when we talking about business, elaborate how taxes affect when conducting a business, depending on the business what type of deduction are we allow to take? create an scenario of your dream business, now that you understand self-employment. detail how much will be your gross, $000.00 and your Expenses $000.00

after acquiring your net earnings, find:

1 self-employment tax , found on tax form Schedule 2 part 2

2 Deductible part of self-employment tax. line 14 of schedule 1

3 Qualifying income deduction 20% base on Net. 1040 form line 10