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How to File Taxes as a Small Business Owner: Forms, Strategies, and Key Differences for Sole Props, LLCs, and S-Corps
by Christopher Stroup, CFP®, MBA, EA, Silicon Beach Financial
As a small business owner, you’re likely juggling marketing, operations, hiring, and yes, taxes. But come tax season, the difference between flying blind and filing confidently often comes down to understanding your business structure and the tax advantages it offers. Let’s walk through what you need to know about filing taxes based on your business type and how to proactively manage your tax burden.
Do I Need to File Taxes Differently if I’m Self-Employed?
If you’re self-employed, the short answer is yes, your tax obligations differ significantly from those of traditional W-2 employees. You’re responsible for both the employee and employer portion of Social Security and Medicare taxes, commonly referred to as self-employment tax.
Here’s what that means for you:
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Self-Employment Tax Rate: 15.3% (12.4% Social Security + 2.9% Medicare).
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When It's Due: Quarterly, via estimated payments (April 15, June 15, September 15, January 15).
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Tax Form You’ll Need:
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Schedule C (Form 1040): Reports your business income and expenses.
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Schedule SE (Form 1040): Calculates your self-employment tax.
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Pocket‑More, Tax‑Less: Fast Wins for High‑Earning Medical Professionals Under OBBBA
By Ivan Havrylyan, CFP®, Outside The Box Financial Planning
You spent years in training, sacrificed weekends, holidays, and sleep for your career. Now you’re earning what you’ve worked so hard for. But with rising taxes, student loans, and the pressure to plan for retirement and your kids' college at the same time, it can feel like your income is slipping through your fingers.
Trump’s One Big Beautiful Bill (OBBBA), signed on July 4th, 2025, just gave medical professionals like you a powerful, limited-time opportunity to legally pocket more of your hard-earned money. Many of these opportunities expire as soon as 2029 - or even earlier.
Let’s unpack the smart moves high-earning nurse practitioners, dentists, and other medical professionals can make right now to save serious money and take advantage of OBBBA before the window closes
How Do Gift Taxes Work?
by Michael Reynolds, CFP®, Elevation Financial LLC
Gift taxes are one of the most misunderstood areas of the U.S. tax code.
We hear all kinds of questions about it, especially when people give or receive larger gifts. A common one goes something like this: “My mom gave me $5,000 for my birthday. Do I owe gift taxes?”
It’s a fair question. And like many areas of personal finance, the real answer requires a little unpacking. So let’s break it down and clarify how gift taxes actually work, when they apply, and how you can use gifting as a smart strategy to optimize your estate.
What Is a Taxable Gift?
In general, the IRS considers most transfers of money or property to be gifts. However, several exceptions apply.
Following along with the blogs of financial advisors is a great way to access valuable, educational information about finance—and it doesn’t cost you a thing! Our financial planners love to share their knowledge and help everyone regardless of age or assets.
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