With the tax filing season already underway, revised 1040 instructions make the tips deduction more complicated and limited for the self-employed.

Expenses like a home office, car, insurance, and even your education bills could get you a big tax break Katharine Paljug is a financial writer and editor with over a decade of industry experience.

What is self-employment tax? The federal self-employment tax is composed of Social Security and Medicare taxes, which are also known together as the Federal Insurance Contributions Act (FICA). For ...

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 your taxable income, and save a bundle in taxes ...

An individual whose net earnings from self-employment are $400 or more for the taxable year must pay the self-employment tax. 1 In 2025, such an individual must file a Schedule SE and pay Social ...

If you’re a member of a limited liability company (LLC), do you have to pay self-employment taxes? That’s a darn good question. Our beloved Internal Revenue Code’s self-employment (SE) tax provisions ...

Last week, the IRS announced “the start of a sweeping, historic effort to restore fairness in tax compliance by shifting more attention onto high-income earners, partnerships, large corporations and ...