The self-employed can deduct certain expenses from their taxable income, including the costs of running the business, half of their Medicare and Social Security taxes, and health insurance premiums.92 Benefits and Drawbacks of Being a Freelancer The benefits of being a freelancer include having the...
(These benefits are discussed in more detail in the Retirement Benefit Plans section of this publication.) Other aspects of Social Security deal with survivor, dependent and disability benefits, Medicare, Supplemental Security Income and Medicaid....