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Financial Planning / Tax Strategies


Subject:  Re: Inflating earned income for more FICA credit Date:  6/29/2011  12:33 PM
Author:  ptheland Number:  113611 of 127616

Rather than inflate your income, take a look at the optional method for calculating your self-employment tax. It is provided to deal with just this situation.

It calculates your SE tax based on your gross sales rather than your net income. There are some limitations on this method, so be sure to read through the instructions for Schedule SE.

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