KochuK
Employee Tax Expert

Get your taxes done using TurboTax

Hi EMAC1.

Thanks for posting an event questions.

 

1) Please review Schedule C instructions 2023 for more deductible business expenses.

https://www.irs.gov/pub/irs-dft/i1040sc--dft.pdf 

You can also consider retirement plan for self employed, such as SEP IRA. For 2023, 20% for self employed only or max amount of 66,000.

https://www.irs.gov/retirement-plans/retirement-plans-faqs-regarding-seps 

 

2) your self employment income could impact Social Security income to be partially taxable up to 85%. Page 16 of IRS Pub 915 has a Worksheet 1. Figure Your Taxable Benefits.

 https://www.irs.gov/pub/irs-pdf/p915.pdf 

 

3) While you took early retirement in Social Security, before you reach full retirement age, the annual earning limit is $21,240.  Any $2 in excess of $21,240 will reduce $1 of your Social Security benefit for 2024. 

https://www.ssa.gov/benefits/retirement/planner/whileworking.html 

 

Hope the above helps. Thank you.

**Say "Thanks" by clicking the thumb icon in a post
**Mark the post that answers your question by clicking on "Mark as Best Answer"