Initiative 1098: Will business owners pay state income tax?


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

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?