You've taken the step towards working as an independent contractor, or you've decided to start your own business. Congrats! Being an independent worker can be be very fulfilling and exciting. However, one big question is probably bouncing around in your mind—how much money should I set aside for taxes?
It's no surprise that self-employed individuals strive to minimize their taxable income as much as possible. A frequently asked question is whether they can claim the standard deduction while still deducting business expenses.