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Your email address will not be published.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 *

Search

Latest Posts

  • IRS refund Tax Refund Alert: Americans May See a $1,000 Increase in 2026
  • Are You a Homeowner? Here Are 5 Trump Tax Bill Changes That Could Affect You
  • social security The 2026 Schedule of Social Security Offices - What You Need to Know
  • snap Amazon Refund: How Much You Could Receive
  • 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 February 11, 18, and 25?
  • 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
  • Amazon Are You Eligible For a Refund From Amazon? Find Out Here!

Newsletter

Get money-saving tips and personal finance advice delivered to your inbox.

Related Articles

tax burdens stealth return

7 States With Largest Tax Burdens for Middle-Class Families

Which states have the biggest tax burden for the middle class? If you made the…

Read More →
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 →
IRS refund

13 Ways to Get Your IRS Tax Refund Faster Than Ever

Make sure you check the Social Security numbers for everyone mentioned on your tax forms…

Read More →
tax

7 Random Things You Will Get Taxed For

4. Stolen Property If you staged an at-heist last year, embezzled money, or robbed a…

Read More →
property taxes

Here Are 10 States With the Most Favorable Property Taxes

4. Wyoming Average House Value in 2022: $303,325 Effective Property Tax Rate in 2019: 0.51%…

Read More →
tax breaks for homeowners

7 Tax Breaks for Homeowners and Home Buyers

Owning a home is a key part of the American Dream. Whether you fancy a…

Read More →
florida

Florida Tax Guide: What Retirees Will Have to Pay (and What They Won’t)

Does Florida tax Social Security benefits? The answer is no, but you may have to…

Read More →
Stimulus Check

These 18 States Are Sending Out Stimulus Checks Now!

4. California – Up to a $1,050 Tax Credit Approximately 23 million citizens of California…

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 →
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.