topic My taxes seem high in Business & farm

My taxes seem high

jcarver47 — Sun, 19 Jul 2020 04:42:43 GMT

Hello, I operate my business as a sole prop. My adjusted gross income for 2019 was about 38000. I ended up having to pay a little over 9000 in taxes. Does this seem off? I cant afford to have an account look over the return in full yet, So before i can im just trying to get a good idea if that seems off or not. Thank you to anyone who helps!

Re: My taxes seem high

Anonymous — Sun, 19 Jul 2020 06:41:00 GMT

$9.000 seems a bit high but we can't see your return.

single with a taxable income of about $26,000 (agi less standard deduction) income taxes would be about $3,000. however, with self-employment income (schedule C) of $38,000 the self-employment taxes would be about $5,000 additional. the SE tax is about 14.13% on schedule C net income. Total about $8,000

Re: My taxes seem high

Critter-3 — Sun, 19 Jul 2020 14:13:10 GMT

How do I preview my TurboTax Online return before filing?

You can view your entire return or just your 1040 form before you e-file:

Open or continue your return.
Select Tax Tools in the left menu (if you don't see this, select the menu icon in the upper-left corner).
With the Tax Tools menu open, you can then:
- Select Print Center and then Print, Save, or Preview This Year's Return to preview your entire return, including all forms and worksheets (you may be asked to register or pay first).
- View only your 1040 form by selecting Tools. Next, select View Tax Summary in the pop-up, then Preview my 1040 in the left menu.