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Originally Posted by BillyMac
Thanks Player989random. It's nice to have an expert like you on the Forum.
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It's good to feel appreciated.
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Originally Posted by BillyMac
I pay Social Security (FICA) tax (the full 15.3%) on my officiating income in April of every year.
Doesn't everybody on the Forum do this?
If I don't pay this won't I have to share a prison cell with the partners of my accounting firm, Dewey, Cheatem & Howe?
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Do you get paid directly to yourself or via "Mac Daddy's Rules & Reffing LLC"? You can't avoid truly avoid FICA, but you can decrease how much you pay, legally. Make an S-Corp, pay a "reasonable salary" and take the rest as a dividend. Dividends don't pay FICA.
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Originally Posted by SC Official
A CPA license is not a "tax license" like many people think. They have to know much more than taxes because their certification covers way more.
I know some external auditors. They get annoyed when people ask them about taxes.
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Yup, CPAs are a lot more than tax preps. I've also worked with CPA's who use this ignorance so people will pay them $150/hour to plug information into TurboTax. I highly recommend everyone here talks to a tax professional for tax planning, not filing. Unless you straight-up didn't file.