The Complete Tax Deduction Checklist for Self-Employed Professionals

by Kincaid and Le Companies LLC

If you are self-employed, you are already paying more taxes than a traditional employee. That is not an opinion -- it is math. Employees split FICA taxes (Social Security and Medicare) with their employer at 7.65% each. You pay both halves: 15.3% self-employment tax on top of your regular income tax. On $100,000 of profit, that is an extra $15,300 before your income tax rate even kicks in.