Quote:
Originally Posted by Infectious
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No way your paying 45k in taxes on a 220k earned income. I own a flooring installation business in NJ and every year home depot and lowes send me the dreaded 1099. This year I made over 250k and payed the irs 7k in taxes. Get yourself a better accountant, and get yourself some write offs. I pay my 2 employees in cash so Im left paying tax on everything I bring in. Im surprised your accountant didnt get rid of most of that.
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What did you show as your net business income? On 220k of self employment income you're paying $19,623 in self employment tax alone, that's before any income tax.