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Initiative 1098: Will business owners pay state income tax?
Publication Date: June 2010
Publisher(s): Economic Opportunity Institute
Author(s): Marilyn Watkins; John Burbank
Series:
Topic: Banking and finance (Taxation and tax policy)
Business (Business and business enterprises)
Keywords: business; taxes
Type: Fact sheet
Abstract:
Under the provisions of I‐1098, a business owner claiming business income on their personal tax return would only be taxed if his/her total income exceeds $200,000 for single filers or $400,000 for joint filers – and then only on the amount exceeding that income threshold. Just how many filers who claimed business income would have paid income tax under I‐1098 in previous years?