New Self Employment Tax

6/24/2021

Self-employment taxes started at $60 in 1935 😱, with the New regulations it is now up to $21,848 in 2021.
New regulations for 2021 enacted the following taxes:

15.3 percent tax on income of up to $142,800 and a
2.9 percent tax if you earn more than that

If you have a vacation home, your vacation home can become a tax deduction. Identify your maximum business miles, so you deduct the most significant possible percentage of your vehicles. Use allocation methods that make your home-office deductions larger. If you would like help implementing any of the ideas above, please don't hesitate to contact us.

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Spencer Accounting Group, LLC does not provide investment, tax, legal, or retirement advice or recommendations in these blogs. The information presented here is not specific to any individual's personal circumstances.

To the extent that this material concerns tax matters, it is not intended or written to be used, and cannot be used, by a taxpayer for the purpose of avoiding penalties that may be imposed by law. Each taxpayer should seek independent advice from a tax professional based on his or her individual circumstances.

These materials are provided for general information and educational purposes based upon publicly available information from sources believed to be reliable — we cannot assure the accuracy or completeness of these materials. The information in these materials may change at any time and without notice.

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Keana Spencer is an Accountant, Entrepreneur, and Educator to her clients, with a strong passion. Keana has over 10 years of experience and through her practice, she is a source of knowledge and strategies to her clients.

Keana founded this website and decided and created this blog page to offer a space for those seeking knowledge to understand, however not to be confused with advice or planning strategies.

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