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File State And Federal Taxes Free

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File State And Federal Taxes Free

File state and federal taxes free Part Six -   Figuring Your Taxes and Credits The eight chapters in this part explain how to figure your tax and how to figure the tax of certain children who have more than $2,000 of unearned income. File state and federal taxes free They also discuss tax credits that, unlike deductions, are subtracted directly from your tax and reduce your tax dollar for dollar. File state and federal taxes free Chapter 36 discusses the earned income credit. File state and federal taxes free Chapter 37 discusses a wide variety of other credits, such as the adoption credit. File state and federal taxes free Table of Contents 30. File state and federal taxes free   How To Figure Your TaxIntroduction Figuring Your Tax Alternative Minimum Tax (AMT) Tax Figured by IRSFiling the Return 31. File state and federal taxes free   Tax on Unearned Income of Certain ChildrenWhat's New Introduction Useful Items - You may want to see: Which Parent's Return To UseParents Who Do Not File a Joint Return Parent's Election To Report Child's Interest and DividendsEffect of Making the Election Figuring Child's Income Figuring Additional Tax Tax for Certain Children Who Have Unearned IncomeProviding Parental Information (Form 8615, lines A–C) Step 1. File state and federal taxes free Figuring the Child's Net Unearned Income (Form 8615, Part I) Step 2. File state and federal taxes free Figuring Tentative Tax at the Parent's Tax Rate (Form 8615, Part II) Step 3. File state and federal taxes free Figuring the Child's Tax (Form 8615, Part III) 32. File state and federal taxes free   Child and Dependent Care CreditReminders Introduction Useful Items - You may want to see: Tests To Claim the CreditQualifying Person Test Earned Income Test Work-Related Expense Test Joint Return Test Provider Identification Test How To Figure the CreditFiguring Total Work-Related Expenses Earned Income Limit Dollar Limit Amount of Credit How To Claim the CreditTax credit not refundable. File state and federal taxes free Employment Taxes for Household Employers 33. File state and federal taxes free   Credit for the Elderly or the DisabledIntroduction Useful Items - You may want to see: Are You Eligible for the Credit?Qualified Individual Income Limits How to Claim the CreditCredit Figured for You Credit Figured by You 34. File state and federal taxes free   Child Tax CreditIntroduction Useful Items - You may want to see: Qualifying Child Amount of CreditLimits on the Credit Claiming the Credit Additional Child Tax Credit Completing Schedule 8812 (Form 1040A or 1040)Part I Parts II–IV 35. File state and federal taxes free   Education CreditsIntroduction Useful Items - You may want to see: Who Can Claim an Education Credit Qualified Education ExpensesNo Double Benefit Allowed Adjustments to Qualified Education Expenses 36. File state and federal taxes free   Earned Income Credit (EIC)What's New Reminders Introduction Useful Items - You may want to see: Do You Qualify for the Credit?If Improper Claim Made in Prior Year Part A. File state and federal taxes free Rules for EveryoneRule 1. File state and federal taxes free Your AGI Must Be Less Than: Rule 2. File state and federal taxes free You Must Have a Valid Social Security Number (SSN) Rule 3. File state and federal taxes free Your Filing Status Cannot Be Married Filing Separately Rule 4. File state and federal taxes free You Must Be a U. File state and federal taxes free S. File state and federal taxes free Citizen or Resident Alien All Year Rule 5. File state and federal taxes free You Cannot File Form 2555 or Form 2555-EZ Rule 6. File state and federal taxes free Your Investment Income Must Be $3,300 or Less Rule 7. File state and federal taxes free You Must Have Earned Income Part B. File state and federal taxes free Rules If You Have a Qualifying ChildRule 8. File state and federal taxes free Your Child Must Meet the Relationship, Age, Residency, and Joint Return Tests Rule 9. File state and federal taxes free Your Qualifying Child Cannot Be Used By More Than One Person To Claim the EIC Rule 10. File state and federal taxes free You Cannot Be a Qualifying Child of Another Taxpayer Part C. File state and federal taxes free Rules If You Do Not Have a Qualifying ChildRule 11. File state and federal taxes free You Must Be at Least Age 25 but Under Age 65 Rule 12. File state and federal taxes free You Cannot Be the Dependent of Another Person Rule 13. File state and federal taxes free You Cannot Be a Qualifying Child of Another Taxpayer Rule 14. File state and federal taxes free You Must Have Lived in the United States More Than Half of the Year Part D. File state and federal taxes free Figuring and Claiming the EICRule 15. File state and federal taxes free Your Earned Income Must Be Less Than: IRS Will Figure the EIC for You How To Figure the EIC Yourself ExamplesExample 1. File state and federal taxes free John and Janet Smith (Form 1040A) Example 2. File state and federal taxes free Kelly Green (Form 1040EZ) 37. File state and federal taxes free   Other CreditsWhat's New Introduction Useful Items - You may want to see: Nonrefundable CreditsAdoption Credit Alternative Motor Vehicle Credit Alternative Fuel Vehicle Refueling Property Credit Credit to Holders of Tax Credit Bonds Foreign Tax Credit Mortgage Interest Credit Nonrefundable Credit for Prior Year Minimum Tax Plug-in Electric Drive Motor Vehicle Credit Residential Energy Credits Retirement Savings Contributions Credit (Saver's Credit) Refundable CreditsCredit for Tax on Undistributed Capital Gain Health Coverage Tax Credit Credit for Excess Social Security Tax or Railroad Retirement Tax Withheld Prev  Up  Next   Home   More Online Publications
