at the end of the year....could you still get money back???? i have all my reciepts and gas mileage and maintenence .....would it just equal out or will i get some income ????? and if i owe money would they take it out of my husband return or let me pay it off by myself?
2006-10-09 06:51:11 · 8 answers · asked by aepmommy 1 in Business & Finance ➔ Small Business
You should definitly consult an accountant to answer these questions.
2006-10-09 07:00:08 · answer #1 · answered by surfer grl 5 · 0⤊ 0⤋
You should have a tax id number for your business that is separate from that of you or your husband.
Otherwise, it is just considered part of your income and you should be including that when you file your taxes. It depends on your total expenses how much you could potentially get in a return or owe. Have you paid taxes on your business income? If not, you probably owe the gov. some money.
2006-10-09 07:00:45 · answer #2 · answered by Phoenix, Wise Guru 7 · 0⤊ 0⤋
Unless you are incorporated, you don't need a separate ID #. You use your SS #. To get a refund, you will have needed to pay in throughout the year. Unless you're incorporated, it will be added into your personal income on a schedule C. You could get a refund, but it would be a guess without knowing all your details, like income, expenses,etc. If you file jointly, it will be figured in with your husbands income.
2006-10-09 07:00:47 · answer #3 · answered by Papa John 6 · 0⤊ 0⤋
Are you filing jointly? If you do your business itemizing properly, you may have money coming back. If you owe, and are filing jointly, then then could reduce your return proportionately.
You really should know this stuff if you're in business for yourself. What did your account and/or attorney tell you. What..you don't have an accountant or attorney? No small wonder why most small businesses fail in the first or second year!!
2006-10-09 06:56:00 · answer #4 · answered by MALIBU93 2 · 0⤊ 0⤋
If you are paying in estimated taxes during the year and it exceeds the amount that you owe at year end, you will be able to get a refund. If you and your husband file a joint return and owe money, then if you were entitled to a refund, the government would keep it.
2006-10-09 06:54:00 · answer #5 · answered by just me 2 · 1⤊ 0⤋
If you have a loss,that can be used to offset other income on your tax return. Whether or not you get a tax refund will depend if you have any income tax withholdings or estimated tax payments. If you file jointly, you both will be responsible for any tax due.
2006-10-09 06:55:57 · answer #6 · answered by pisceswise 2 · 0⤊ 0⤋
You'll pay self employment tax of 13% on net income, and all federal and state income taxes that apply.
2016-03-28 02:45:32 · answer #7 · answered by ? 4 · 0⤊ 0⤋
A bookeeper should be taking care of this!
2006-10-09 06:53:11 · answer #8 · answered by alfonso 5 · 0⤊ 1⤋