Lower Your Taxes - BIG TIME! 2023-2024: Small Business Wealth Building and Tax Reduction Secrets from an IRS Insider, 9th Edition

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How to Eliminate up to 40 Percent of Your Social Security and Medicare Tax with an S Corporation

It’s a game. We [tax lawyers] teach the rich how to play it so they can stay rich—and the IRS keeps changing the rules so we can keep getting rich teaching them.

—John Grisham, lawyer and author, The Firm

Chapter Overview

Have you ever heard that tax planning is beneficial only to the rich and not to Middle America? Well, this is a myth, as you now know from the previous chapters, which offered information applicable to everyone.

However, this chapter is different. It primarily applies to Middle America and not the rich, since it works best for taxpayers who have a net income, after business deductions, of $147,000 or less per person. It is ...