compensation rules, taking into consideration the type of business you have, the number of employees and staff you have, the size of your business, your profitability, and your historical earnings records.
As a business owner, since you have the flexibility within reasonable compensation limits to legally control how much you pay in payroll taxes for yourself, wouldn’t it make sense to find out how much those payroll taxes are costing or benefiting you? A Registered Social Security Analyst may be able to save you thousands of dollars a year in FICA taxes now, without sacrificing future Social Security retirement benefits, Spousal benefits and survivor benefits.
If you are a self-employed sole proprietor that files a Schedule C on your personal tax return, or a business owner of an S Corporation, C Corporation, LLC or Partnership, there is a component of your income that is deemed “earned income” and subject to 15.3% in FICA taxes for Social Security and Medicare. Since you work for yourself – you must pay both the employer and employee portion of the payroll taxes.
If you are a Schedule C filer or a single member LLC, all of your profit is deemed subject to FICA taxes as self-employment tax. If you are an S Corporation or C Corporation you are required to receive a W2 from your business. This W2 is subject to the payroll FICA taxes. If you are a general partner or a managing member in an LLC or receive guaranteed payments – you too are paying 15.3% in FICA taxes on this earned income.
We help you save thousands of dollars now, and tens of thousands in lifetime Social Security retirement, spousal, and survivor benefits.
An RSSA® is trained to use specialized software that takes into consideration your historical earnings and wage records reported to the Social Security Administration. After speaking with you, an RSSA® will run numerous analyses of your business profitability combined with your projected future earnings to determine the optimal earned income you should be taking based upon the number of years you estimate you will continue to work. By changing your future earnings subject to payroll taxes, an RSSA® can determine how much those future earnings will impact your future Social Security benefits and make recommendations to you as to what future earnings should be taken and how to restructure your business if required.
Schedule a consultation to learn more about a SETARA® plan for your business.
