2018 Tax Plan is Helping Freelancers

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January 29, 2018

freelancers get tax boost in 2018

Freelancers are getting a big help from the new tax plan's pass-through deduction.

You may not realize you are doing this as a freelancer, but you are.  If you end up claiming the revenue your LLC or S-Corp makes as your income and use itemized deductions to lower your taxes owned then you are participating in the pass-through deduction.

This pass-through provision will allow you / freelancers to deduct 20% of your revenue from your taxable income.

With the new law it has loosened restrictions so that not only the rich will benefit. You will get a nice savings as well.

This deduction, paired with new, lower tax rates means most freelancers will pay less in federal taxes in 2018 than they would have under the former tax code.

Read More here for more details: https://www.forbes.com/sites/kellyphillipserb/2018/01/18/what-the-tax-deduction-for-pass-through-businesses-looks-like-in-chart-form/#64dbe3994a0f

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