I am a new listener and appreciate all that you’re doing to inform. Making tax and wealth planning fun and informative is a special gift. My spouse is an author with a sole proprietorship for self-publishing, marketing her books through Online platforms, I buy and sell antiques and collectables both online and at a locally rented antique booth. I get W2 for my day job and get 1099 for Military Retirement. We created a member managed LLC (Yes, I know…Mistake!) in December which we each have 50% stake, to manage and consult on both proprietorships. When forming the LLC I didn’t elect SCorp. Although both companies sold inventory last year no profit was made. Am I still on the hook for self-employment tax?
Answered on Today’s show (recorded Feb 7 - should be out in a couple days). Thank you so much for the question. Mark and Mat.