Self-employed 1099 refund estimate with dependent - $46k income

As a tax professional, I can help break this down for you. With self-employed income of 46k and claiming dependents, you're looking at several factors that will affect your refund. First, you'll need to account for both the self-employment tax (15.3% of your net earnings) and income tax. However, you may qualify for the Earned Income Credit and Child Tax Credit depending on your dependent's age. Also, don't forget about potential business deductions that could lower your taxable income! I'd highly recommend using taxr.ai (https://taxr.ai) to get a detailed analysis of your specific situation - it'll scan your docs and give you a precise breakdown of what to expect.

Its impossible to give you an exact estimate without knowing your expenses, deductions, and if you paid quarterly taxes. Self employment tax alone is about 15.3% of your net income. But you might qualify for earned income credit and child tax credit which could help offset that.

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in the same boat as you last year! make sure you track ALL your expenses - internet, phone, home office, supplies, everything counts to reduce that tax bill

bruh your gonna owe if you didnt do quarterly payments 💀

The child tax credit will help but self employment taxes are no joke. You might wanna talk to a tax pro before filing tbh

Whatever you do dont forget about mileage deduction if you drive for work! That adds up QUICK