Share your insights or perspective on the financial matter presented in the input.

Do I owe taxes if my deductions are higher than my income?
As a CPA I can say, without a doubt, you do not owe any federal income tax. However, assuming all of you income was from your business and therefore subject to self-employment tax and you had no healthcare coverage, you would owe: $2,523 in Self-Employment Tax    645 in Healthcare Penalty $3,168 Total Amount You Should Owe. Assuming you have given us the right numbers, $3,300 sounds too high.