Tax

Have a tax question? Ask a tax Expert

Ask an Expert,
Get an Answer ASAP!

I'm self employed and just got my tax returns done.

Customer Question
I'm self employed and just...
I'm self employed and just got my tax returns done for 2015. Business wasn't good that year for me, I only worked 8 months. I grossed $78,000 on the 1099 and I had around 48,000 for expenses, leaving me a net of $30,000. I didn't file quarterly taxes, which I'm supposed to but I owe the IRS $7,149.00. Does this amount sound about right? It looks like I owe too much for such a small gross amount I made for the year. Is there any way I can owe less and still clear $30,000?
Submitted: 2 years ago.Category: Tax
Show More
Show Less
Ask Your Own Tax Question
Answered in 11 minutes by:
3/3/2016
Tax Professional: Tax.appeal.168, Tax Accountant replied 2 years ago
Tax.appeal.168
Tax.appeal.168, Tax Accountant
Category: Tax
Satisfied Customers: 4,790
Experience: 3+ decades of varied tax industry exp. Tax Biz owner
Verified

No, that amount sounds about right. I think you are overlooking the self-employment portion of taxes. As a self-employed individual, you are responsible for paying self employment tax, as well as be taxed on your regular income. Generally, the amount subject to self-employment tax is 92.35% of your net earnings from self-employment. If your filing status is single, you are in the 25% tax bracket. Refer to the following links for tax brackets.

As for owing less, you would have to increase your tax deductions or claim credits that are applicable to you. Legitimately, there is not a way to owe less unless you have the deductions.

Let me know if I can be of further assistance to you regarding this matter. If all is clear, a positive rating of 3 or more stars is appreciated so that I can receive credit for assisting you.

http://www.forbes.com/sites/kellyphillipserb/2014/10/30/irs-announces-2015-tax-brackets-standard-deduction-amounts-and-more/#5657ef306f71

Ask Your Own Tax Question
Tax Professional: Tax.appeal.168, Tax Accountant replied 2 years ago

On a different note, I just noticed your username. I actually have the 45 RPM vinyl record by Falco. I love that song. I just have to mention that to you.

Ask Your Own Tax Question
Was this answer helpful?

How JustAnswer works

step-image
Describe your issueThe assistant will guide you
step-image
Chat 1:1 with a tax professionalLicensed Experts are available 24/7
step-image
100% satisfaction guaranteeGet all the answers you need
Ask Tax.appeal.168 Your Own Question
Tax.appeal.168
Tax.appeal.168
Tax.appeal.168, Tax Accountant
Category: Tax
Satisfied Customers: 4,790
4,790 Satisfied Customers
Experience: 3+ decades of varied tax industry exp. Tax Biz owner

Tax.appeal.168 is online now

A new question is answered every 9 seconds

How JustAnswer works:

  • Ask an ExpertExperts are full of valuable knowledge and are ready to help with any question. Credentials confirmed by a Fortune 500 verification firm.
  • Get a Professional AnswerVia email, text message, or notification as you wait on our site. Ask follow up questions if you need to.
  • 100% Satisfaction GuaranteeRate the answer you receive.

JustAnswer in the News:

Ask-a-doc Web sites: If you've got a quick question, you can try to get an answer from sites that say they have various specialists on hand to give quick answers... Justanswer.com.
JustAnswer.com...has seen a spike since October in legal questions from readers about layoffs, unemployment and severance.
Web sites like justanswer.com/legal
...leave nothing to chance.
Traffic on JustAnswer rose 14 percent...and had nearly 400,000 page views in 30 days...inquiries related to stress, high blood pressure, drinking and heart pain jumped 33 percent.
Tory Johnson, GMA Workplace Contributor, discusses work-from-home jobs, such as JustAnswer in which verified Experts answer people’s questions.
I will tell you that...the things you have to go through to be an Expert are quite rigorous.

What Customers are Saying:

I really was impressed with the prompt response. Your expert was not only a tax expert, but a people expert!!! Her genuine and caring attitude came across in her response...

T.G.WMatteson, IL

I WON!!! I just wanted you to know that your original answer gave me the courage and confidence to go into yesterday's audit ready to fight.

BonnieChesnee, SC

Great service. Answered my complex tax question in detail and provided a lot of additional useful information for my specific situation.

