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2. 15 Self-Employment Tax Deductions You Should Know - AOL

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   Here are a few of the most common self-employment tax deductions: 1. Self-Employment Tax Deduction. If you’re self-employed, you will end up paying more Social Security and Medicare tax than an ...

3. What Are the Most Generous Tax Deductions for the Self-Employed?

   www.aol.com/finance/most-generous-tax-deductions...

   Businesses can deduct interest on loans they take out, and so can self-employed workers. These must be for business use and not personal use, however. But interest on SBA 7(a) loans does qualify.

4. 8 Things You Can Do Now to Reduce Your Tax Bill - AOL

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   Non-refundable Tax Credits: These only reduce your taxes owed to $0, with no additional refund for excess amounts. Examples include the saver's credit, lifetime learning credit, adoption credit ...

5. IRS 1099 Tax Form Explained: Here’s Everything You ... - AOL

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   The IRS requires certain 1099 forms to be filed when small businesses or self-employed individuals make or receive payments. ... eliminate or reduce your tax liability. No matter if you end up ...

6. Adjusted Gross Income: What It Is and How To Calculate ... - AOL

   www.aol.com/adjusted-gross-income-calculate...

   Deductible portion of self-employment tax. Self-employed SEP, SIMPLE and qualified plan contributions. Self-employed health insurance. Penalty on early withdrawal of savings. Alimony paid. IRA ...

7. How Much Is Self-Employment Tax? - AOL

   www.aol.com/much-self-employment-tax-120001832.html

   The self-employment tax is comprised of two taxes: the Social Security tax and the Medicare tax (also known as the FICA tax). As of the tax year 2023, the FICA tax rate is 15.3% — that’s 12.4% ...