Hey all you IC's who file your taxes as a small business.....Barak Obama thinks you should be paying 40% Federal income tax. That's in addition to the self employment tax & state tax you are already paying. This would essentially destroy our industry & our jobs. Many of us clear barely minimum wage after our expenses when considering we aren't paid for reporting time or travel time between stores. This President is out of touch with reality as to what a "small business" really is. Not sure if you can just report a 1099 as regular income without doing it as a small business, but if you can, I do know you would lose all your write offs for mileage, printer ink, or any other business expenses you have.