JohnMinneapolis, MN

Excellent information, very quick reply. The experts really take the time to address your questions, it is well worth the fee, for the peace of mind they can provide you with.

OrvilleHesperia, California

Wonderful service, prompt, efficient, and accurate. Couldn't have asked for more. I cannot thank you enough for your help.

Mary C.Freshfield, Liverpool, UK

This expert is wonderful. They truly know what they are talking about, and they actually care about you. They really helped put my nerves at ease. Thank you so much!!!!

AlexLos Angeles, CA

Thank you for all your help. It is nice to know that this service is here for people like myself, who need answers fast and are not sure who to consult.

GPHesperia, CA

< Previous | Next >

Meet the Experts:

Wallstreet Esq.

Wallstreet Esq.

Tax Attorney

586 satisfied customers

10 years experience

Mark D

Mark D

Enrolled Agent

1,338 satisfied customers

MBA, EA, Specializing in Business and Individual Tax Returns and Issues

Richard

Richard

Tax Attorney

4,512 satisfied customers

29 years of experience as a tax, real estate, and business attorney.

PhillipsEsq.

PhillipsEsq.

Attorney-at-Law

59 satisfied customers

B.A., M.B.A, J.D.

Robin D.

Robin D.

Senior Tax Advisor 4

15,569 satisfied customers

15years with H & R Block. Divisional leader, Instructor

Megan C

Megan C

Certified Public Accountant (CPA)

8,655 satisfied customers

Licensed CPA, CFE, CMA, CGMA who teaches accounting courses at Master's Level

jgordosea

jgordosea

Enrolled Agent

2,885 satisfied customers

I've prepared all types of taxes since 1987.

