Make money work for you!

  • Home
  • Personal Finance
  • Budgeting
  • Shopping
  • Taxes

Want to Reduce Your Taxes? Here Are 7 (Necessary) Tips 

February 23, 2023 · Taxes
tax deductions, taxes
Photo by d.ee_angelo from Shutterstock

4. You can deduct 50% of your self-employment taxes

Did you know that you can actually deduct half of your self-employment taxes? That’s crazy! To fund the Medicare and Social Security programs, the American government estimates a slightly higher than 15% Federal Insurance Contributions Act tax on all earnings.

As you already know, employers have to split the cost with the people that work for them, but those who are self-employed have to pay the entire amount by themselves. The good news is that the government wants to help the citizens, so they allow people to deduct half of the amount they had to pay from their income taxes.

Other than that, experts say that you don’t even have to itemize to claim this tax deduction, which is always great!

Pages: 1 2 3 4 5 6 7 8

Share this article

Facebook Twitter Pinterest LinkedIn Email

Leave a Reply Cancel reply

Your email address will not be published. Required fields are marked *

Latest Posts

  • amazon prime, money Here’s How to Get Your Refund From Amazon’s $2.5B FTC Settlement
  • social security, Social Security task Who Will Receive Social Security Payments on January 14, 21, and 28?
  • Holiday Scam 10 Holiday Tax Scams That Turn Your Ho-Ho-Ho Into Oh-No!
  • 5 Costco Products That Cost More Due to Trump’s Tariffs
  • protect your wallet from inflation 6 Bills That Changed After Trump Returned to Office

Related Articles

tax documents

7 Important Tax Documents to Never Throw Away

There are some important tax documents most people end up getting rid of or misplacing…

Read More →
check, tax your social security

You’re Free! These 5 States Won’t Tax Your Social Security

4. Indiana As opposed to some of the other states on our list, the Hoosier…

Read More →
retirement

10 Ways to Cut Down on Taxes in Retirement

Retirement is meant to be easy, but with inflation rising, the overall situation is more…

Read More →
A graph showing the comparison between a standard deduction amount and itemized deductions for a retired couple, illustrating which option results in lower taxable income.

10 Overlooked Tax Deductions for Retirees

3. Qualified Charitable Distributions (QCDs) The Qualified Charitable Distribution, or QCD, is arguably the most…

Read More →
change return

9 States That Made Big Changes to Their Tax Laws

#4 Louisiana If you are a resident of Louisiana, you are looking at an easier…

Read More →
Holiday Scam

10 Holiday Tax Scams That Turn Your Ho-Ho-Ho Into Oh-No!

Bad Social Media Tax Advice Social media platforms are rife with misleading or outright false…

Read More →
Tax

5 Tax-Efficient Ways to Share Wealth with Kids

Have you thought about how your taxes could affect your child’s financial future? Parents and…

Read More →
taxes

10 Unbelievable Things Your Taxes Are Paying For

4. Determine Whether Playing with Barbie Dolls Improves Face Recognition In 2016, researchers at the…

Read More →
tax return

6 Tax Return Secrets Most Accountants Hide From You

4. Hire the right kind of professional to help you submit your taxes For some…

Read More →
The Money Place

Make money work for you!

Inedit Agency S.R.L.
Bucharest, Romania

contact@ineditagency.com

Explore

  • Subscribe
  • Unsubscribe
  • Newsletter
  • Terms and Conditions
  • Do not sell my personal information
  • Privacy Policy
  • Contact

Categories

  • Budgeting
  • Personal Finance
  • Shopping
  • Taxes

© 2026 The Money Place. All rights reserved.