Work for Yourself? Here’s How to Reduce Self-Employment Taxes
Your self-employment taxes could be more than your income taxes. Here s how to cut them.
This story originally appeared on SmartAsset.com.
The self-employment (SE) tax is the equivalent of the tax regular employees and their employers pay. It’s the way self-employed people, freelancers and independent contractors contribute to the Social Security and Medicare funds. With a tax rate of 15.3% applying to everything self-employed workers earn, SE tax can add up to a lot. In some cases, SE tax is more than income tax. That means reducing SE tax is an important financial consideration for self-employed taxpayers. Here’s how to do it.
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