Here are 15 big self-employment tax deductions and tax benefits that could slash tax bills for freelancers, contractors and other people who work for themselves.

Any earned income up to $118,500 is subject to the Social Security portion of the self-employment tax and all of your earned income is subject to Medicare taxes. So, if you earned more than ...

Setting up a corporation may reduce your tax by saving you on self-employment tax. But you will need to make quarterly filings, run payroll and issue a W-2, even if it's only for yourself.Talk to ...

Self-employed people can contribute up to $69,000 for 2024, and that contribution is fully tax-deductible. Self-employment ...

Self-employed people can contribute up to $69,000 for 2024, and that contribution is fully tax-deductible. Self-employment tax is calculated before SEP contributions. Thus, these contributions do ...

If your self-employed business is profitable, then it's a no-brainer to use a solo 401(k) or other self-employed retirement plan to boost your savings. The tax benefits simply can't be beat.

So, the self-employment tax structure for 2017 is: 15.3% on the first $127,200 in net self-employment income. 2.9% on any net self-employment income above $127,200.

The Medicare tax is 2.9 percent on all self-employment income. Thanks to this change, most self-employed people will save 15.3 percent of whatever they spent on health insurance premiums in 2010 ...

Here are 15 popular tax deductions you can claim if you’re self-employed, including credit card interest and health insurance premiums.

Learn more about the self-employed tax deductions you may ... if you donated $5,000 to a half-marathon in exchange for the marathon organizer to print your business’s name on the race ...

According to IRS rules, if your net self-employment income was more than $400, or if you earned more than $108.28 as a church employee during the tax year, you must pay self-employment tax.