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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.
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