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Should I do the non farm optional method?
I can't find anyone who knows what this is. I had < $7493 S E income last year & TT asked if I want to use the non farm optional method to adjust S E tax. There is no farm income. Is this a good idea both for now and in the future?
posted
Thursday
last updated
March 13, 2025
6:56 AM
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Should I do the non farm optional method?
The non-farm optional method is a lower tax on self-employed earnings as long as they are below $7,493 and less than 72.189% of your gross (non-farm) income.
So if you can take advantage of it you should. However, you can only do it for five years (the years don't have to be consecutive).
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