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tat127
New Member

When i enter my share driving income on the tax return at the end come out with some 4000 extra on the total amount that i dont know where they come from?

 
3 Replies
VolvoGirl
Level 15

When i enter my share driving income on the tax return at the end come out with some 4000 extra on the total amount that i dont know where they come from?

4,000 extra tax due or refund?  How much is your Net Profit?

 

Self Employment tax (Scheduled SE) is automatically generated if a person has $400 or more of net profit from self-employment.  You pay 15.3% SE tax on 92.35% of your Net Profit greater than $400.  The 15.3% self employed SE Tax is to pay both the employer part and employee part of Social Security and Medicare.  The SE tax is in addition to your regular income tax on the net profit. 

Lisa995
Level 12

When i enter my share driving income on the tax return at the end come out with some 4000 extra on the total amount that i dont know where they come from?

Extra on the total amount of what?  

♪♫•*¨*•.¸¸♥Lisa♥ ¸¸.•*¨*•♫♪
Critter
Level 15

When i enter my share driving income on the tax return at the end come out with some 4000 extra on the total amount that i dont know where they come from?

May I highly recommend you review the ACTUAL tax forms to see what is happening on the return ... and to complete a Sch C you must use the Self Employed version of the Online program.  Upgrading to the LIVE assistance may also be wise  and  the program will not be fully operational until sometime in January or early February depending on what forms you need to use.  

 

How do I preview my TurboTax Online return before filing?

You can view your entire return or just your 1040 form before you e-file:

  1. Open or continue your return.
  2. Select Tax Tools in the left menu (if you don't see this, select the menu icon in the upper-left corner).
  3. With the Tax Tools menu open, you can then:
    • Select Print Center and then Print, Save, or Preview This Year's Return to preview your entire return, including all forms and worksheets (you may be asked to register or pay first).
    • View only your 1040 form by selecting Tools. Next, select View Tax Summary in the pop-up, then Preview my 1040 in the left menu.

Related Information:

 

If you are new to being self employed, are not incorporated or in a partnership  and  are acting as your own bookkeeper and tax preparer you need to get educated ....  

If you have net self employment income of $400 or more you have to file a schedule C in your personal 1040 return for self employment business income. You may get a 1099-Misc for some of your income but you need to report all your income.  So you need to keep your own good records. Here is some reading material……

IRS information on Self Employment….
http://www.irs.gov/Businesses/Small-Businesses-&-Self-Employed/Self-Employed-Individuals-Tax-Center 

Publication 334, Tax Guide for Small Business
http://www.irs.gov/pub/irs-pdf/p334.pdf 

Publication 535 Business Expenses
http://www.irs.gov/pub/irs-pdf/p535.pdf 

 

Home Office Expenses … Business Use of the Home

https://www.irs.gov/businesses/small-businesses-self-employed/home-office-deduction

https://www.irs.gov/pub/irs-pdf/p587.pdf

               

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