Quote:
Originally Posted by Catlady
No, the SS payment is not right off the top. It's after you deduct all the legitimate business expenses from your gross--that could be your home office, your supplies, your advertising, etc. Then you get to deduct half of your SS payment on your 1040.
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I thought so too, but when entering in Turbotax, it doesn't appear to be deducting any expenses from the SS owed. The half of SS payment on the 140 seems to work out correctly, but no expenses against SS. I have looked at it every possible way I can think of. I suppose I could take it to a tax person (I did that one year. The entire thing was done wrong and I had to do it again myself.)
Taxes are so dang complicated.
But thanks for the input. I hope I can figure out what I'm doing wrong, assuming I'm doing something wrong. But the biggest expenses (printing galley proofs and mailing them to editors--which is a very large part of expenses, doesn't seem to deduct at all. I may be entering it wrong, of course because it's nearly impossible to figure out where everything goes.)