 Do i have to pay tax if i just want to sell a couple of things for profit on ebay? |
Ok, so i've bought some stuff which i thought was an absolute bargain and i want to sell it on to make a bit of profit. Do i have to pay tax on the profit i make?
This is just a one-off ... |
|
 What is the best software to do others taxes? |
| I recently received my tax preparation certification and I was wondering is there any software in particular that would be a good ideal to do other's taxes. In the past for friends and family, I ... |
|
 If my partner goes to work? |
and earns £680.00 per month and our rent is £290.00 per month plus council tax and we have a child id stay at home how much working tax credit and housing benefit could we get
Additional D... |
|
 Will the irs withold a percentage of stimulus payment for back taxes, or will they keep the entire rebate? |
| I was told that the irs will only keep a certain percentage of my rebate due to a 2006 tax obligation.... |
|
 If I filed my taxes- and claimed myself- what effect will this have on my parents return? |
| For the past 21 years my Dad has always claimed me...I always e-file, (for the past 4 years) but never checked the box to claim myself- this year, I don't know if I missed it- but I filed ... |
|
 Are UK parking tickets tax deductible? |
Additional Details
Sorry, I should have been more precise. I was talking about tickets incurred by a company's delivery fleet.... |
|
 Should females pay more tax than men? |
When they are single their boy friend buys the drink and picks up the tab.
Girls are not required or expected to buy expensive items like houses and cars whereas men are required to do so (... |
|
 I just got a 1099 form and it says $6523.50 under Nonemployee compensation? |
This one of my partime jobs that I get checks without taxes,
I've never done a 1099 before, How much taxes am I looking at paying? I read some of the other answers, some said it'... |
|
 Do strippers have to pay taxes? |
| My friend was a stripper and she never did her income taxes, does she have to?... |
|
 Will i receive a relief check if i did not make 3000 dollars last year? |
| I was away for the majority of the year in some legal trouble to say the least but i did file taxes for the little amount i earned in say a month or so of work. Will i get a check or no?... |
|
 Turbo tax direct deposit.......say it ain't so...........!? |
| I did my 2007 taxes thru turbo tax and e-filed. I had my fees deducted from my refund and then the rest was direct deposited into my bank account. I am hearing that if you did your taxes this way,... |
|
 Overpaid at work and now work wants to be repaid for their mistake? |
| I've been working at an electrical company in Texas as an apprentice for a little over a year now. The company I work for pays apprentices based on the scale of the job. I was working on a job ... |
|
 It's Tax time...who claims our daughter...? |
My ex and I have 50-50 custody of our daughter.
I have my own apartment, pay all the bills, food, and my daughters pre-school.
My ex lives at home with her mother and only ... |
|
 Can someone tell me what will happen If I report the incorrect amount of federal withholding on my tax return. |
| I mistakenly transposed a digit on the withholding section and am afriad that this will delay my return. When does the IRS receive tax withholding records my my employers for 2006? Could this ... |
|
 What happens if taxes have not been filed in 3 years? |
Additional Details
I am assuming this will work in mine and my husband's favor. His ex-wife has not filed taxes for over 3 years, my stepson insists on living with us and I guess ... |
|
|  |
fifibee16 | Told don't have to file. Need answers quick.? |
I did not recieve any 1099's or W2 this year as I barely worked. A little freelance, $4000.00 approx earned. I have a bank interest statement, a house interest statement and proof of money imported from savings, spent here to live and pay my bills. Basically now I'm broke, but getting a little work.
I have one child.
I have not received any social security benefits or any revenue income.
Iv'e just been told I did not earn enough income to file, nor be able to get the stimilus package.
Can my savings be used as income? Doesn't the IRS want to know how I survived, lol. It seems unfair with all I have spent that I cannot at least file to take advantage of the stimilus package. Any thoughts> Have I been advised correctly?
Thanks in advance.
Additional Details
Just got off the phone with another tax company. Was told that yes, I could file, but because I don't have proof of income (freelance) I won't get the stimulus package, as according to the IRS, i did not earn anything. |
 |
 
Prophet 1102
 |
If you want your rebate check - you have to file. Every tax payer who files will get the stimulus whether or not you had to pay taxes in 2007. |
|
cynic47
 |
Your $4,000 in "freelance" is considered self-employment income. You need to file if your self-employment income is at least $400. By the way, that income (since it's over $3,000) will also qualify you for the stimulus rebate.
Best advice is to file today for an extension of the deadline, using form 4868 at the web site below. Then get your information together and report your self-employment income. You will owe self-employment tax (basically, Social Security tax) on that income, but may qualify for such credits as the Earned Income Credit -- in addition to the stimulus rebate. |
|
Mark S
|
No one answered this correctly as far as I can see (Cynic answered while was typing my answer). If you earned over $400 in self employment income (freelance), them you need to file to pay your self employment tax. The filing requirements are for GROSS income. If your expenses bring this amount down below the $400, you won't owe anything, but you still need to file.
If your net income is over $3000 then you can get the stimulus payment, check the IRS website for details. |
|
rhsaunders
 |
Yes, you should file a tax return, just so you can get the stimulus money -- for which you qualify, barely: you have to have earned $3000 over the year to get it. Report this money, along with your interest and other odds and ends; you won't owe tax, but should qualify for the stimulus pot. A complication: if you earned money but didn't get W-2s or 1099s, you may owe Social Security taxes, which could be as much as $600. Be sure to work out Schedules C and SE. |
|
jaypez77
 |
It sounds like you SHOULD file, even though you don't HAVE to. You can probably get some Earned Income Credit based on the $4,000 of freelance (earned) income. This also puts you over the minimum $3,000 income level for the stimulus payment. If I understood your situation correctly, you ABSOLUTELY SHOULD file.
By the way, don't listen to Lemur or labdogs. They don't know what they're talking about.
Lemur - Not everyone has to file. See the 1040 instruction booklet under the heading "Do you have to file?"
labdogs - April 15th is not "judgment day" in this situation. In general you have 3 years to file for a refund. For the stimulus payment the deadline is October 15th. |
|
labdogs4me
|
Too bad you didn't ask this question a few weeks ago. April 15th is the deadline. Unless you have already filed for an extension you are SOL until next year. At that time, with the same income you can file a homestead return. |
|
Mel
|
Everyone can file, even if you've only earned $1. The new stimulus package is for ALL taxpayers, even taxpayers who are told they don't have to file. Anyone can file, there is no such thing as not enough income. And with any income at all (i.e. the $4,000 you're referring to), you should be able to receive the child tax credit for your child, although you probably didn't have enough earned income to receive the Earned Income Credit. Aside from that, you will definitely benefit from the stimulus if you file. I filed with H&R block and it only cost $14.95. |
|
The Lemur
|
Everyone HAS to file with the IRS, whether they have to pay or not. Legally you are wrong. Technically, no one is going to mess with you because youve got nothing. |
|
| |
|
| | |
| Questions List |
Answers | Last Post
| | | |
8 | 31 minutes(s) ago
| | | |
8 | 1 hour(s) ago
| | | |
8 | 2 hour(s) ago
| | | |
8 | 3 hour(s) ago
| | | |
8 | 5 hour(s) ago
| | | |
8 | 10 hour(s) ago
| | | |
8 | 1 day(s) ago
| | | |
8 | 2 day(s) ago
| | | |
8 | 4 day(s) ago
| | | |
8 | 2 week(s) ago
| |
|
Homepage 
Financial
Forum 
Taxes 
No Spam
Adult 
Gambling
Unfinished
Deception
Plagiarism
Not English
