Taxation of business income varies depending on the organization structure. Differences between LLC’s taxed as a partnership vs. corporations or LLCs that have made an election to be treated by the IRS as an S-Corp exist. One primary difference is how self-employment taxes, often called payroll taxes, are assessed on company profits. Find out more the differences in self-employment taxes assessed on owners of entities taxed as a partnership vs. an S-Corp.
Tax law changes often. This is general information, not advice for your specific situation. Talk with us before you act on it.