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Level 2
June 1, 2019
Question

Why did our tax due amount increase singifcantly after reporting income on a 1099-MISC?

  • June 1, 2019
  • 4 replies
  • 10 views
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4 replies

Alumni - Champ
June 1, 2019

Was it for work performed? You owe approx. 15% self-employment tax, as well as regular income taxes, on that 1099-MISC.

And any increase in income can lower some deductions (such as Medical) and credits (such as EIC).

Level 2
June 1, 2019
Even if it's just a payment for board of directors?