The tax is computed and reported on IRS Form 1040 Schedule SE. Individuals who make less than these thresholds from self-employment don’t have to pay the tax. The self-employment tax is ...

The good news is that you can deduct half of the self-employment tax as an adjustment to income on Schedule 1 of Form 1040. This ultimately lowers your income tax, which is a different calculation.

The IRS has noticed repeated misuse of Form 7202, used to claim these credits, by taxpayers incorrectly claiming them based ...

You might receive this document if you have freelance work, investment income, retirement distributions or other financial ...

In general, self-employed people can deduct 100% of their health insurance premiums as adjustments to their gross income, ...

If you have a side hustle — or are full-time in business for yourself — you might qualify for self-employment tax deductions. These deductions can lower how much of your income is considered ...

I’ve always used TurboTax to file my personal tax return. It’s what my dad showed me when I first started filing taxes, and I’ve used it ever since. I considered trying a free platform in ...

but if you're self-employed, these ten "red flags" could increase your chances of drawing unwanted attention from the IRS. If ...

The self-employment tax In addition to income tax ... you can elect to claim the premiums on your Schedule A form instead of your Schedule C form," McGrant says. Retirement contributions If ...