Dear community,
I have a side job for 1099 which started in 2023. I've heard that l can deduct 50% of the 15.3% Self-employment tax. Is this deduction done for the Self-employment tax for the year which I'm filing taxes for, or for the year prior to that ?
If I'm filing now for 2023, will my Self-employment tax be 15.3% but I can write off half of it for the same year of 2023 ?
Thanks
I have a side job for 1099 which started in 2023. I've heard that l can deduct 50% of the 15.3% Self-employment tax. Is this deduction done for the Self-employment tax for the year which I'm filing taxes for, or for the year prior to that ?
If I'm filing now for 2023, will my Self-employment tax be 15.3% but I can write off half of it for the same year of 2023 ?
Thanks
Statistics: Posted by Soulless — Fri Mar 29, 2024 9:29 am — Replies 4 — Views 182