Small Business Tax Calculator Help

This is a tool for calculating the taxes of a small business. In particular, it calculates the following amounts.

• Net Profit from Business
• Self-employment Tax
• Qualified Business Income Deduction
• Self-employment Tax Adjustment
• Self-employed Health Insurance Adjustment
• Medical Insurance Itemized Deduction

Issues

• Long Term Care insurance is not separated out from medical insurance. If medical insurance includes premiums for long term care insurance, the amount entered needs to be limited by age.
• This tool does not handle church employees or farm income.
• The calculation will not be correct if the amount of business income plus wages is greater than the maximum amount subject to Social Security taxes.

Description of Input Fields

The remainder of this document describes the fields that are computed and the fields where you can enter data. The fields are listed in the same order as they are displayed in the tool.