 Have you received your stimulus check? |
| I know they are suppossed to be sent out based on the last 2 digits of your SSN, but I know people who have gotten theirs way before they were supposed to. (paper check) Does it matter if you owe ... |
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 How do I find out how much an employer reported as taxable income on my 1099-MISC ? |
I did a little tractor work for a friend of a friend..may be $1500 or so.
The guy said he wanted my SS# to report my pay, because we were working on a road to his winery he was just starting up.<... |
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 Question on stimulus payment? |
| I couldnt seem to find an answer on the IRS website. My husband and I prepare our own taxes and use the taxact.com to file them. This year we had to pay in to federal and we did pay it in by april 1... |
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| Can i claim remodeling on my home on my taxes? |
| I have made several upgrades, new windows, exterior doors, bathroom vanities, closet doors, baseboards, carpet, paint etc.... |
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 If I have been working for a company for 2 months am I entiltled to my anual leave pay? |
| I have been working in the UK for a company for 2 Months and have recently quit. My contract does not state that my anual leave requires a probationary period. Am I still entilteled to recieve my 3.... |
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 What is Tax Credit? Can i apply? |
| i am 20: work full time, earn £9500pa not including commsion: can i apply? i also live with my parents, lived in the uk all my life and paid soo much tax!... |
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 Council Tax, Overpayment.? |
I have recently been informed that my council tax band has been wrong since 1st April 2005.
I have been paying band 'C' when I should have been paying band 'B'.
Will I ... |
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 Anyone received a stimulus payment that didn't include $300 for child?? |
| Got my payment yesterday, $1200 for me and hubby but nothing for the kiddo, has this happened to anyone else???... |
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| I'm going to start a new job, can you work out how much tax I'll pay from these details...? |
| I'm going to start a new job. My last P45's tax code is 522L. Does this mean that I won't be taxed at all for up to £5220 I make in my new job? Will they not charge me anything ... |
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 I had to pay taxes this year. Will I still get a rebate check? |
It was determined by my accountant that I owed taxes this year. I wrote a check in April to the IRS to pay the entire amount owed.
Does this mean I won't be getting a rebate check?... |
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 Do you need to file a W2 for a 2nd pt job that didn't take out state or fed tax? |
| I have a full time job, and a part time serving job. I earned $1300 total and they did not take ANY federal or state taxes out. I'm wondering if this needs to be filed??... |
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 Can dependents be claimed by both parents? |
| My ex wants me to say that he can claim our kids for exemptions and I can claim them for credits. Is this legal? Can it be done? I thought only one person could claim the kids at a time. And when ... |
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 Where is my stimulus package money? |
| I am due to receive it by the 9th of May via direct deposit. However, some of my family members with the same due date already received theirs. This is confusing to me. Are they doing them based on ... |
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jess l | Accountants help! Is 10% of your paycheck taken out in taxes not enough or a lot? |
I'm debating on goin to HRBlock this year. We usually do, but I'm not sure if our return will be worth it this year. One job had 10%taken out for taxes, just worked out that way. $10,000 gross, 1,000 taken out, give a few dollars. Then I have a small business with 6,000 gross, and a job of 1200.00 w/ nothin taken out and another job of about 5,000 w/ no taxes taken out either. i have a spouce and 2 kids to claim. anyone think the return will be big enough for it to be worth paying a tax company so I can walk out w/ a check? |
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Judy1
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Since you say "we", I'm assuming that you are filing a joint return with your spouse. My answer will be on that assumption. I'm also assuming that at least one of the kids is under 17, so you can get the child tax credit for that child.
You would not owe income taxes. But you will owe self-employment tax on the $6000 from your small business - that will come to around $835. So you'll still be OK, since the $1000 you had withheld from the one job will cover it. You'll end up with a refund somewhere around $150. You'd probably also get an Earned Income Credit that could increase that could be over $3000.
If you have other options than H&R Block for getting your taxes done, would be a good idea. Even if you buy TurboTax or something like that, would still come out ahead rather than going to H&R. And if you do, don't take their loan that lets you walk out with a check - you'll save a lot of money in their fees and interest if you just have your refund direct deposited, and you should have it within a couple weeks, maybe less. If you're considering their loan option, at least ask them how much their fees are WITHOUT the immediate check, then after they tell you that, ask them how much it would cost WITH it, so you know what you're paying. |
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petersm52
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You should get a earned imcome credit if that is your income and you have no investment income and you had expenses to offset some of that $6000 self-employment income. You should probably use a tax prep service to ensure you get back the refund you deserve. |
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hdsok
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It sounds to me that you should get the Earned income credit which by itself will be a substantial refund even with your self employment small business. You mentioned Gross income so I assume you have expenses to offset at least some of that. Personally I find H&R to be very expensive compared to a locally owned firm in almost any area but I admit I am biased as this is what I do. With the income level you mentioned 10% is sufficient, but if your business grows and your net income rises with it then no 10% would not be enough. |
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bostonianinmo
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I'd bet a steak dinner that your're going to OWE taxes this year. I may be wrong on that, though. That small business is going to cost you 15.3% in self employment taxes alone on that $6,000 (though that will be after any deduction for business expenses, if any).
If you qualify for the EITC, and it looks as if you should, it may save your bacon. But your return may be complicated enough that professional help would be worth while.
BTW, even if you do have a refund coming -- skip the option to walk out with a check! You'll pay a small fortune in rip-off fees just to get your money a week sooner. Pay the prep bill in cash and have your refund sent directly to your bank. |
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dennisjohns23
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I think you'll end up owing money, due to the extra non-taxed income. It sounds like a fairly simple return, so I would recommend trying to complete it yourself. |
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jewel
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I am a small business owner, and have made it my practice to set aside 20 percent of my gross earnings for tax purposes. I deposit the money on a monthly basis into an interest bearing savings account, and let the interest accrue. At tax time, there is always enough money to pay for the taxes without burdening our financial state of affairs. |
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a
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Go to walmart and buy TurboTax... $20 and it should answer those questions for you. Cheaper than a tax professional. |
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Kimberly W
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The previous suggestion was for you to purchase the Turbo Tax software, I've found that simply filing on line as opposed to buying the software is actually better. I have tried both options. |
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