
Ask HN: Trump Tax Plan Effect on Sole Proprietors / 1099 - larrykubin
Under the new tax plan, I was reading that there will be a 20% deduction on net income for &quot;pass through entities&quot;.  As freelancers&#x2F;contractors who are paid for app development services, does that mean we get a big tax break?  For instance, does a Sole Proprietor (pass through entity) who uses their SSN and is a 1099 contractor that nets 100K&#x2F;year now only need to pay taxes on 80K?<p>Source: https:&#x2F;&#x2F;mic.com&#x2F;articles&#x2F;186972&#x2F;the-gop-tax-bill-could-create-a-nation-of-freelancers
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techjuice
Best to ask a CPA as there could be other instances that affect what you will
need to do on your 2018 tax returns (e.g. you take a salary or not from the
business and other things that may occur (you end up going over $157,000/year
or you are married)).