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Old 08-04-2005, 03:31 PM
Nigel Nigel is offline
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Join Date: May 2005
Location: Witness Protection Program
Posts: 736
Default Re: Anyone over 6 figures actually filing as a Pro?

The 15% is for your SS and Medicare, so it's not like it's thrown away, and it's not really 15% because some of it is deductable. You also get to put 25% up to 40% pre-tax away in a SEP IRA.

So, along with deductions, that's why you file as a pro.

Nigel

btw - I am not an accountant so don't take the above as solid advice. :-)
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