If I'm single and i make 40,000 dollars a year, will I owe the IRS some money at the end of the year?

Question

I live in california. If you think I will have to pay back to the IRS, can you let me in on some loop holes?

Answer 1

We cant even answer that without knowing how much tax you paid, what deductions and credits are available to you, etc

Answer 2

You have to pay taxes on on your adjusted gross income. That is the income after all the legal deductions such as personal exemptions, Mortgage interest, un-reimbursed employee expenses, expenses related to your occupation (such as uniforms, Log books etc) and many others that you should consult a certified tax preparer, CPA or a tax attorney about. If your adjusted taxable income is below the Federal minimum (visit www.IRS.Gov) then you may not have to pay anything or may even be entitled to a refund of what you have already paid. In either case you should consult a tax professional and show them all your relevant documentation.

Answer 3

If you are self employed, I'd say yes. But if your expenses ends up being more than what you earned, I'd say no. If you are an employee and your employers are taking proper deductions off your paycheck then you will most likely get a little bit of money back assuming you have provincial tax credits. It is hard to determine based on your short query what loopsholes is applicable to you.

Answer 4

You should have completed a Federal W4 and a state withholding form. If you claimed 1 exemption, you should break even when you file your tax return, if not, then ask your payroll bookkeeper to let you complete another W4 and claim 0 exemptions. Not many loopholes for a single person unless you buy a house.

Answer 5

Call me at 678-0977...I'm a scammer I can get you some cash from the IRS!

Answer 6

Michele is right, also consider that I think CA
has an income tax as well, doesnt it?