Hi! I have my own business and do it full time, but I only make after expenses, around $5-10k year. I do owe about $1000 worth of taxes per year, I am single, I have NO dependents, just my fiance who lives with me. Can I take the Head of household credit?
2007-07-29 21:21:54 · 4 answers · asked by ImaDork2 2 in Business & Finance ➔ Taxes ➔ Other - Taxes
There is not Head of Household credit. It's a filing status. And from what you're saying, it sounds like your taxes that you owe are self-employment taxes which the Head of Household filing status has no effect on. I've attached a publication, irs publication 501 on guidelines for filing status.
2007-07-30 02:02:42 · answer #1 · answered by Anonymous · 0⤊ 0⤋
No you can't file as head of household. H of h is a filing status, not a credit.
Even if you can claim your fiance as a dependent (sometimes possible, but the person would have to live with you ALL year and not have gross income over $3400) a fiance does not qualify you to file as head of household - that's only if you have a dependent who is closely related by blood or marriage.
2007-07-30 05:36:27 · answer #2 · answered by Judy 7 · 0⤊ 0⤋
There is no such thing as a "Head of Household Credit."
Head of Household is a filing status. To qualify to file as HoH you must pay more than half the cost of maintaining a home for one or more related dependents such as a child or elderly parent. A live-in girlfriend or boyfriend, even if you can claim them as a dependent, does not qualify you for Head of Household filing status.
2007-07-29 22:23:42 · answer #3 · answered by Bostonian In MO 7 · 1⤊ 0⤋
I'm assuming she works? If she works and has maintained a full time job during the past year NO, you can not. You must be able to show that you've supported her for at least half of the year and on 5 to 10 thousand I'm betting you aren't supporting her!!
2007-07-29 21:33:30 · answer #4 · answered by MamaB 3 · 0⤊ 2⤋