04/10/2026
Fun Fact Friday! Did you know?!
If you’re self-employed, you pay BOTH the employer and employee portions of Social Security and Medicare taxes (called self-employment tax).
But here’s the good news: the IRS lets you deduct the employer-equivalent half of that tax as an above-the-line deduction—meaning it directly reduces your taxable income.
It’s designed to level the playing field with traditional employees, and it’s one of the most overlooked tax breaks for freelancers and small business owners.