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essentially, the irs treats the “employer” portion of the self-employment tax as a business expense and allows you to deduct it accordingly. what’s more, you only pay self-employment tax on 92.35% of your net business income – what’s left over after you subtract your other business expenses. self-employed professionals and freelancers face unique tax challenges. learn how deductions can help to save money. top tax write-offs for the self-employed. whether you do contract work or have your own small business, tax deductions for the self-employed can add up to substantial tax savings. with self-employment comes freedom, responsibility, and a lot of expense. “many times an overlooked deduction is educational expenses. essentially, the irs treats the “employer” portion of the self-employment tax as a business expense and allows you to deduct it accordingly. what’s more, you only pay self-employment tax on % of your net business income – what’s left over after you subtract your other business expenses. because federal tax law reaches deep into all aspects of our lives, it’s no surprise that the rules that affect us change as our lives change. are you a small business owner or a self-employed person? here are 10 tax deductions you don’t want to miss. you can deduct the employer-equivalent portion of your self-employment tax in figuring your adjusted gross income. this deduction only affects your income tax. you may have to pay self-employment tax as well as income tax if you you can deduct expenses you paid to run your business that are both there are many valuable tax deductions for freelancers, contractors and other self-employed people., what can you write off as a business expense, independent contractor tax deductions 2016, self employed business expenses worksheet , self employed business expenses worksheet, 1099 deductions list, self employment tax deduction calculator, 1099 independent contractor deductions, self employed tax deductions worksheet , self employed tax deductions worksheet, tax deductions for self employed contractors
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