List Tax Deductions Self Employed
March 7th, 2009Question: Self Employment tax- am i crazy?
My huz is a self employed musician, and I’m self employed artist so we’ve paid no taxes (federal) for 2007. If our AGI is less than standard deduction can is be correct that they’re saying I should pay $1055? On turbotax it is listed as “other taxes”….
thanks!
ps- thanks! I’m ok w paying money- i like driving on roads, etc- but what purpose does standard deduction serve? Thought it was below a certain income you didn’t pay tax…? Or is SE tax calculated after and so still counts?
Answer: Have you gone through and finished the rest of you tax info within Turbo Tax?? You could still have certain deductions that are going to reduce that amount for you.
If you haven’t finished going through the rest of the info on Turbo Tax I suggest you do so, then you will know for sure what exactly is being done.
Good Luck! Hopefully that helps a little bit??
Oh and in regards to paying more than someone who works for someone else… I suppose that would be considered in the eye of the beholder because as a self-employed business owner you do get many tax advantages over those that are employees. There are like 25 different deductions to the self-employed, where as the employees have like 3-6??
Definitely double check your available deductions if you haven’t already done so.
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