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28

Mar

Does capital loss offset self employment tax?

Posted by admin  Published in United States

Tina L asked: I have a capital loss from stock trades, and I do some transcription work and have 1099 income. The stock trade losses exceepd my 1099 income, but Turbotax is telling me I owe self employment tax. How can I get the trade losses to reduce or wipe out this self [...]

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5

Mar

Is the tax percentage you have to pay back different for each state? Self Employment?

Posted by admin  Published in United States

V * asked: I am Self Employed.
Someone told me I have to pay back 30% of what I make each year to taxes.
My friend told me that the percentage you have to pay back is different for each state, and it depends on how much you make.
Also that it’s different for Self-employed people.
Can anyone explain [...]

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