Timothy Sumer

If you are self-employed, Stop and listen. Because this information will save you thousands of dollars every year. In order to increase wealth, you have to increase your income or decrease your expenses. Your biggest expense is taxes. Here is a list of a few taxes you pay: Capital Gains, Income, Property, State and Local, Gas tax, Sales Tax, local administrative fees, Franchise tax. For most people. The biggest tax they pay is FICA or self-employment tax for those who employ themselves. For you hardworking owners. You pay higher Social Security and Medicare taxes than anyone else. But it doesn’t have to be this way. One way to strategically plan to lower your taxes is to organize your business as an S-corporation with the IRS Every worker has to pay Social Security and Medicare taxes to the government. It is the law. If you have employees, you know you pay part of their self-employment taxes. However, if you're self-employed, you have to pay both portions of t...