Most businesses pass income through to their owners, and it’s taxed as regular income. If you fall into this category, you don’t have a lot of options without reorganizing your business structure.

However, you have the option to hire yourself as an officer and pay yourself a W-2 salary with certain types of corporate entities, like S-Corps.

This is a complicated question, and the answer will vary depending on several factors. We recommend you consult with a tax professional to get a definitive answer.

Your business must submit payroll taxes for any W-2 employees on your payroll. 1099 Contractors must pay self-employment taxes on their own tax return, so you’re not responsible for withholding any funds from their compensation.

Consult with a tax pro if you’re unsure of your employees classification.

Yes, they can be claimed as a dependent for the years before and in which they passed away.

For S-Corporations and Partnerships, March 15th is the original filing deadline, and September 15th is the extended filing deadline.

For Individuals and C-Corporations, April 15th is the original filing deadline, and October 15th is the extended filing deadline.

You can access or latest in-house calendar with internal deadlines for our firm here.

Claiming children as dependents can give you access to additional tax savings, like the Child Tax Credit and Child Care Credit. Certain states and municipalities offer additional forms of tax relief, so you may qualify for additional savings, depending on where you live. Check with your state & local tax pro for more info on local tax incentives for child dependents.