You'll need to sign in or create an account to connect with an expert.
Your major tax is your self-employment tax on the profit ($67K) on the business. So your home is reducing the income tax greatly however it cannot reduce the SE Tax.
The only think that will reduce that are a reduction in the net profit of the Sch C - which would be less income and/or more expenses.
Your major tax is your self-employment tax on the profit ($67K) on the business. So your home is reducing the income tax greatly however it cannot reduce the SE Tax.
The only think that will reduce that are a reduction in the net profit of the Sch C - which would be less income and/or more expenses.
Still have questions?
Make a postAsk questions and learn more about your taxes and finances.
romeorunsfast2
New Member
SolidRock258
New Member
firelady242124
New Member
reneecoutyp44@gm
New Member
sheilabrown11-ic
New Member
Did the information on this page answer your question?
You have clicked a link to a site outside of the TurboTax Community. By clicking "Continue", you will leave the Community and be taken to that site instead.