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lml09e
New Member

1099 deductions

I listed two deductions for 2016 (phone bill, and mileage) that came out to about $600.00. Why is that amount not deducted from the $1420.00 I owe? I only made around $15,000 in 2016, and paying $1400.00 is difficult for me to do.
1 Reply

1099 deductions

Sorry but business expenses are not a $ for $ reduction of taxes owe (those are called credits) ... what the expenses did was reduce your taxable income by that amount.  Review the Sch C & the form 1040 to see what happened to those entries. 

$600 x ( 10% + 15%) = $150 reduction in taxes

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