self employed deduction vs standard deduction
Self Employed Deductions: There are several above-the-line deductions for the self-employed. The first is a deduction for any self-employment tax you paid throughout the year. Just enter your self-employment income on your 1040.com return, and we'll take care of the math for your deduction.You'll probably need either the Schedule C or Schedule SE screen â but don't double enter the income.he first is a deduction for any self-employment tax you paid throughout the year. Just enter your self-employment income on your 1040.com return, and we'll take care of the math for your deduction. You'll probably need either the Schedule C or Schedule SE screen â but don't double enter the income.
The standard deduction is a set amount based on your filing status â married filing jointly, single, head of household and so on. For the 2014 tax year, that's $6,200 for single or separate filers, $12,400 for married filers, and $9,100 for head of household filers.ther than above-the-line deductions covered above, the rest are tax breaks you can only take if you itemize. In effect, by itemizing you're foregoing the standard deduction (you canât get both), and opting to take the specific deductions you list on your tax return. Some of the more common itemized deductions include: