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2. Independent Contractor Taxes: A Complete Guide - AOL

   www.aol.com/independent-contractor-taxes...

   The self-employment tax rate is 12.4% for Social Security and 2.9% for Medicare taxes as a percentage of net earnings, for a total self-employment tax of 15.3%. This rate applies to the first ...

3. 15 Self-Employment Tax Deductions You Should Know - AOL

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   Here’s the top 15 self-employment tax deductions that you might qualify for: Common Tax Deductions. Here are a few of the most common self-employment tax deductions: 1. Self-Employment Tax Deduction

4. The 6 Most Important Tax Deductions You Need to Claim - AOL

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   The maximum deduction you can claim for all state and local taxes, including real estate and personal property tax, income tax and sales tax, is $10,000 — $5,000 if you’re married and filing ...

5. Internal Revenue Code section 162(a) - Wikipedia

   en.wikipedia.org/wiki/Internal_Revenue_Code...

   It concerns deductions for business expenses. It is one of the most important provisions in the Code, because it is the most widely used authority for deductions. [1] If an expense is not deductible, then Congress considers the cost to be a consumption expense. Section 162(a) requires six different elements in order to claim a deduction. It ...

6. Are Property Taxes Deductible? - AOL

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   The 2017 Tax Cuts and Jobs Act limits the deduction for state and local taxes, including property, income and sales taxes, to $10,000 per year. If you need to deduct more than $10,000 on your tax ...

7. Depreciation recapture - Wikipedia

   en.wikipedia.org/wiki/Depreciation_recapture

   Because the taxpayer received a deduction from ordinary income for the depreciation of the asset, any gain the taxpayer receives, up to the depreciation amount, must be included as ordinary income to offset the earlier deduction. Any gain above that is a capital gain subject to capital gains tax rates (usually more favorable).

8. A Guide to Tax Deductions for Home-Based Businesses - AOL

   www.aol.com/finance/taking-advantage-tax...

   Learn which of your home expenses may be tax deductible, how to claim those deductions, ... For example, if your office is 75 square feet and the total area of your home is 1,000 square feet, the ...

9. Taxation of illegal income in the United States - Wikipedia

   en.wikipedia.org/wiki/Taxation_of_illegal_income...

   A person with income from selling a Schedule I substance is allowed to take a tax deduction for the cost of goods sold but not any other tax deductions. [19] [21] Unlike for other business activities, tax deductions are not allowed for ordinary and necessary business expenses such as rent, utilities, and advertising. [22]