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The File State And Federal Taxes Free

File state and federal taxes free 5. File state and federal taxes free   Taxes Table of Contents What's New Introduction Topics - This chapter discusses: Useful Items - You may want to see: When To Deduct Taxes Real Estate TaxesSeparate elections. File state and federal taxes free Making the election. File state and federal taxes free Form 3115. File state and federal taxes free Income TaxesAccrual of contested income taxes. File state and federal taxes free Employment Taxes Other TaxesAdditional Medicare Tax. File state and federal taxes free What's New Additional Medicare Tax. File state and federal taxes free  Beginning in 2013, you must withhold a 0. File state and federal taxes free 9% Additional Medicare Tax from wages you pay to an employee in excess of $200,000 in a calendar year. File state and federal taxes free Also, self-employed individuals may be required to pay Additional Medicare Tax on self-employment income. File state and federal taxes free See Employment Taxes , and Self-employment tax , later. File state and federal taxes free Introduction You can deduct various federal, state, local, and foreign taxes directly attributable to your trade or business as business expenses. File state and federal taxes free You cannot deduct federal income taxes, estate and gift taxes, or state inheritance, legacy, and succession taxes. File state and federal taxes free Topics - This chapter discusses: When to deduct taxes Real estate taxes Income taxes Employment taxes Other taxes Useful Items - You may want to see: Publication 15 (Circular E), Employer's Tax Guide 334 Tax Guide for Small Business 510 Excise Taxes 538 Accounting Periods and Methods 551 Basis of Assets Form (and Instructions) Sch A (Form 1040) Itemized Deductions Sch SE (Form 1040) Self-Employment Tax 3115 Application for Change in Accounting Method 8959 Additional Medicare Tax See chapter 12 for information about getting publications and forms. File state and federal taxes free When To Deduct Taxes Generally, you can only deduct taxes in the year you pay them. File state and federal taxes free This applies whether you use the cash method or an accrual method of accounting. File state and federal taxes free Under an accrual method, you can deduct a tax before you pay it if you meet the exception for recurring items discussed under Economic Performance in Publication 538. File state and federal taxes free You can also elect to ratably accrue real estate taxes as discussed later under Real Estate Taxes . File state and federal taxes free Limit on accrual of taxes. File state and federal taxes free   A taxing jurisdiction can require the use of a date for accruing taxes that is earlier than the date it originally required. File state and federal taxes free However, if you use an accrual method, and can deduct the tax before you pay it, use the original accrual date for the year of change and all future years to determine when you can deduct the tax. File state and federal taxes free Example. File state and federal taxes free Your state imposes a tax on personal property used in a trade or business conducted in the state. File state and federal taxes free This tax is assessed and becomes a lien as of July 1 (accrual date). File state and federal taxes free In 2013, the state changed the assessment and lien dates from July 1, 2014, to December 31, 2013, for property tax year 2014. File state and federal taxes free Use the original accrual date (July 1, 2014) to determine when you can deduct the tax. File state and federal taxes free You must also use the July 1 accrual date for all future years to determine when you can deduct the tax. File state and federal taxes free Uniform capitalization rules. File state and federal taxes free   Uniform capitalization rules apply to certain taxpayers who produce real property or tangible personal property for use in a trade or business or for sale to customers. File state and federal taxes free They also apply to certain taxpayers who acquire property for resale. File state and federal taxes free Under these rules, you either include certain costs in inventory or capitalize certain expenses related to the property, such as taxes. File state and federal taxes free For more information, see chapter 1. File state and federal taxes free Carrying charges. File state and federal taxes free   Carrying charges include taxes you pay to carry or develop real estate or to carry, transport, or install personal property. File state and federal taxes free You can elect to capitalize carrying charges not subject to the uniform capitalization rules if they are otherwise deductible. File state and federal taxes free For more information, see chapter 7. File state and federal taxes free Refunds of taxes. File state and federal taxes free   If you receive a refund for any taxes you deducted in an earlier year, include the refund in income to the extent the deduction reduced your federal income tax in the earlier year. File state and federal taxes free For more information, see Recovery of amount deducted (tax benefit rule) in chapter 1. File state and federal taxes free    You must include in income any interest you receive on tax refunds. File state and federal taxes free Real Estate Taxes Deductible real estate taxes are any state, local, or foreign taxes on real estate levied for the general public welfare. File state and federal taxes free The taxing authority must base the taxes on the assessed value of the real estate and charge them