As a minor and a subcontractor do I get any tax breaks due to age?

Question

I got a job. Im gonna be introuble when taxes come around. I know ill owe a lot and i havent saved nything. As a minor are there any sort of breaks or anything i can claim. I work as an architectural designer. i sit on a comp most of the day and draw additions. Nything to save me some $ would be very appreciated.

Answer 1

nope. Age is not a factor; income is everything.

Answer 2

There are no breaks for age, at least not at the bottom end of the scale. Actually if you can be claimed as a dependent by your parents, your tax bill will be HIGHER than if you were on your own as you lose your personal exemption. And, as you are self-employed you have to pay self-employment taxes on your net profit from the business activity.

The only thing that will save you any money are your legitimate business expenses.

If you haven't been saving, get on the stick!

Answer 3

No, age doesn't save you anything in taxes. In fact, if you are a dependent of your parents, you won't be able to claim an exemption for yourself.

You had better start saving pretty much everything you make, if you haven't saved anything until now. You will owe around 15% or your net income for self-employment tax (for social security and medicare) in addition to any income tax you owe to the fed, state and locals.

Answer 4

Your low age will not help you. Contrary to some of the other answers, age is a factor in taxes, but only in the opposite way: starting at various ages around age 60, one becomes eligible for various tax breaks that neither you nor younger adults receive. Most of these relate to retirement accounts, although one relates to the standard deduction.