I would like to pay my social security and medicare taxes on my income but with all my deductions the business has, the schedule C, makes my over profit at a near loss or under $400 of profit. Can I enter a higher income amount in the Other SE NonFarm Profit (Loss) field in TurboTax and pay the taxes? It lets me enter the information and calculates it for me but I wasn't sure if I can do this. The SSA says "Even if you don’t owe any income tax, you must complete Form 1040 and Schedule SE to pay self-employment Social Security tax. "
But the IRS says "You meet this requirement if your actual net earnings from self-employment were $400 or more in 2 of the 3 years before the year you use the nonfarm optional method. I didn't select to use the optional method when it asked me in TurboTax but is what I am doing above considered this optional method?? What if its your first year in business?
