Publication Date: June 2010
Publisher: Economic Opportunity Institute
Author(s): Marilyn Watkins; John Burbank
Research Area: Banking and finance; Business
Keywords: business; taxes
Type: Fact sheet
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?
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