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Insider found accountants, tax preparers, and self-employed professionals to offer strategies that can take the fear out of freelance tax-paying requirements. "A deduction is allowed for the employer portion to reduce business income," Fishbein said. Instead, keep your own clean records and file taxes based on those. For the tax year, estimated payments are due in April, June, September, and January. The IRS notes that self-employed people are among those who may need to make estimated payments, according to their "The Basics of Estimated Taxes for Individuals."
What can I deduct on my taxes?
  + stars: | 2019-03-06 | by ( Holly Johnson | Freelance Writer | Read More | ) www.businessinsider.com   time to read: +9 min
It's never too early to start thinking about next year's tax bill, and what you could deduct. Contributing to a tax-deferred account allows you to deduct contributions from your income, which will help you reduce your taxable income and save on your tax bill. After the $130,000, the Social Security percentage disappears, and you pay Medicare taxes (2.9%) on your entire income. Read more: 5 changes to expect when you file your tax return this yearOn a $150,000 profit, you will end up paying more than $20,000 in Social Security and Medicare taxes in addition to income taxes, noted Amedian. Contribute to a health savings account (HSA)Certified Public Accountant Riley Adams, who also blogs at Young and the Invested, wants to remind taxpayers it's never too late to open a health savings account, or HSA.
Persons: It's, , it's, whittle, Dave Du Val, You'll, Du Val, Emil Abedian, Read, Max, Megan Gorman, Gorman, Riley Adams Organizations: Service, Internal Revenue Service, EA, Social Security, Social, Corporation, IRS, Financial Management, Worth Tax, Financial, Young Locations: Plenty
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