Question

I need to find out why did I just pay 59$ n now I have to pay the IRS over a 1,000 but you say that plan help people

Forum|Forum|3 years ago
January 26, 2023
1 reply
0 views

I’m a business owner on there and I’m not at all so how is that if it not true

TurboTax Premier Online

If TurboTax is telling you that you need to pay $1,000 it would be because you earned money and didn't make quarterly payments so you have taxable income and a tax liability that has not been met yet.

For people who work for someone else as an employee, the employer withholds the taxes from their pay every check. If you are a business owner, you are responsible for making your own payments to the IRS. In addition to the normal taxes that you would need to pay, you are also liable for self-employment taxes.

Self-Employment taxes are your Medicare and Social Security taxes. They are 15.3% of your profit.

The $59 you paid is for the software to prepare your return. TurboTax, nor any other tax preparer can keep you from paying any taxes if you have a tax liability.

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L

limuelshalinaAuthor

So do I need to restart it all over again or just live it like it is. I’m just so lost now and don’t know what to do. I have done all the other paperwork on other people right n they got money back. So should I just take the loses n pay it and move on tell next year????

V

Vanessa A

Without having all of your details it is impossible to answer that question.

It never hurts to walk back through your entire tax return and review your entries before you submit your return. It is also a good idea to look at your 1040 to see if your numbers make sense. You can see your 1040 by clicking Tools>>Tax Tools>>View Tax Summary>>Preview My 1040.

If you made a decent amount by running your own business, it does make sense that you would have to pay in. The other people you did their taxes for, did they have their own business or did they have an employer who withheld taxes and issued them a W2? Being self-employed greatly impacts your tax situation.

If you are a business, are you using TurboTax Self-Employed? Did you take all the business deductions you are eligible for? There are many possible answers here. You may want to click on the live help link in the upper right hand corner to have someone look at your return if you are not sure if your numbers on your return make sense.

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