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Tax credits for independent contractors refer to financial incentives provided by government authorities to self-employed individuals and freelancers. These credits are designed to alleviate the tax burden and encourage entrepreneurship. Independent contractors can benefit from various tax credits, such as the Earned Income Tax Credit (EITC), which offers financial assistance based on income and family size. Additionally, the Self-Employment Tax Deduction allows contractors to deduct a portion of their Social Security and Medicare taxes. These tax incentives help independent workers retain more of their earnings and promote economic stability within this vital sector, ultimately fostering growth and innovation in the gig economy. Call us today to learn more about tax credits for independent contractors!