Are there any Tax benefits for having a second job?

Question

I work full time making 60,000/yr but I also work on weekends on my second job making about $15/hr (16 hours total per weekend). I am wondering if I will get any tax break or such when I file for my taxes next yr.

Answer 1

Not really. You can deduct some expenses from both your jobs, but you could do that even if you had one job. Really no, its the same deductions no matter how many jobs you have.

Answer 2

No. In fact you'll pay more tax and may well be kicked up to the next tax bracket. Make sure that you readjust the withholdings on both jobs to account for the 2nd job or you'll be in for a RUDE surprise at filing time in April! You should probably claim no more than 1 withholding allowance on the 1st job and zero on the 2nd one.

Answer 3

Have you not heard the expression, "the more you make the more they take"? that is what will happen, you may be moving yourself into a higher tax bracket, so the extra you think you have may end up going to pay for your taxes next year. Check with an accountant.

Answer 4

No tax benefit at all to having more than one job. You may actually end up owing money next year if you didn't claim that second job correctly when you filled out your W4 with your employer.

Answer 5

No tax breaks for a second job. You pay taxes as if you made the whole amount at one job, unless the second job is from self-employment, in which case you'd have to pay self-employment tax on it for social security and medicare.

Answer 6

You don't.. Uncle Sam does... he gets more out of you.

Income is taxed by the total amount made per year, not how much is made per job.

You could increase un-reimbursed expenses and claim them as expenses.

Answer 7

Because you have a second job, I would recommend you start maxing out your 401k contribution if you have one. :)