Turning Healthcare Into a Write-Off
Paying for your own health insurance is one of the toughest costs of working for yourself.
Fortunately, the IRS offers the self-employed health insurance deduction, which can turn qualifying premiums into a valuable tax break.
The Above-the-Line Advantage
This deduction is generally claimed on Schedule 1 of your individual tax…
The 15.3% Shock
Leaving a W-2 job can feel freeing.
No boss. More control. Better income potential.
Then tax season shows up.
Many freelancers and contractors are shocked to learn they owe self-employment tax. This is a flat 15.3% tax for Social Security and Medicare, and it comes on top of regular income tax.
At…