The recent enactment of the 'One Big Beautiful Bill Act' (OBBBA) by President Trump has sparked significant debate.

The bill extends portions of the Tax Cuts and Jobs Act, provides deductions to eliminate income taxes on certain tips and ...

The megabill that's bound for the president's desk contains tax breaks that could save some Americans - including tipped workers, employees working overtime, car buyers, seniors and certain homeowners ...

Senate Republicans passed changes to the federal deduction for state and local taxes, known as SALT. Here's how the SALT ...

For the Wabash Valley’s self-employed workers, failing to keep up with estimated tax payments and deductions can lead to more ...

Here’s a simple example. You’re self-employed and in 2025, you lease a car for use in your business that is valued at $71,000. You must reduce the deduction for the lease payments on Schedule ...

Self-employed individuals pay 15.3% in Social Security and Medicare taxes. You can deduct half of this tax since W-2 employees only have to pay half at their jobs.

However, most households pay taxes over the course of the year either through automatic withholding (for W-2 employees) or estimated taxes (for self-employed persons or small business owners).

Since this tax is on the net self-employment income of the taxpayer and is before any itemized or standard deductions it can be quite substantial in a rather quick matter.

Your Guide to Taxes for Self-Employed and Gig Workers A cheat sheet on the taxes, breaks and business deductions that apply to workers who get 1099s By Ashlea Ebeling Share Resize ...

Itemized deductions let you cut your taxable income by taking any of the hundreds of available tax deductions you qualify for. The more you can deduct, the less you’ll pay in taxes.