Anyway to Reduce Self Employment Tax and Other Taxes, as a Self Employed Person? entrepreneur how earn by blogging blog

I am self employed with my own business, that just consists of myself. I have a sole proprietor LLC.

I am always disheartened by how much taxes I have to pay every year. Self employment tax is big, but I also live in NYC and the taxes here are very high.

So far, the only way I know how to reduce my taxes, is to charge as much to my business bank account as possible. Of course I do this in a legal manner. And I've recently learned about a SEP IRA, which reduces federal taxes, but not self employment tax. And I am unclear about how the money in the SEP IRA is taxed, once I hit 60 years old or whatever, and can withdraw the money. Maybe it will be taxed a lot?

I also have a Roth IRA, which is great, but you can only contribute $5500, and I believe it only reduces taxes when I withdraw when Im older.

Please let me know if there are any other ways to reduce self employment tax, and taxes in general, as being self employed is very tough tax wise!

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