Message Font: Serif | Sans-Serif
 
No. of Recommendations: 0
My wife and I did a house cleaning business from Jan to May of 98' and after business deductions we ended up with around $6000 net profit for the business. My question is concerning the self-employment tax, figured by following the instructions we owe together around $800.00, but our overall income tax due the feds minus the SE tax is only $110.00. Is there some way to reduce the SE tax? For 97' we didn't pay SE tax on about the same net profit but I forgot how I ended up that way, or just made a mistake.

Bob
Print the post  

Announcements

Disclaimer:
In accordance with IRS Circular 230, you cannot use the contents of any post on The Motley Fool's message boards to avoid tax-related penalties under the Internal Revenue Code or applicable state or local tax law provisions.
What was Your Dumbest Investment?
Share it with us -- and learn from others' stories of flubs.
When Life Gives You Lemons
We all have had hardships and made poor decisions. The important thing is how we respond and grow. Read the story of a Fool who started from nothing, and looks to gain everything.
Community Home
Speak Your Mind, Start Your Blog, Rate Your Stocks

Community Team Fools - who are those TMF's?
Contact Us
Contact Customer Service and other Fool departments here.
Work for Fools?
Winner of the Washingtonian great places to work, and Glassdoor #1 Company to Work For 2015! Have access to all of TMF's online and email products for FREE, and be paid for your contributions to TMF! Click the link and start your Fool career.
Advertisement