uniformly against all property under its jurisdiction. File state and federal taxes free Deductible real estate taxes generally do not include taxes charged for local benefits and improvements that increase the value of the property. File state and federal taxes free See Taxes for local benefits , later. File state and federal taxes free If you use an accrual method, you generally cannot accrue real estate taxes until you pay them to the government authority. File state and federal taxes free However, you can elect to ratably accrue the taxes during the year. File state and federal taxes free See Electing to ratably accrue , later. File state and federal taxes free Taxes for local benefits. File state and federal taxes free   Generally, you cannot deduct taxes charged for local benefits and improvements that tend to increase the value of your property. File state and federal taxes free These include assessments for streets, sidewalks, water mains, sewer lines, and public parking facilities. File state and federal taxes free You should increase the basis of your property by the amount of the assessment. File state and federal taxes free   You can deduct taxes for these local benefits only if the taxes are for maintenance, repairs, or interest charges related to those benefits. File state and federal taxes free If part of the tax is for maintenance, repairs, or interest, you must be able to show how much of the tax is for these expenses to claim a deduction for that part of the tax. File state and federal taxes free Example. File state and federal taxes free To improve downtown commercial business, Waterfront City converted a downtown business area street into an enclosed pedestrian mall. File state and federal taxes free The city assessed the full cost of construction, financed with 10-year bonds, against the affected properties. File state and federal taxes free The city is paying the principal and interest with the annual payments made by the property owners. File state and federal taxes free The assessments for construction costs are not deductible as taxes or as business expenses, but are depreciable capital expenses. File state and federal taxes free The part of the payments used to pay the interest charges on the bonds is deductible as taxes. File state and federal taxes free Charges for services. File state and federal taxes free   Water bills, sewerage, and other service charges assessed against your business property are not real estate taxes, but are deductible as business expenses. File state and federal taxes free Purchase or sale of real estate. File state and federal taxes free   If real estate is sold, the real estate taxes must be allocated between the buyer and the seller. File state and federal taxes free   The buyer and seller must allocate the real estate taxes according to the number of days in the real property tax year (the period to which the tax imposed relates) that each owned the property. File state and federal taxes free Treat the seller as paying the taxes up to but not including the date of sale. File state and federal taxes free Treat the buyer as paying the taxes beginning with the date of sale. File state and federal taxes free You can usually find this information on the settlement statement you received at closing. File state and federal taxes free   If you (the seller) use an accrual method and have not elected to ratably accrue real estate taxes, you are considered to have accrued your part of the tax on the date you sell the property. File state and federal taxes free Example. File state and federal taxes free Alberto Verde, a calendar year accrual method taxpayer, owns real estate in Olmo County. File state and federal taxes free He has not elected to ratably accrue property taxes. File state and federal taxes free November 30 of each year is the assessment and lien date for the current real property tax year, which is the calendar year. File state and federal taxes free He sold the property on June 30, 2013. File state and federal taxes free Under his accounting method he would not be able to claim a deduction for the taxes because the sale occurred before November 30. File state and federal taxes free He is treated as having accrued his part of the tax, 181/366  (January 1–June 29), on June 30, and he can deduct it for 2013. File state and federal taxes free Electing to ratably accrue. File state and federal taxes free   If you use an accrual method, you can elect to accrue real estate tax related to a definite period ratably over that period. File state and federal taxes free Example. File state and federal taxes free Juan Sanchez is a calendar year taxpayer who uses an accrual method. File state and federal taxes free His real estate taxes for the real property tax year, July 1, 2013, to June 30, 2014, are $1,200. File state and federal taxes free July 1 is the assessment and lien date. File state and federal taxes free If Juan elects to ratably accrue the taxes, $600 will accrue in 2013 ($1,200 × 6/12, July 1–December 31) and the balance will accrue in 2014. File state and federal taxes free Separate elections. File state and federal taxes free   You can elect to ratably accrue the taxes for each separate trade or business and for nonbusiness activities if you account for them separately. File state and federal taxes free Once you elect to ratably accrue real estate taxes, you must use that method unless you get permission from the IRS to change. File state and federal taxes free See Form 3115 , later. File state and federal taxes free Making the election. File state and federal taxes free   If you elect to ratably accrue the taxes for the first year in which you incur real estate taxes, attach a statement to