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Minnesota Self-Employment Tax Calculator

Use Keeper’s 1099 tax calculator to see an estimate of your tax bill or refund. Feel free to tinker around, or get serious with our advanced info fields.

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Student tuition payments are amounts paid for education expenses, such as tuition and required fees, to attend an eligible educational institution. These payments can qualify you for education-related tax credits or deductions, like the American Opportunity Credit or Lifetime Learning Credit, which can reduce your overall tax liability.

Mortgage interest is the interest you pay on a loan secured by your home, which can include a mortgage on your primary residence or a second home. This interest is often deductible on your federal income tax return, potentially lowering your taxable income if you itemize deductions.

Traditional IRA contributions are amounts you can contribute to a retirement account, which may be tax-deductible depending on your income and whether you have a retirement plan at work. The contributions grow tax-deferred, meaning you won't pay taxes on the earnings until you withdraw the money during retirement.

Quarterly tax payments are estimated tax payments made four times a year to cover income that isn't subject to withholding, such as self-employment income, interest, dividends, and rental income. These payments help you avoid underpayment penalties and ensure you're paying taxes throughout the year as you earn income.

Keeper assumes a standard withholding by your employer's payroll provider. If you know the exact withholding, you can enter it here for an even more accurate tax refund estimate!

Your tax refund estimate

Federal tax bill
$1,509
CA State tax bill
$411
Adjusted gross income

This is your total income for the year minus certain adjustments, such as contributions to retirement accounts, student loan interest, and self-employment taxes. your total income for the year minus certain adjustments, such as contributions to retirement accounts, student loan interest, and self-employment taxes.

$79,647
Standard deduction

The standard deduction is a fixed dollar amount that reduces the income you're taxed on, simplifying the tax filing process. It varies based on your filing status (e.g., single, married filing jointly) and is adjusted annually for inflation.

-$13,850
Business deductions

Itemized business deductions are specific expenses that you can deduct from your 1099 / business income to reduce your taxable income. These can include costs like office supplies, travel expenses, advertising, and professional services, as long as they are ordinary and necessary for your business.

???
Other deductions

Common deductions include state and local taxes, mortgage interest, charitable contributions, student loan interest, retirement contributions, and educational expenses. This line also includes the Qualified Business Income (QBI) deduction, which allows a 20% deduction on qualified 1099 / business income.

−$1,000
Taxable income

Taxable income is the portion of your income that is subject to federal income tax after accounting for deductions and exemptions. It includes wages, salaries, bonuses, and other forms of income, minus any allowable deductions like the standard deduction or itemized deductions.

$64,797
Credits

The most common tax credits people can claim include the Earned Income Tax Credit (EITC), Child Tax Credit, American Opportunity Credit, Lifetime Learning Credit, and the Premium Tax Credit. These credits can reduce the amount of tax you owe or increase your refund.

−$0
Gross taxes

Gross taxes refer to the total amount of tax liability before accounting for any tax credits or payments made throughout the year. It represents the initial calculation of taxes owed based on your taxable income and applicable tax rates.

$16,007
Taxes withheld

This refers to the amount of federal and state taxes that are taken out of your paycheck by your employer throughout the year. Keeper assumes a standard withholding by default. If you know your employer's exact withholding, you can input it under "Add advanced info".

−$14,498
Quarterly tax payments

Quarterly tax payments are estimated tax payments made four times a year to cover income that isn't subject to withholding, such as 1099 / business income, interest, dividends, and rental income. These payments help you avoid underpayment penalties and ensure you're paying taxes throughout the year as you earn income.

−$0
Estimated federal tax bill
$1,509
Estimated CA tax bill
$411

Uncover $700 - $1,350* in business deductions

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* actual average deductions claimed by Keeper customers with income profiles similar to yours.

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FAQ

Can I take the standard deduction and still write off business expenses?
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Yes! A lot of freelancers and independent contractors don’t realize it’s possible to write off business expenses and claim the standard deduction. But you absolutely can.

How much can I make and not file taxes?
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For freelancers, side hustlers, and other self-employed people, the answer is $400 in self-employment income. That’s after you subtract your write-offs. People who only have W-2 income, though, don’t have to file taxes unless they’re making at least the standard deduction. Sometimes, though, you should file your taxes even if you’re not required to. You can get a refund back!

What happens if I don’t file taxes?
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You won’t go to jail — unless you evaded taxes on purpose and your tax bill is really high. The most common consequence is having to pay a penalty, up to 25% of what you owe. Depending on how behind you are, you might have to deal with other inconveniences, like being forced to paper file and losing out on your refund.

Can I file my own business taxes?
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If you’re a typical freelancer, gig worker, or sole proprietor, absolutely. A good tax software will make it simple to DIY, and you can even do it by hand. If your business is a corporation, though, you should probably hire an accountant.