Tax Reduction Letter - TCJA Tax Reform Q&A: Does Moving W-2 Income and Employee Business Expenses to Schedule C Increase Taxes?

Help

RESOURCES

Articles
Business Owner Tools
Tax Professional Tools
Tax Planning Calculators
Tax Saver's Glossary
Helpful IRS Publications

Article Date:

June 2018

Word Count:

565

TCJA Tax Reform Q&A: Does Moving W-2 Income and Employee Business Expenses to Schedule C Increase Taxes?

Question

I read Tax Reform Punishes W-2 Employees—Get Even!

If the salesperson reports his or her W-2 wages on Schedule C in order to avoid loss of all employee business expenses, does he or she get any credit for the FICA taxes withheld from the W-2?

Also, would he or she get any credit for the employer matching the FICA taxes?

If not, it seems that a large part of the tax savings could be lost through the additional self-employment taxes the salesperson would pay.

What are your thoughts on this? ... Log in to view full article.

Already a subscriber?

Email Address

Password

Log In Send me my password

FREE TRIAL

You'll be able to read the full article and get instant access to the last few issues of the Tax Reduction Letter

Not yet a subscriber?

with a money-back guarantee

Search Help