Common Tax Questions and Answers.

How much money do you have to make to file taxes? This article is for US taxes.

The requirements will vary depending on 3 Major Factors: Your Age, Filing Statusand Type of Income You Receive. At the end ofif you were single and under 65 and earned a gross income of least 10, then for most taxpayers this would trigger a filing requirement.

And at the end ofif you were single and over 65 and had a gross income of at least 11, then for most taxpayers this income amount would also trigger a filing requirement. Again, it all depends on the 3 Major factors of Age, Filing Status and Income Type Received. Or view the chart below which is a quick summary for the tax filing requirements for most taxpayers:. This article is for informational purposes only.

As an employee, you should receive W2 forms that reports your earnings for the year. If you were an independent contractor then you should receive a form. If you were both, then expect to get both.

When you file, in order to maximize your return and lessen the amount of taxes that you owe, be sure to deduct as many legitimate items as possible. Consult with with your accountant or tax professional for best results. The submission deadline for IRS Tax Returns is Tuesday, April 18,as apposed to the normal April 15th date.

If you miss the tax deadline you can request an extension. Just get this tax stuff out the way to avoid extra hassle, fees and delays. It could turn out to be very beneficial for you! The IRS puts it like this: And they make that very clear in their own words. Completely free tax routes should be last resort in my opinion. Who do you think will work harder for YOU: The Government is not in the business of giving money away.

Just choose a program that you feel most comfortable with. Also, the great thing is that most of the top tax software programs do offer a free federal edition for simple tax returns.

This tax stuff is just too complex and changes too often to try going it alone. One small detail can save you significant money in taxes — or milk you dry in taxes.

THEY WILL NOT TELL YOU. THEY WILL JUST KEEP YOUR MONEY. YOU MUST CLAIM YOUR MONEY TO GET IT. Are your ears buzzing? Personal Taxes Tagged With: March 29, at 9: How am i supposed to pay tax on this self employment tax?? April 12, at 4: If you and your husband file jointly, then you should be able to just tack it on to his income and attach a Schedule C to itemize expenses, deductions, etc. February 13, at 1: You have really opened up my eyes to the world of tax and how it really works.

Thank you for breaking this down for me in a way that I could understand. February 13, at 2: February 12, at Most years I do not earn enough income to file taxes, but I file anyway because I have rental property and deductions associated with the rental property. Your article gave me the answer I needed! April 4, at 6: If I paid my childcare payment in and my provider just cashed it in can i claim it in ?

April 6, at 3: March 26, at 6: I work for myself what tax form should I file and do I qualify for the EIC. Hi Christol, sounds like you would use the Schedule C or Schedule C-EZ. Best to consult and accountant or tax professional if you need further guidance in this area. February 13, at I know the family is going to claim the babysitting fee.

Alternatively, even if you get none of this from them, you could voluntarily report these earnings to the IRS by filling out a Schedule C along with your W2s. More on Schedule C: February 9, at If my wages is I have another w-2 that I am filing but I was wondering do I have to use this w-2?

I only worked there for like a couple of months. I file jointly head of household with 2 dependent a. You got a W I would file it if I were you. Besides, the IRS has clearly already been alerted about this income because your employer reported it — which is why you received a W And who knows…you might just get a refund from federal taxes withheld or something: February 4, at 5: Hi, I am a unmarried woman with 2 small children and a boyfriend who dosent work.

February 11, at 2: You should also read this page for more details of business taxes: If not, maybe you should move on and find someone that can work better with you in a relationship. January 29, at 4: Thank you for your help. February 11, at 1: However, were you a full time student at the end of ? If so, your Mom may be able to include your income on her taxes. Also, you may qualify for child tax credit and low income credits.

You should also file if you are eligible for any of the following credits: January 26, at 7: January 27, at 5: April 11, at 5: I earn cash performing personal services. How much do I have to make to file taxes and how do I prove my earnings? So, this is something that you really need to start keeping track of — whether you do it yourself or hire an accountant.

Bottom line is that you need to document all income and any expenses you may incur in your business. Then if you need to file taxes you can confidently document everything. April 8, at 3: Before I ask my question, I want to thank you for all of your valuable information.

I have learned so much just by reading and following the entries. My question is about filing as a full time grad-student: Am I supposed to file on the loans? And how do I file if I have been self-employed for a year while I was in school? April 8, at 4: Hi Brelala, thank for visiting and your kind comments: Assuming the loans that you received were solely used for your education, you may not have to pay taxes how much money does a daycare owner make them at all.

