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I made 14,500 and filed 1099-misc. can I deduct 12,000 from my income and pay taxes on the remaining 2,500? My fed and state tax bill seems high.

 
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I made 14,500 and filed 1099-misc. can I deduct 12,000 from my income and pay taxes on the remaining 2,500? My fed and state tax bill seems high.

You pay approx 15% self-employment tax on the entire $14,500, and regular income tax on $2,500.

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