illuminate asked:
I’m self employed, but aside from my business income, I have personal investments, which have produced gains of about $20K in 2007. Do I need to pay SE tax on that or just my business income? Thanks for your help.
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Jan
illuminate asked:
I’m self employed, but aside from my business income, I have personal investments, which have produced gains of about $20K in 2007. Do I need to pay SE tax on that or just my business income? Thanks for your help.
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3 users responded in this post
You need to ask a accountant
No, the SE tax only applies to your business income, on your schedule C. It doesn’t apply to your investment income on schedule D
Your Business Income is reported on Schedule C and the net is subject to SE Tax. The investments are reported on Schedule D or B or directly on the 1040 in the case of interest or dividends. You may want to seek the help of a professional tax preparer. Given the level understanding that you seem to have they may just save you more than they will charge you. Normally Schedule C offers a number of deductions for expenses that you may not be aware of.
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