i have my own cleaning srevice and didn't pay weekly taxes. will i get hit now?i will claim 1 dependent and head of household. and claim $300.00 weekly. i have gas and cleaning suplys to deduct also.
2007-04-08 17:01:21 · 4 answers · asked by dcpixiedust 1 in Business & Finance ➔ Taxes ➔ United States
You won't owe a lot if anything in income tax, but will probably owe around $2000 for self-employment tax, depending on how much your travel and supplies expense are. If your dependent qualifies you for Earned Income Credit, that will very possibly cover the self-employment tax so you might break about even, or maybe even get somehthing back.
If you're going to be in this business in 2007 and you end up owing this year, you should make quarterly estimated payments, both to keep from owing a lot a year end and also to avoid penalties for underwithholding.
2007-04-09 03:12:12 · answer #1 · answered by Judy 7 · 0⤊ 0⤋
If you are head of household with a dependent child and about $12,000 of net income from self-employment, for example, then you qualify for the Earned Income Credit and you will get a refund even though no taxes have been taken out.
2007-04-08 18:08:57 · answer #2 · answered by ninasgramma 7 · 0⤊ 2⤋
was this your only income? if not, i hope you had excess withholding taken out of your employment income, because you will need to complete a Schedule C along with your Form 1040 (being self-employed you are likely ineligible to use Form 1040A or Form 1040EZ)
2007-04-08 17:05:53 · answer #3 · answered by panti-slave2006 5 · 1⤊ 0⤋
you should get yourself a program to work on your computer with, I use quickbooks for my business and it is great. Sure you going to have to pay taxes especially if you cant show were the money went.
2007-04-08 17:05:02 · answer #4 · answered by mamaac43 3 · 0⤊ 0⤋