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The myth of self-employment tax credit has led to confusion among entrepreneurs and freelancers. Despite the widespread misinformation, there is no specific credit for self-employment taxes in the US tax code. However, self-employed individuals can benefit from deductions and credits available to reduce their overall tax liability? For instance, the qualified business income deduction (QBID) allows qualifying self-employed individuals to deduct up to 20% of their business income from their taxable income.
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The myth of self-employment tax credit has led to confusion among entrepreneurs and freelancers. Despite the widespread misinformation, there is no specific credit for self-employment taxes in the US tax code. However, self-employed individuals can benefit from deductions and credits available to reduce their overall tax liability? For instance, the qualified business income deduction (QBID) allows qualifying self-employed individuals to deduct up to 20% of their business income from their taxable income.

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