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A couple of federal personal tax credits were available for the installation of certain energy efficient or clean energy property in your home. Under the One Big Beautiful Bill Act (OBBBA), these credits have expired for any property placed in service after December 31, 2025.
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If you are self-employed, you generally must file a Schedule SE, Form 1040, and pay an additional tax on your self-employment income. The federal government uses this tax to fund Social Security and Medicare benefits. The self-employment tax rate on net earnings is 15.3%, with 12.4% of this rate for Social Security and 2.9% for Medicare. The maximum amount subject to the Social Security portion of the tax rate is currently $184,500 (in 2026 up from $178,100 in 2025). All net earnings of at least $400 are subject to the Medicare portion of the tax rate.
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Find out how rising rates can affect you as a consumer and investor.
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