Ok I'm confused. In the state of MISSOURI, if I were to start babysitting out of my home, how much would I have to make in order to have to turn it into the IRS? Or do I have to turn in whatever it is I make? How does this work?
2006-09-15 07:45:41 · 3 answers · asked by r_u_kidding 3 in Business & Finance ➔ Taxes ➔ United States
The answer to that question depends on your filing status and a number of other factors that would be difficult to include in this format. First of all you are running a business if you are doing this from your home. In that case you will use a Schedule C to report your income and expenses to determine your profit or loss which would be used to determine your Adjusted Gross Income. If you have more than $400 profit you would be required to file a federal return and also a return in Missouri. Go talk to a tax professional they will save you a bundle of money and you may even get back more than you put in because of Credits you would never know about .
2006-09-15 15:04:00 · answer #1 · answered by ? 6 · 0⤊ 0⤋
you dont have to turn in anything as long as no one has your social #, but they like to claim childcare on taxes, so thats what you need to keep up with, and i would suggest to put back 20% for the end of the year, its the irs by the way, not missouri that you will be paying taxes to.
2006-09-15 14:50:18 · answer #2 · answered by kims71572 2 · 0⤊ 1⤋
Check the instructions for IRS Form 1040EZ to find out. Or go to the IRS website http://www.irs.gov.
2006-09-15 14:48:29 · answer #3 · answered by ibkidd37 4 · 0⤊ 0⤋