2007-01-24 14:44:55 · 7 answers · asked by I believe in science 1 in Business & Finance ➔ Taxes ➔ United States
You file a tax return. If you overpaid your taxes, you get a refund.
Did you PAY your taxes during the year?
If you didn't pay anything in - you certainly aren't going to get anything back...
2007-01-24 14:54:09 · answer #1 · answered by Anonymous · 2⤊ 1⤋
If you qualify for Earned Income credit or additional child tax credit, you could possibly qualify for a refund even if you didn't pay federal taxes thru the year. There are also some non-child related credits that you can get a refund for even if you didnt pay anything in.
When you file, just make sure to add all of your self-employment income and expenses on your 1040 schedule C.
2007-01-24 15:43:40 · answer #2 · answered by Smart1 3 · 1⤊ 0⤋
A refund only happens when you have paid in more tax than you owe for the year. If you are self-employed and did not pay in any taxes, you won't get anything back. If your self-employment income is high enough, you may owe taxes for the year, and potentially be subject to penalties for underpayment of estimated tax for not paying in quarterly.
2007-01-24 14:51:56 · answer #3 · answered by jseah114 6 · 2⤊ 0⤋
If you're self employed you should have been making quarterly estimated tax payments using Form 1040ES. When you file your return, you will take credit for those payments against your tax liability. If you have paid in too much, you'll get a refund. If you haven't paid in enough, you'll have to cut a check with your return.
If you have not been making estimated payments, you will probably have penalties and interest to pay for underpayment of your taxes.
2007-01-24 16:15:27 · answer #4 · answered by Bostonian In MO 7 · 1⤊ 1⤋
If you have been paying quarterly payments to the IRS, you should file an income tax return, just like others. If you haven't paid in throughout the year, you may owe the IRS money, and perhaps penalties on top of that.
2007-01-24 14:49:35 · answer #5 · answered by CC 7 · 3⤊ 0⤋
You need to file a Schedule C. I use a tax accountant, because they're up on the latest deductions and tax laws. You don't want to mess up on that.
Also, be sure to keep all your business-related receipts and a record of your driving miles. Lots of these things are deductible. Again, a tax accountant is very helpful!
2007-01-24 14:51:25 · answer #6 · answered by hopem 2 · 1⤊ 0⤋
You would have had to payed in some taxes during the year. To the government.
2007-01-24 15:08:52 · answer #7 · answered by Peaches 2 · 2⤊ 1⤋