your income tax return for that year. File state and federal taxes free The statement should show all the following items. File state and federal taxes free The trades or businesses to which the election applies and the accounting method or methods used. File state and federal taxes free The period to which the taxes relate. File state and federal taxes free The computation of the real estate tax deduction for that first year. File state and federal taxes free   Generally, you must file your return by the due date (including extensions). File state and federal taxes free However, if you timely filed your return for the year without electing to ratably accrue, you can still make the election by filing an amended return within 6 months after the due date of the return (excluding extensions). File state and federal taxes free Attach the statement to the amended return and write “Filed pursuant to section 301. File state and federal taxes free 9100-2” on the statement. File state and federal taxes free File the amended return at the same address where you filed the original return. File state and federal taxes free Form 3115. File state and federal taxes free    If you elect to ratably accrue real estate taxes for a year after the first year in which you incur real estate taxes, or if you want to revoke your election to ratably accrue real estate taxes, file Form 3115. File state and federal taxes free For more information, including applicable time frames for filing, see the Instructions for Form 3115. File state and federal taxes free Note. File state and federal taxes free If you are filing an application for a change in accounting method filed after January 9, 2011, for a year of change ending after April 29, 2010, see Revenue Procedure 2011-14, 2011-4 I. File state and federal taxes free R. File state and federal taxes free B. File state and federal taxes free 330, as modified and clarified by Revenue Procedure 2012-19, 2012-14 I. File state and federal taxes free R. File state and federal taxes free B. File state and federal taxes free 689, and Revenue Procedure 2012-20, 2012-14 I. File state and federal taxes free R. File state and federal taxes free B. File state and federal taxes free 700, or any successor. File state and federal taxes free Revenue Procedure 2011-14 is available at  www. File state and federal taxes free irs. File state and federal taxes free gov/irb/2011-04IRB/ar08. File state and federal taxes free html. File state and federal taxes free Income Taxes This section discusses federal, state, local, and foreign income taxes. File state and federal taxes free Federal income taxes. File state and federal taxes free   You cannot deduct federal income taxes. File state and federal taxes free State and local income taxes. File state and federal taxes free   A corporation or partnership can deduct state and local income taxes imposed on the corporation or partnership as business expenses. File state and federal taxes free An individual can deduct state and local income taxes only as an itemized deduction on Schedule A (Form 1040). File state and federal taxes free   However, an individual can deduct a state tax on gross income (as distinguished from net income) directly attributable to a trade or business as a business expense. File state and federal taxes free Accrual of contested income taxes. File state and federal taxes free   If you use an accrual method, and you contest a state or local income tax liability, you must accrue and deduct any contested amount in the tax year in which the liability is finally determined. File state and federal taxes free   If additional state or local income taxes for a prior year are assessed in a later year, you can deduct the taxes in the year in which they were originally imposed (the prior year) if the tax liability is not contested. File state and federal taxes free You cannot deduct them in the year in which the liability is finally determined. File state and federal taxes free    The filing of an income tax return is not considered a contest and, in the absence of an overt act of protest, you can deduct the tax in the prior year. File state and federal taxes free Also, you can deduct any additional taxes in the prior year if you do not show some affirmative evidence of denial of the liability. File state and federal taxes free   However, if you consistently deduct additional assessments in the year they are paid or finally determined (including those for which there was no contest), you must continue to do so. File state and federal taxes free You cannot take a deduction in the earlier year unless you receive permission to change your method of accounting. File state and federal taxes free For more information on accounting methods, see When Can I Deduct an Expense in chapter 1. File state and federal taxes free Foreign income taxes. File state and federal taxes free   Generally, you can take either a deduction or a credit for income taxes imposed on you by a foreign country or a U. File state and federal taxes free S. File state and federal taxes free possession. File state and federal taxes free However, an individual cannot take a deduction or credit for foreign income taxes paid on income that is exempt from U. File state and federal taxes free S. File state and federal taxes free tax under the foreign earned income exclusion or the foreign housing exclusion. File state and federal taxes free For information on these exclusions, see Publication 54, Tax Guide for U. File state and federal taxes free S. File state and federal taxes free Citizens and Resident Aliens Abroad. File state and federal taxes free For information on the foreign tax credit, see Publication 514, Foreign Tax Credit for