Self Employed taxes
If I understand correctly, a person operating as self employed is basically getting taxed twice, once at the regular tax rate and then additionally at the 15.3% self employed tax rate. As a result, my current tax form is showing I need to pay about 1/3 of my net income in taxes, which is crazy.
My question is, what set-up could I do regarding how I operate to avoid getting double taxed? e.g. maybe I should set up as a company, etc.
Thank you for your help with this.