Last year I had my own business for 2 months, my total expenses (including 48 cents a mile for business trips) were about $1800 and my total profit was about $400. I also had a job where I made about $9000 and although I havent recieved my W2 yet I expect that the total taken out of check for taxes etc. was about $1700. Can anyone give me a rough estimate on how much I will get back? I should mention that I am an 18 year old with no dependants and no one claiming me as a dependant. Thank you for your time.
2007-01-21 12:22:13 · 2 answers · asked by yeA 1 in Business & Finance ➔ Taxes ➔ United States
First the business mile is 44.5 cents per mile. 48 cents for miles in 2007 which you wouldn't report until January of 2008.
Second you can use this free online calculator to help you determine your tax obligation. http://www.hrblock.com/taxes/tax_calculators/index.html?calcIndx=1#top
Best wishes.
2007-01-21 13:57:39 · answer #1 · answered by JQT 6 · 0⤊ 0⤋
Go to IRS.gov and print out a tax form and fill it out with the info that you have. It should give you a rough idea of what you will end up with.
2007-01-21 20:30:11 · answer #2 · answered by Amy 911 5 · 0⤊ 0⤋