I am in college and need help economically. So I want to file a FAFSA to see if I can get any help. Would they help me if I never have to file taxes? I get paid in cash and therefore taxes are not reduced from my payment. So is there an alternative way to file for taxes?
2007-11-24 05:55:32 · 4 answers · asked by -Steve 1 in Business & Finance ➔ Taxes ➔ Other - Taxes
you can do it yourself online...
2007-11-24 05:58:50 · answer #1 · answered by love2help 4 · 0⤊ 1⤋
If you are being paid in cash for some type of service you are still required to pay income taxes if that income exceeds the limits to file. From what you have stated it would appear that your limit would be a net of $400. If you exceed that amount you will file a IRS Form 1040 with a Schedule C. It will soon become a shock to you that you owe taxes which well be one of the ways that the government has money to pay for those FAFSA's you are interested in.
2007-11-25 12:26:54 · answer #2 · answered by ? 6 · 0⤊ 0⤋
Just because you get paid in cash doesn't mean you aren't required to file taxes. If you haven't, you are illegally evading paying what you owe, so why should the government and the people who ARE paying their taxes help with your college bills?
You should be filing a form 1040, a schedule C and a schedule SE and paying your federal taxes. Depending on where you live, there might also be state and/or local income taxes.
2007-11-24 14:04:47 · answer #3 · answered by Judy 7 · 4⤊ 0⤋
You are required to file a tax return if you are paid more than a certain amount. This applies whether or not taxes were withheld.
If no taxes were withheld and you made enough money to owe tax, then you will be required to pay the income tax that should have been withheld.
2007-11-25 15:27:49 · answer #4 · answered by StephenWeinstein 7 · 0⤊ 0⤋