get any money back at tax time or would you end up paying more or what?
Say you just claimed 1...
2007-01-22 15:51:00 · 10 answers · asked by Anonymous in Business & Finance ➔ Taxes ➔ United States
I make more than that. I get a refund every year.
I claim 2 (I'm single), I invest 6-15% in my 401(k), and I do volunteer work (mileage and time get written off).
2007-01-22 16:00:22 · answer #1 · answered by Anonymous · 1⤊ 0⤋
Well... if you were head of household and had been paying income taxes throughout the year at your place of employment, you should be getting money back. If you made the money through self-employment and haven't paid any taxes... you can kiss like 20,000 goodbye. When you are dealing with that kind of money, you really should seek out help from an accountant that could find you deductions and shelters that you wouldn't otherwise know about.
2007-01-23 00:00:05 · answer #2 · answered by ? 3 · 0⤊ 1⤋
No way to tell; it depends on the amount of tax withheld and on the amount of deductions available. I would have bought a house in that situation, so would have deduction for mortgage interest and property tax, but I also would have filed a revised withholding statement with employer to have the deduction reduced accordingly.
2007-01-23 00:10:50 · answer #3 · answered by Anonymous · 0⤊ 0⤋
It is according to your deductions overall including housing,travel for work, other work expenses,charities,medical, etc.And if you claimed single ,head of house,etc. Keep great records and remember to donate to chariities.Take care of your money so it will take care of you when you get older OR like me become disabled with no savings! Best wishes!
2007-01-23 00:02:00 · answer #4 · answered by Anonymous · 0⤊ 0⤋
Well I would be putting 10-20% of that in an matching IRA or 401K pretaxed.
FOR SURE!
If you claim zero and then roll it over into a Roth IRA- dude your retirement years would be very healthy ones.
2007-01-23 00:06:59 · answer #5 · answered by Denise W 6 · 0⤊ 0⤋
you may have to pay a little. spend a few of that $70,000 on tax preparation software... you should have some opportunities to shelter some of that money.
2007-01-22 23:55:31 · answer #6 · answered by justr 3 · 2⤊ 0⤋
You should. If you filled out your 1099 single tax at higher rate.
2007-01-22 23:54:30 · answer #7 · answered by sweetness 2 · 0⤊ 0⤋
at H&R Block's website you can use their calculator to see what your taxes will be...all you do is enter your tax info...and it will tell you what to expect. www.hrblock.com
2007-01-23 00:05:15 · answer #8 · answered by randella_24 2 · 0⤊ 0⤋
Shelter as much money as you can into your 401k.
2007-01-22 23:59:20 · answer #9 · answered by Bad Samaritan 4 · 2⤊ 0⤋
i would look for prostitute =p
2007-01-22 23:59:24 · answer #10 · answered by Adrian 1 · 1⤊ 1⤋