- Joined
- Oct 20, 2015
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- 477
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Hello all,
I am looking for any friendly advice that may point me in the right direction. I am currently paid as a W-2 employee by my clinic which is an LLC. My effective tax rate is ridiculous as I am not able to make any deductions for business purposes for myself. My group is very flexible in how I get paid, and I have been thinking of opening an LLC which the clinic would then pay. My question is, with the additional 15% self employment tax considered, would it be advantageous for me to structure things this way. In other words, all deductions considered (startup and opertions, car, milage, education costs, home office, meals, travel, supplies) would this likely afford a tax advantage for me when all is said and done. I know there are more details to consider than this, Im just wondering, from a birds eye view, is this advantageous or am I chasing my tail. Thanks!
I am looking for any friendly advice that may point me in the right direction. I am currently paid as a W-2 employee by my clinic which is an LLC. My effective tax rate is ridiculous as I am not able to make any deductions for business purposes for myself. My group is very flexible in how I get paid, and I have been thinking of opening an LLC which the clinic would then pay. My question is, with the additional 15% self employment tax considered, would it be advantageous for me to structure things this way. In other words, all deductions considered (startup and opertions, car, milage, education costs, home office, meals, travel, supplies) would this likely afford a tax advantage for me when all is said and done. I know there are more details to consider than this, Im just wondering, from a birds eye view, is this advantageous or am I chasing my tail. Thanks!