Tax Reform for Self-Employed and How it Applies to W-2 Employees

Tax Reform for Self-Employed and How it Applies to W-2 Employees
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#1

I don’t routinely have self-employed income, and the recent revelations about the tax reform is showing that self-employed folks should be able to deduct 20% of their income prior to other adjustments. Anyone ever work at an employer that paid out bonuses at 1099 income? Anyone requested it with success? I think this would be a great way to improve compensation for decently compensated employees (even without the new tax breaks) because you could write off more things against that income (routinely there is a lot of self-investment in these circumstances).


#2

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#3

I would be extremely surprised if it was legal to pay a portion of a W-2 employee income with a 1099.


#4

As a self-employed person I’m very interested in hearing more about this. Can you post a link to something discussing the details?


#5

LOL, have fun reading this explanation.

Sure hope tax software takes care of it correctly, I’d love to see a 20% cut to my wife’s reported PT income.


#6

I started reading that for 15 minutes. That is crazy.


#7