Individuals. File state and federal taxes free Employment Taxes If you have employees, you must withhold various taxes from your employees' pay. File state and federal taxes free Most employers must withhold their employees' share of social security, Medicare taxes, and Additional Medicare Tax (if applicable) along with state and federal income taxes. File state and federal taxes free You may also need to pay certain employment taxes from your own funds. File state and federal taxes free These include your share of social security and Medicare taxes as an employer, along with unemployment taxes. File state and federal taxes free Note. File state and federal taxes free Additional Medicare Tax is only imposed on the employee. File state and federal taxes free There is no employer share of Additional Medicare Tax. File state and federal taxes free Your deduction for wages paid is not reduced by the social security and Medicare taxes, Additional Medicare Tax, and income taxes you withhold from your employees. File state and federal taxes free You can deduct the employment taxes you must pay from your own funds as taxes. File state and federal taxes free Example. File state and federal taxes free You pay your employee $18,000 a year. File state and federal taxes free However, after you withhold various taxes, your employee receives $14,500. File state and federal taxes free You also pay an additional $1,500 in employment taxes. File state and federal taxes free You should deduct the full $18,000 as wages. File state and federal taxes free You can deduct the $1,500 you pay from your own funds as taxes. File state and federal taxes free For more information on employment taxes, see Publication 15 (Circular E). File state and federal taxes free Unemployment fund taxes. File state and federal taxes free   As an employer, you may have to make payments to a state unemployment compensation fund or to a state disability benefit fund. File state and federal taxes free Deduct these payments as taxes. File state and federal taxes free Other Taxes The following are other taxes you can deduct if you incur them in the ordinary course of your trade or business. File state and federal taxes free Excise taxes. File state and federal taxes free   Generally, you can deduct as a business expense all excise taxes that are ordinary and necessary expenses of carrying on your trade or business. File state and federal taxes free However, see Fuel taxes , later. File state and federal taxes free   For more information on excise taxes, see Publication 510. File state and federal taxes free Franchise taxes. File state and federal taxes free   You can deduct corporate franchise taxes as a business expense. File state and federal taxes free Fuel taxes. File state and federal taxes free   Generally, taxes on gasoline, diesel fuel, and other motor fuels that you use in your business are included as part of the cost of the fuel. File state and federal taxes free Do not deduct these taxes as a separate item. File state and federal taxes free   You may be entitled to a credit or refund for federal excise tax you paid on fuels used for certain purposes. File state and federal taxes free For more information, see Publication 510. File state and federal taxes free Occupational taxes. File state and federal taxes free   You can deduct as a business expense an occupational tax charged at a flat rate by a locality for the privilege of working or conducting a business in the locality. File state and federal taxes free Personal property tax. File state and federal taxes free   You can deduct any tax imposed by a state or local government on personal property used in your trade or business. File state and federal taxes free Sales tax. File state and federal taxes free   Treat any sales tax you pay on a service or on the purchase or use of property as part of the cost of the service or property. File state and federal taxes free If the service or the cost or use of the property is a deductible business expense, you can deduct the tax as part of that service or cost. File state and federal taxes free If the property is merchandise bought for resale, the sales tax is part of the cost of the merchandise. File state and federal taxes free If the property is depreciable, add the sales tax to the basis for depreciation. File state and federal taxes free For more information on basis, see Publication 551. File state and federal taxes free    Do not deduct state and local sales taxes imposed on the buyer that you must collect and pay over to the state or local government. File state and federal taxes free Also, do not include these taxes in gross receipts or sales. File state and federal taxes free Self-employment tax. File state and federal taxes free   You can deduct part of your self-employment tax as a business expense in figuring your adjusted gross income. File state and federal taxes free This deduction only affects your income tax. File state and federal taxes free It does not affect your net earnings from self-employment or your self-employment tax. File state and federal taxes free   To deduct the tax, enter on Form 1040, line 27, the amount shown on the Deduction for one-half of self-employment tax line of Schedule SE (Form 1040). File state and federal taxes free   For more information on self-employment tax, see Publication 334. File state and federal taxes free Additional Medicare Tax. File state and federal taxes free   Beginning in 2013, you may be required to pay Additional Medicare Tax on self-employment income. File state and federal taxes free See Form 8959 and the Instructions for Form 8959 for more information on the Additional Medicare Tax. 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