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Business & farm
If you have $647 of deduction it will pay for the upgrade ($99 / .153 SE tax = $647), and it is the right way to prepare your tax return.
The self-employment tax rate is 15.3%. That rate is the sum of 12.4% for Social Security and 2.9% for Medicare.
If this does not completely answer your question, please contact us again and provide some additional details.
We are having an Ask the Experts event specifically about Crypto transactions on 03/15/23. Please register for it here.
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March 8, 2023
8:04 AM