If I make the same amount as last year between my social security and my extra work I do from home, why am I still paying the same tax with a $13,600 deduction?
I am self employed and work from home. $24,274 from Social Security and $10,150 from business income and $2,098 from small pension. Almost same as last year. Why am I paying basically same tax as last year when my personal deduction is now $13,600?
If I make the same amount as last year between my social security and my extra work I do from home, why am I still paying the same tax with a $13,600 deduction?
Many taxpayers are seeing unexpected results when preparing their tax returns due to changes in the tax law implemented by Tax Cuts and Jobs Act (TCJA). Please see the following IRS link outlining the changes. https://www.irs.gov/tax-reform
If I make the same amount as last year between my social security and my extra work I do from home, why am I still paying the same tax with a $13,600 deduction?
Many taxpayers are seeing unexpected results when preparing their tax returns due to changes in the tax law implemented by Tax Cuts and Jobs Act (TCJA). Please see the following IRS link outlining the changes. https://www.irs.gov/tax-reform
If I make the same amount as last year between my social security and my extra work I do from home, why am I still paying the same tax with a $13,600 deduction?
Sorry JulieR. This is over my head. I'm 76 and get social security, a small pension and still have to work. Do I add my social security, pension and work income together to get my total income? Where does the !3,600 deduction come in to play?
If I make the same amount as last year between my social security and my extra work I do from home, why am I still paying the same tax with a $13,600 deduction?
You'll enter all your income in the return. The program will calculate the percentage of your Social Security benefits are taxable. The $13,600 you refer to is the Standard Deduction which reduces your taxable income.