< Previous | Next >

Related Tax Questions
I am retired and some people ask me to inspect their condos
hi Pearl , i am retired and some people ask me to inspect their condos during the off season and give me checks , usually for the whole 6 or 8 months . but the other day some notice came up on my bank… read more
Robin D.
Robin D.
Senior Tax Advisor 4
Vocational, Technical or Trade School
15,569 satisfied customers
I am retired, newly divorced and filing single for the first
I am retired, newly divorced and filing single for the first time this year. … read more
Dr. Fiona Chen
Dr. Fiona Chen
President
Ph.D.
1,410 satisfied customers
I am an unemployed builder that has been out of work due to
I am an unemployed builder that has been out of work due to an accident I had (shattered my heel and ankle) which I cant walk without support. This makes things difficult to be employed. In 2017, I di… read more
Carter McBride
Carter McBride
LLM
1,223 satisfied customers
My withholding exceeds my tax liability for each of the the
My withholding exceeds my tax liability for each of the the first three quarters of 2017. However, in December 2017 I received a taxable gift of $78,000 from which nothing was withheld. I know this mu… read more
Tax.appeal.168
Tax.appeal.168
Tax Accountant
4,790 satisfied customers
I am a freelance marketing consultant who is being paid by a
I am a freelance marketing consultant who is being paid by a digital media company. My question is this- Is it better for me to file at the years end with a form 1040 under my LLC or have that company… read more
James Daloisio
James Daloisio
Attorney
Doctoral Degree
561 satisfied customers
I sold my half of a partnership in June of 2015 on a
I sold my half of a partnership in June of 2015 on a contract for $48000. Payable at $1000 per month with no interest until paid. The buyer has sent me a 1099 for the payment the last 2 years. Now she… read more
Mark Taylor
Mark Taylor
Certified Public Accountant
Masters
2,328 satisfied customers
I have a net profit from my business of about 60k i was told
i have a net profit from my business of about 60k i was told i am going to owe 30k in taxes! … read more
LEV
LEV
Retired
Bachelor's Degree
14,896 satisfied customers
Had a question. My LLC, taxed as a S-Corp had $ 220,000.00
Good evening. Had a question. My LLC, taxed as a S-Corp had $ 220,000.00 net profit in lot sales this year. I was recommended to take $ 55,000.00 in salary, including all the fillings . So I will owe … read more
keeperumiami
keeperumiami
Sr Financial & Tax Consultant
Bachelor\u0027s Degree
1 satisfied customers
I paid $48,000 in allimony thru 2012, as it was actually garnished
I paid $48,000 in allimony thru 2012, as it was actually garnished to do so thru my employer. Per the divorce decree, it is tax deductible for me, and taxable to her. The problem is, I paid taxes (als… read more
Robin D.
Robin D.
Senior Tax Advisor 4
Vocational, Technical or Trade School
15,569 satisfied customers
My husband is a photographer/media design firm. I am a salon
My husband is a photographer/media design firm. I am a salon manager. I received a raise last year which would probably put me between $2500 and $3500 tax return based on recent years. According to ou… read more
DanielleCPA
DanielleCPA
Certified Public Accountant
Bachelor's Degree
76 satisfied customers
How much money should someone self employed withhold and pay
How much money should someone self employed withhold and pay for taxes if I anticipate earning about $48,000 this year. Also, how do you make prepayments, to whom and how often is required? Thank you… read more
Jacy
Jacy
Bachelor's Degree
567 satisfied customers
I have a W-2 for part of the year, and a 1099 for the balance.
I have a W-2 for part of the year of 2010 (payroll taxes paid) and a 1099 for the balance of 2010. The employer stop paying the payroll taxes. The employer just shrugged it off and siad he would give … read more
Jesse Handel
Jesse Handel
Tax Preparer and Chemist
Bachelor's Degree
3 satisfied customers
I self-publish books for sale on amazon, kindle, and other
I self-publish books for sale on amazon, kindle, and other places. For the past two years, I have received a 1099 from the publisher for the royalites I earned, and have paid income taxes to the IRS a… read more
keeperumiami
keeperumiami
Sr Financial & Tax Consultant
Bachelor\u0027s Degree
1 satisfied customers
I was on unemployment from January til the end of May then
I was on unemployment from January til the end of May then I got work as a contractor (1099) i get paid 1750.00 - 2000.00 every two weeks. How much should i put away for taxes? I live in Philadephia, … read more
Merlo
Merlo
Tax Consultant
558 satisfied customers
I just want to be clear. 2009 was my first year in business.
I just want to be clear. 2009 was my first year in business. I have a single-owner LLC, and I'm the only employee. I made no money (but spent a whole lot) until December. In Dec I made a little (somet… read more
Merlo
Merlo
Tax Consultant
558 satisfied customers
I started working for myself consulting on June 30, 2008.
I started working for myself consulting on June 30, 2008. I am paid my gross wages and I'll need to file my own fed, social security & medicare taxes. Do I need to make a payments to the IRS this year… read more
Ed Johnson
Ed Johnson
Senior HR Consultant and Business Devlpm
Bachelor's Degree
6,994 satisfied customers
Starting in 2008, I now am employed as a 1099 employee. My ...
Starting in 2008, I now am employed as a 1099 employee. My question is, how much should I keep back for the various taxes(federal,state,social security). Also, do I need to send in estimated taxes? If… read more
Wendy Reed
Wendy Reed
Master Tax Advisor Enrolled Agent
Master's Degree
60 satisfied customers
i was worked here in the US, with no work permit, and i got ...
i was worked here in the US, with no work permit, and i got $46k in 2006. However my employment contract says $75k. The company never gave me any 1099 or w2 or whatever. Nothing. Also they are did NOT… read more
LEV
LEV
Retired
Bachelor's Degree
14,896 satisfied customers
Disclaimer: Information in questions, answers, and other posts on this site ("Posts") comes from individual users, not JustAnswer; JustAnswer is not responsible for Posts. Posts are for general information, are not intended to substitute for informed professional advice (medical, legal, veterinary, financial, etc.), or to establish a professional-client relationship. The site and services are provided "as is" with no warranty or representations by JustAnswer regarding the qualifications of Experts. To see what credentials have been verified by a third-party service, please click on the "Verified" symbol in some Experts' profiles. JustAnswer is not intended or designed for EMERGENCY questions which should be directed immediately by telephone or in-person to qualified professionals.

Disclaimer: Information in questions, answers, and other posts on this site ("Posts") comes from individual users, not JustAnswer; JustAnswer is not responsible for Posts. Posts are for general information, are not intended to substitute for informed professional advice (medical, legal, veterinary, financial, etc.), or to establish a professional-client relationship. The site and services are provided "as is" with no warranty or representations by JustAnswer regarding the qualifications of Experts. To see what credentials have been verified by a third-party service, please click on the "Verified" symbol in some Experts' profiles. JustAnswer is not intended or designed for EMERGENCY questions which should be directed immediately by telephone or in-person to qualified professionals.

Show MoreShow Less

Ask Your Question

x