I am in NY. I have a 10 month old baby, are there any credits/breaks I will receive since I have a child?
2007-12-31 00:33:24 · 4 answers · asked by J C 1 in Business & Finance ➔ Taxes ➔ United States
You can file for head of household with one dependent however you need a social security number for that child in order to claim the child and expenses.Then it gets complicated regarding your business you will need professional help it is hard to say but definitely in the thousands.
2007-12-31 00:43:40 · answer #1 · answered by rogue 5 · 0⤊ 0⤋
Use this free calculator.
http://www.hrblock.com/taxes/tax_calculators/index.html?calcIndx=1#top
2007-12-31 11:34:56 · answer #2 · answered by spicertax 5 · 0⤊ 0⤋
Is the $60K your net after subtracting any allowable expenses? If so, you'll owe around $8500 in self-employment taxes (for social security and medicare). In addition to that, your income tax if you are not married and don't itemize would be somewhere around $5500 after subtracting a standard deduction for head of household, the two exemptions for you and your daughter, and the $1000 child tax credit for your daughter. So the total you would owe to the feds would be around $14,000. If you haven't made the required quarterly estimated payments, there will also be penalties for underwithholding. If you had child care expenses for the baby so you could work, you could get a credit for part of that also.
If your state and/or municipality has an income tax, you'll owe something there also.
2007-12-31 09:42:35 · answer #3 · answered by Judy 7 · 3⤊ 0⤋
contact an accountant immediately. an accountant will know each and every tax credit and break for you. also in NY, im guessing with a good accountant, you'll only pay a little or even get some loot back but with a bad accountant, look forward to beans and weenies.
2007-12-31 09:09:52 · answer #4 · answered by GG 7 · 0⤊ 2⤋