1099 deductions

lml09e — Tue, 04 Jun 2019 20:18:29 GMT

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.

Sorry but business expenses are not a $ for $ reduction o...

Critter — Tue, 04 Jun 2019 20:18:31 GMT

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

topic 1099 deductions in Retirement tax questions

1099 deductions

Sorry but business expenses are not a $ for $ reduction o...