File Taxes as a Small Enterprise Proprietor: Varieties, Methods, and Key Variations for Sole Props, LLCs, and S-Corps
by Christopher Stroup, CFP®, MBA, EA, Silicon Seaside Monetary
As a small enterprise proprietor, you’re seemingly juggling advertising, operations, hiring, and sure, taxes. However come tax season, the distinction between flying blind and submitting confidently usually comes all the way down to understanding what you are promoting construction and the tax benefits it provides. Let’s stroll by what it’s essential find out about submitting taxes based mostly on what you are promoting kind and the best way to proactively handle your tax burden.
Do I Must File Taxes In another way if I’m Self-Employed?
For those who’re self-employed, the brief reply is sure, your tax obligations differ considerably from these of conventional W-2 staff. You’re answerable for each the worker and employer portion of Social Safety and Medicare taxes, generally known as self-employment tax.
Right here’s what meaning for you:
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Self-Employment Tax Fee: 15.3% (12.4% Social Safety + 2.9% Medicare).
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When It is Due: Quarterly, by way of estimated funds (April 15, June 15, September 15, January 15).
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Tax Kind You’ll Want:
Pocket‑Extra, Tax‑Much less: Quick Wins for Excessive‑Incomes Medical Professionals Beneath OBBBA
By Ivan Havrylyan, CFP®, Outdoors The Field Monetary Planning
You spent years in coaching, sacrificed weekends, holidays, and sleep in your profession. Now you’re incomes what you’ve labored so onerous for. However with rising taxes, scholar loans, and the strain to plan for retirement and your youngsters’ school on the identical time, it could possibly really feel like your earnings is slipping by your fingers.
Trump’s One Huge Lovely Invoice (OBBBA), signed on July 4th, 2025, simply gave medical professionals such as you a strong, limited-time alternative to legally pocket extra of your hard-earned cash. Many of those alternatives expire as quickly as 2029 – and even earlier.
Let’s unpack the sensible strikes high-earning nurse practitioners, dentists, and different medical professionals could make proper now to save lots of severe cash and reap the benefits of OBBBA earlier than the window closes
How Do Reward Taxes Work?
by Michael Reynolds, CFP®, Elevation Monetary LLC
Reward taxes are probably the most misunderstood areas of the U.S. tax code.
We hear all types of questions on it, particularly when folks give or obtain bigger presents. A typical one goes one thing like this: “My mother gave me $5,000 for my birthday. Do I owe present taxes?”
It’s a good query. And like many areas of non-public finance, the actual reply requires somewhat unpacking. So let’s break it down and make clear how present taxes really work, once they apply, and the way you should use gifting as a wise technique to optimize your property.
What Is a Taxable Reward?
Basically, the IRS considers most transfers of cash or property to be presents. Nevertheless, a number of exceptions apply.
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