Why is my refund going down when I am adding Busin...
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don63
New Member

Why is my refund going down when I am adding Business expense tax deductions? Refund is in green that is refund right?

 
2 Replies
VolvoGirl
Level 15

Why is my refund going down when I am adding Business expense tax deductions? Refund is in green that is refund right?

One reason, By increasing your deductions and expenses it will decease your income and you may not be getting as many credits as before like the EIC credit. You can't go by the refund monitor until you have entered everything in. Also after you reduce your income to zero there is no more refund to get back. But even though your taxable income goes down and you owe less income tax on it, you still owe SE Self Employment tax if you have a Net Profit.

don63
New Member

Why is my refund going down when I am adding Business expense tax deductions? Refund is in green that is refund right?

That makes sense. Thank you!

 

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