bookkeeping, Colorado and income tax

Did You Receive A 1099? You’re Probably Overpaying Your Taxes

SingleTrackAccounting

FEBRUARY 11, 2020

Self Employment tax on the entire amount on your 1099 …. on top of your regular income tax! Most self-employed people only find out about this nightmare situation after they file tax returns with 1099s and are then hit with the tax bill. YOU are paying the highest % of tax out there. Win, win right?

Tax

Tax income tax Colorado payroll

5 Tax Saving Strategies for Small Businesses

SingleTrackAccounting

FEBRUARY 7, 2020

You would end up paying $1,530 in taxes. Her tax bill would be ($100,000 * 15.3%) = $15,000. This is in addition to income tax. Luckily for Alley, there’s an easy way to reduce or eliminate this tax. On her business tax return, she can deduct the entire $15,000. She receives $100,000 per year in 1099s.

Tax

Tax income tax tax return Colorado

Accountant Advocate

Did You Receive A 1099? You’re Probably Overpaying Your Taxes

5 Tax Saving Strategies for Small Businesses

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