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Employee

Yes. The Individual Tax Rates are lower beginning in 2018. And because the overall federal income tax rates were lowered for the majority of taxpayers, self-employed people will see a further reduction in tax rates when the “up-to-20%” deduction of qualified business income is considered. When you lower your taxable income and then apply the “20%” rule, you’re paying less because your total taxable income is lower, not just your self-employed taxable income.