So made around 290k as independent contractor which ended end August. Now got a normal job..
Calculated my SSA and Medicare taxes off that income
So took the max 63.5k as deduction for 401k (employee and employer) and assume can write off medical expenses until end August.
I understand i get a 20 pct business deduction as independent contractor. Is that based on gross income or after deductions.. Also seems there are income limits for the 20 pct deduction and does the fact I only worked 8 months as an IC matter? Should i say that my independent contractor business ended 31 December or put at end of contract.
