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Get your taxes done using TurboTax
Ok where are you seeing Business taxes? If you have a Net Profit on Schedule C you pay self employment tax on it. But that is included in the total refund or tax due on your return.
The SE tax is already included in your tax due or reduced your refund. It is on the 1040 Schedule 2 line 4 which goes to 1040 line 15. The SE tax is in addition to your regular income tax on the net profit. You do get to take off the 50% ER portion of the SE tax as an adjustment on 1040 Schedule 1 line 14 which flows to 1040 line 8a. Turbo Tax automatically calculates the SE Tax and Adjustment.
‎January 5, 2021
11:36 AM