Alsoyou may also qualify for hefty educational credit that could bring you THOUSANDS… So definitely check into this! There are several types of student loans from different sources and some may or may not qualify for all or certain tax breaks. For more info check this out: Five Ways to Offset Education Costs http: The self-employment tax is figured on Schedule SE Form April 3, at 8: April 3, at 9: The IRS may or binary options 15 minute trading strategy not ever find out.

But it you do decide to start paying taxes after all these years, you will definitely need to consult with the services of a Tax Debt Specialist. April 3, at 2: Yes that is a substantial amount of earnings that you should definitely file. March 31, at I was just hired to work for a small trucking co operation dispatching owner operators.

The boss insists I can be considered Ind. I am concerned because I will have to pay MORE taxes as a result of his classification of me. He acts like it is no big deal.

March 31, at 1: Yes you are right. You will have to pay pipeline trading systems discontinues options business regular taxes, plus you will be subject to self-employment tax as well.

Because there is no doubt that the IRS will view you in this manner — and hold you responsible. March 30, at 6: March 23, at 1: Hi Im a retail rep And every week we get Dollars in our HandI Wanted to know Can I Still File taxes.

March 23, at You forex signal 30 extreme indicator definitely suppose to report that on your taxes. Are you an employee or independent contractor? If employee, you should be issued a W2 for the tax year; if contractor a This would make it easier for you to file.

Well that somebody told you wrong. Also refer to Note 2 in my post. March 15, forex vts 1: March 14, at My hours have also varied from week to week. What is the comovement of credit default swap bond and stock markets best approach with filing?

Any help would be appreciated! Stock market courses philippines you an employee or self-employed contractor providing babysitting services? But either way, if you were self-employed you are responsible for keeping records to show how much income you received and how many expenses you had. This is something that you should take a serious look at, especially if you are planning on continuing to provide services.

March 14, at 2: I have a question: Is there away around this since I didnt make hardly anything last year. March 14, at 6: Hi Brenda, Self-employment tax is the social security and Medicare taxes for individuals who are self-employed.

So if you end up owing this tax season, that self-employment tax should cover it. Hi my name is Tommy ive put option bid price over You have every right to deduct all business related expenses.

If I am self employed, and I pay an independent contractor to 5 point binary option methods and materials trading some work for me, do I have to claim that expense on my taxes?

You also need to provide a copy to the contractor. March 13, at 2: Hi Tawania sounds like perhaps you received partial earned income credit EIC throughout the year — which lowered the amount of taxes taken from your check. This could be the case amongst other things. You might have some money coming for that.

Also you might want to check about Child Tax Credit how much money does a daycare owner make of this is assuming your dependents are qualifying children. March 12, at 6: Hi i earned just over dollars working a summer job last summer and just got my w-2s today.

I was wondering if it would be a good decision and if I could posibbly get a return at all if I filed. March 12, at 7: Iam 17 i have 1 daughter that is 9 months old i only worked for 2 months can i still claim my taxes?

March 2, at 1: The software walks you through every step of the way how much money do professional figure skaters make alerts you of every deduction possible. They do offer a completely free federal version and they have paid plans as well visit link for details. There are other tax softwares on the market but I like TurboTax the most because it has helped me find the most deductions and they have a target stock price marketwatch reputation.

Rob… Sounds shady to me. Do you know if you are considered to be an actual employee, or independent contractor with this company? March 2, at I may receive both W2 and as an independent contractor, can I file it through online turbo tax?

Would you tell me how it works please? Are there any other softwares that may help? February 3, at 5: I am cleaning and cooking for a family, they pay me Hi Carol this sounds like a part-time salary which qualifies as taxable income to me.

Is this your own business — or are you employed by them? February 1, at 5: February 1, at 3: Vic market trading hours easter information for everybody to keep in mind. Consumer tax software is good but sometimes you can get the same service online for a lower cost.

How Much Money Can You Make by Owning a Daycare? - Woman

What are causes of the stock market crash you decide to go a tax preparer, look for either an Enrolled Agent or a CPA. Both are licensed and will do your taxes right the first time.

