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Employee

Are my tax rates lower because of Tax Reform?

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.