Individual Income Tax Filing: Statutory Adjustments: Deduction for Self-Employment Tax
This dataset tracks individual income tax filing: statutory adjustments: deduction for self-employment tax over time.
Latest Value
29865683.00
Year-over-Year Change
41.48%
Date Range
1/1/1999 - 1/1/2016
Summary
The 'Individual Income Tax Filing: Statutory Adjustments: Deduction for Self-Employment Tax' measures the total deductions claimed for self-employment tax by individual income tax filers. This is an important indicator of small business activity and tax compliance.
Analysis & Context
This economic indicator provides valuable insights into current market conditions and economic trends. The data is updated regularly by the Federal Reserve and represents one of the most reliable sources for economic analysis.
Understanding this metric helps economists, policymakers, and investors make informed decisions about economic conditions and future trends. The interactive chart above allows you to explore historical patterns and identify key trends over time.
About This Dataset
This economic series tracks the total dollar amount of deductions claimed on individual income tax returns for the self-employment tax paid by self-employed individuals. It provides insight into the scale of small business and entrepreneurial activity in the U.S. economy.
Methodology
The data is collected from individual income tax returns filed with the Internal Revenue Service.
Historical Context
Policymakers and economists monitor this trend to assess the health of the small business sector and tax compliance.
Key Facts
- The deduction offsets self-employment tax paid by self-employed individuals.
- The total value of this deduction was $79.4 billion in 2020.
- This deduction is claimed on over 19 million individual income tax returns annually.
FAQs
Q: What does this economic trend measure?
A: This series tracks the total dollar amount of deductions claimed on individual income tax returns for the self-employment tax paid by self-employed individuals.
Q: Why is this trend relevant for users or analysts?
A: It provides insight into the scale of small business and entrepreneurial activity in the U.S. economy, which is important for policymakers and economists.
Q: How is this data collected or calculated?
A: The data is collected from individual income tax returns filed with the Internal Revenue Service.
Q: How is this trend used in economic policy?
A: Policymakers and economists monitor this trend to assess the health of the small business sector and tax compliance.
Q: Are there update delays or limitations?
A: The data is released annually with a lag, and may not capture all self-employment tax deductions.
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Citation
U.S. Federal Reserve, Individual Income Tax Filing: Statutory Adjustments: Deduction for Self-Employment Tax (DDSETA), retrieved from FRED.