Tax Tips for New York State and New York City Freelancers and Self ... 2025

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The self-employment tax rate is 15.3%. The rate consists of two parts: 12.4% for social security (old-age, survivors, and disability insurance) and 2.9% for Medicare (hospital insurance).
Below are several methods to help reduce your tax burden, from residency considerations to income and deductions. Establish Residency Outside of NYC. Work Outside of NYC. Claim Nonresident Status if Eligible. Take Advantage of Tax Credits and Deductions. Move to a State Without Income Tax.
As a self-employed individual, generally you are required to file an annual income tax return and pay estimated taxes quarterly. Self-employed individuals generally must pay self-employment (SE) tax as well as income tax. SE tax is a Social Security and Medicare tax primarily for individuals who work for themselves.
Freelancing certainly has its benefits, but it can result in a few complications come tax time. The Internal Revenue Service considers freelancers to be self-employed, so if you earn income as a freelancer you must file your taxes as a business owner.
Anyone who is self employed is considered both the employer and the employee, meaning thet New York self employment tax must be paid. That amount is 15.3%, comprising 12.4% for Social Security, old-age, survivors, and disability insurance, and 2.9% for Medicare or hospital insurance.
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You can deduct half of your self-employment tax on your income taxes. For instance, if your Schedule SE shows a $2,000 self-employment tax obligation for the year, youll need to pay that amount when its due during the year. However, come tax time, you can claim a $1,000 deduction on your 1040.
Even if youre self-employed, you still have to pay federal income tax like those who work traditional jobs. The self-employed tax rate is 15.3%, including Social Security and Medicare taxes, since theyre not withheld by your employer.
Paying a tax professional is all well and good, but if youre self-employed and looking to save, DIYing your taxes or using paid tax software like TaxAct might be your best and cheapest filing option, especially if youve got minimal expenses.

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