 Havnt paid tax what happens? |
im working but not on books. so dont pay tax, i dont pay council tax either done this for years not at a fix address so what happens if i get caught. by the way this isnt me as such just asking.
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Additional Details
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granny | I babysit and do housekeeping about $700. a month how do I file income tax? |
I know I need to file but none of the forms fit what I do , I have no expenses and I would like to keep up my ss and other |
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Skootz
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I would suggest talking to a professional. I do occasional auto transport and personal assistant to include some house keeping. I found out I needed to file it as a business and almost got screwed up on my taxes because of it. Not having expenses didn't matter, I still needed to file. I suggest that you "have expenses" to reduce the income amount, cleaning supplies, meals, etc. A schedule C has to be filed and it would benefit you to check with someone that handles taxes. Nearer to April , there are free assistants that can help but start by keeping mileage reports. Just get a note book and write down any miles you use for buying cleaning supplies, as well as receipts for those supplies, etc. It's better to have them and not need them than to not have them. Keep all receipts in a folder and hopefully it will be what you need. Not claiming the income is what most people would do but you have to be careful about what to claim and not claim. |
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alisvolatpropiis83
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"You are self-employed if you operate a trade, business or profession, either by Âyourself or as a partner. You report your earnings for Social Security when you file your federal income tax return. If your net earnings are $400 or more in a year, you must report your earnings on Schedule SE in addition to the other tax forms you must file.
You must complete the following federal tax forms by April 15 after any year in which you have net earnings of $400 or more:
Form 1040 (U.S. Individual Income Tax Return);
Schedule C (Profit or Loss from Business) or Schedule F (Profit or Loss from Farming) as appropriate; and
Schedule SE (Self-Employment Tax).
You can get these forms from IRS and most banks and post offices. Send the tax return and schedules along with your self-employment tax to IRS."
I would suggest gathering all of your information and going to a tax professional. |
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sumbumblebee
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If your housekeeping is not under a larger business (like Merry Maids, etc.) then you're self-employed. You need to file a 1040 and a schedule C, which is for your business income and any expenses, and a scheduel SE, which is for your self-employment tax.
If you do all of your housekeeping on your own, anything you spend money on, such as cleaning supplies, mileage to go anywhere but from your home to the first site and from the last site, rags, etc. are expenses you can claim on your scehdule C. If you use a cell phone for business, start keeping detailed logs for your business calls, and then you can take a percentage of your cell phone bill as a business expense as well. You'll also need to start keeping milegage logs, just in case you get audited, which, however unlikely, can be a nightmare.
Because your income is low, you probably won't need to pay much in tax, outside of your SE tax, but make sure you claim any deductions or exemptions you have.
Good Luck. :0) |
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Judy1
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You'll fill out a schedule C or C-EZ showing your income and any associated deductible expenses, a schedule SE to calculate your self-employment tax (social security and medicare), and a form 1040 to calculate your total tax.
You might want to check out AARP/TCE tax preparers in your area - they'll prepare your tax at no charge. Yours is a little complicated, but not all that bad and is well within the limits of what these groups do. See http://www.aarp.org/money/taxaide/ for info. |
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xtraheavy01
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Granny,
You can pay estimated tax payments on Form 1040 ES paid quarterly.
You file a Form 1040
Form 1040 Schedule C
Form 1040 Schedule SE
You report $8400 for the year if it consists of 12 months
You offset that against expenses (You say you have no expenses)
So you pay estimates of Self employment tax (15.30 of net schedule C
plus add whatever tax bracket you are in 15 percent.
So put away 30% for taxes each quarter. $630 per quarter for federal and whatever state is.
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stephenweinstein
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If you are an employee (a person who has completed a Form W-4 and/or had taxes withheld from their pay by their employer), you file Form 1040, 1040A, or 1040-EZ and report the income on the wages and salary line of that form.
If you are an independent contractor (a person who is not a regular employee, has no taxes withheld from their pay, and is free to work for different clients), this is considered "business" income. You file Form 1040, Schedule SE, and either Schedule C or Schedule C-EZ. |
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v b
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The $700 a month comes out to $8400. If you have no legitimate, documented expenses (you can't make them up), then your SE tax would be $1391. You would not owe any income tax. If you do not have children and are between 25 and 65, you might qualify for $350 or so of EIC, reducing the tax bill to $1050.
PS, if you are getting paid by check, photocopy the checks before depositing them into your bank account. The IRS often audits self-employed people with children who report $10,000 in income and get huge amounts of EIC. The IRS is wanting to confirm that you actually had the income. |
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Othniel
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You would be considered self employed and need to file a Schedule C and pay self employment taxes. You should have a record of all of your business expenses during the year and a written mileage record showing the miles you have driven as part of your business.
I suggest you go into H & R Block before the end of the year and talk with a Senior Tax Pro who will be able to advise you as to what you need to do. Gather all of your information together so that it will be easy to enter into the forms at tax time. Block also has a booklet they will give you to help you record your business expenses.
Hopefully, you will have the funds to pay the self employment tax. Many people do not understand that they need to send in estimated taxes every four months. Depending on your circumstances including what you made, the amount of your business expenses, if you have children or not and so on you can end up owing money or getting EIC and child tax credit or additional child tax credit.
Whatever you do seek out competent tax help before the end of the year. |
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Leesa
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I think you;d file a 1099. |
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Andy
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if you're paid "under the table" as in cash or something not on a payroll. ie your payments are never recorded by your "boss" than you don't even have to file |
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Meagan T
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17 MILLION DOLLORS!!!!! I HAVE NO IDEA SORRY. LOL
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Adam L
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You write it in as untaxed income there is a section I have seen it. it may be, don't quote me, the same section as if you were a waitress and received tips. |
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