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Your email address will not be published.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

  • An ink and watercolor illustration of an older couple entering a cozy, sunlit neighborhood diner. The SNAP Restaurant Meals Program: Which States Allow Seniors to Use Benefits at Restaurants
  • A mid-century gouache illustration of a relaxed retired man sitting in a lounge chair with a tablet, balancing work and leisure. 12 Stress-Free Jobs for Retirees With High-Salaries
  • A retired couple relaxing on a stone terrace overlooking a Mediterranean coastal village during sunset, captured in warm film photography. The 30 Best Countries to Spend Your Retirement In – Which One Is Your Favorite?
  • An active retiree in his late 60s working part-time at a sunlit plant nursery greenhouse, watering green seedlings. The Part-Time Jobs With a 401(k) Match That Most Retirees Don't Know Exist
  • A woman sits on a moving box in her urban apartment, looking at a laptop showing scenic mountain relocation programs. These US Towns Will Pay You to Move There
  • An editorial illustration of a mailbox with a Social Security check inside, having a 32% slice snipped off by scissors labeled Medicare. Medicare Part B Ate 32% of Last Year's COLA. Will It Happen Again in 2027?
  • A smiling retired woman with silver hair holding car keys while leaning against a silver compact car in a sunny suburban driveway. 10 Retirement Part-Time Job That Comes With a Company Car
  • An editorial illustration of a giant red 4.7% symbol casting a dark storm cloud shadow labeled inflation over a house. How the 2027 COLA Could Reach 4.7% - And Why That's a Warning Sign
  • A retired man in a knit sweater sits at a wooden kitchen table in soft morning light, reviewing a financial paper statement. The Hidden Inflation Categories Hitting Seniors Harder Than Headline CPI
  • An older man looking thoughtfully at his printed Social Security statement at his kitchen table in the morning light. 5 Warning Signs Your Social Security Benefit Estimate Is Wrong

Newsletter

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

Related Articles

Are You a Homeowner? Here Are 5 Trump Tax Bill Changes That Could Affect You

4. Affordable Housing Tax Credits Get a Boost While much of the tax bill focuses…

Read More →
An illustration of a senior couple protected by a large canopy shaped like a tax document, representing savings.

Social Security Tax Elimination: Who Could Gain $1,500—and Who Could Miss Out

Discover how the new 2026 senior tax deduction could save you $1,500 on your Social…

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 →
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 →
income tax, change

These 9 States Have No Income Tax

Everyone wants to have their tax rates reduced. But this isn’t as impossible as some…

Read More →
check

Social Security SSI $994 Payment for July and August 2026: Deposit Date, Eligibility, and Who Qualifies

Important Rules and Compliance Requirements The SSA requires all SSI recipients to report any changes…

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 →
Tax

5 Tax-Efficient Ways to Share Wealth with Kids

A mother watches her son play outside, considering how smart tax planning today secures his…

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

Trust & Legal

  • Subscribe
  • Unsubscribe
  • Newsletter
  • Terms and Conditions
  • Do not sell my personal information
  • Privacy Policy
  • Contact
  • Request to Know
  • Request to Delete
  • CA Private Policy

Categories

  • Budgeting
  • Personal Finance
  • Shopping
  • Taxes

© 2026 The Money Place. All rights reserved.