I have a few deductions....about 615.00 I made about 10000 and started a new business but haven't really made anything yet....how does all this work...were can i find out ....and about how much do you have to pay in...I have to do a 1099....
2007-12-29 03:05:12 · 6 answers · asked by Anonymous in Business & Finance ➔ Taxes ➔ United States
You file a joint return with your husband. Whether he had income or not, he should be on that return.
The $615 in deductions will not help you at all because the government gives you $10,700 in deductions already (if you are married filing jointly in 2007). If your deductions are less than $10,700, then you can still claim $10,700. If you only have $615, then you should claim the standard $10,700.
You business requires you to file a Sch C. On that form you will list all of your business income and subtract from that all of your business expenses (is your $615 deduction a business expense?). If you post a profit, then you will pay taxes on the profit, and you may need to fill out a Sch SE as well. If you post a loss, then the loss will reduce your taxable income.
However, if you are married, then the first $17,500 you make is not taxable. If you had $10,000 income and your husband did not have any income, then you will not have any tax liability at all. There is really no need to include your business, nor is they any reason to include your business (since you don't seem to have any income from there).
Confused? Contact a tax pro or CPA.
2007-12-29 03:22:15 · answer #1 · answered by j-man 4 · 1⤊ 0⤋
I am a 36 year veteran of the VITA program that the IRS offers; I would urge you to contact VITA in your area for a set down discussion of your situation. Your information needs a bit of clarification. If you only made 10K take this into consideration; a married, filing joint return gives you 10,300 for a standard deduction and 3,400 exemption for each you and your husband. That totals 17,100 which you would have to excede before you owe one cent in taxes. Your starting new business is what I would want to clarify first. If you made the 10K and get a W-2 you are in total refund territory. If you made the 10K from your business then you will have to do a Sch C or Sch CEZ; sch SE; and, will probably owe FICA tax (social security and medicare). If you get the feeling that in taxes each answer spawns two questions then welcome to my world. If you want to run specifics by me for clarification please do so. I find taxes fun myself; but I guess living a lifetime in montana makes you a little different.
2007-12-29 04:14:18 · answer #2 · answered by acmeraven 7 · 2⤊ 0⤋
You will file "Married Filing Jointly" and complete a Schedule C (your business) and attached it to your 1040 form. As far as doing a 1099 form, what for? I'm lost with that one.
2007-12-30 09:05:51 · answer #3 · answered by Gary 5 · 0⤊ 0⤋
If you are working and your husband isn't, file a joint return with him - it might save you some money over filing as married filing separately, your only other option, and it won't cost you more to file joint.
I'd suggest that you look for a VITA site in your area and have them prepare your return - it won't cost you anything. For more info see http://www.irs.gov/individuals/article/0,,id=107626,00.html
2007-12-29 03:22:11 · answer #4 · answered by Judy 7 · 1⤊ 0⤋
File jointly like my husband does. He works, I am a stay at home wife.
2007-12-29 03:08:34 · answer #5 · answered by Cheripie 4 · 0⤊ 0⤋
Hmm i would say contact a personal banker.
2007-12-29 03:08:28 · answer #6 · answered by Tabatha, Pittsburg PA 3 · 0⤊ 3⤋