January 22, at 2: January 16, at 2: January 16, at 3: Now Whenever you do finally put your business into action, be sure to go back and deduct the cost of the name if any as a business start-up expense. January 3, at 3: They would never email you for your info online — and never to tell you a refund is waiting. This is an annual scam. Thanks for this info! Yeah TurboTax has worked great for me too! And Thanks for pointing out that Scam Issue; this is definitely something that people need to Beware of.

December 30, at 4: I have also come accross this type of question like how much required for me to file tax file. I have gone through all others artilce on this topic but no where I could find information as you have discussed here. Very great article as well as informative and your guide is very suggestive and accurate. Thanks for this great hub. I think you already being rewarded for your hard work you put here.

Congratulation on your success. December 23, at 5: We have no legal business name, no tax IDetc. I am not sure if we need to claim this on this years return. Also, our overall income this year on his hourly job was about 30K. What are your suggestions? Are there limits to income that you HAVE to report — or is there just a suggested limit? December 23, at 1: So check the source to see if they sent it out.

December 16, at Do you know of the dollar amount limit that mandates a person must file? December 17, at First review all the numbers you input carely and see if you come up with same thing. Also, Check the first link on this page pdf- and scroll down to page 7 also look at the chart under it. From my guess sounds like this tax was possibly a result of an early withdrawal tax.

These additional taxes are figured… http: December 11, at 3: We have five children. Would be get anything back? Well it really depends on a lot of different variables as you can see in this hub. And situations may vary. So you Might qualify for some type of low income credit or maybe even a stimulus check for social security recipients. This way all guesswork will be eliminated.

They offer a free Federal edition for all simple tax situations, yours sounds like it may fall under in this category. December 4, at 4: For some they will want to file taxes even if they did not make enough to have to.

These are usually single moms who are barely scrapping by and having children qualifies them for EIC. Great post — here is a little bit more info and sort of one of my peeves: Why give the government an interest free loan every year? Watch your payroll taxes -adjust during the course of the year the amount of deductions you have.

I know that I brought home more money last year and was able to bank it in savings at least drawing some interest.

How Much Money Do You Have to Make to File Taxes? ( Tax Return) | Common Tax Questions and Answers

Go check out http: December 3, at 3: Well this is a deep subject. Witholding is also a sham. Witholding is a forced loan from you to the IRS based upon the premise that you WILL owe a tax.

While I am not a tax attorney, I can assure you that for the last 7 years the IRS owed me a refund! I also expect them to owe me a refund this year as well and every year for the rest of my life…. SO that is why I voluntarily participate in their voluntary income tax sceme.

How much does a daycare/childcare center owner make a year- salary? | Yahoo Answers

You must live your life in a manner in which you are able to AVOID taxes. I guess I learned this and didnt even know it, I naturally live my life in a way in which I am always entitled to a refund! I am not talking hundreds here but thousands per year! Hats off to you! December 2, at 5: December 2, at 6: Thanks for visiting Brenda. Or you can do as I do and use TurboTax. This system will guide you through all steps at No Cost.

Best Wishes for a profitable tax return! November 30, at 1: November 30, at 2: That lowers your overall tax liability! Enter your email address to subscribe to this blog and receive notifications of new posts by email.

Skip to primary navigation Skip to content Skip to primary sidebar Common Tax Questions and Answers IRS Tax Help Made Simple. Common Tax Questions home Posts Comments. Forms As an employee, you should receive W2 forms that reports your earnings for the year.

Deadline The submission deadline for IRS Tax Returns is Tuesday, April 18,as apposed to the normal April 15th date. Comments MauraAnne says March 29, at 9: Thanks for your comment!

Glad it helped Lisa, thanks for visiting! Thanks for sharing interesting things with all of us. I like way of your thought process.

It is very interesting. Thank you for the information. Look forward to reading more from you. I enjoyed the editorial. It is very exciting. I will be back. Thanks you for your compliment and keep makin money! I MADE 4, THIS YEAR CAN I FILE TAXES AND WILL I GET A REFUND. Leave a Reply Cancel reply document. Subscribe to Blog via Email Enter your email address to subscribe to this blog and receive notifications of new posts by email. Recent Posts What Is Education Tax Credit?

What Is Child Tax Credit? Will My Online Earnings Be Taxed? Categories Business Taxes Personal Taxes. Chanchal Kumar Pal on IRS Tax Debt Relief — Get The IRS Off Your Back! Bob Smith on IRS Tax Debt Relief — Get The IRS Off Your Back!

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