How would being self employed and working part time effect my return?
I have three kids and am a single parent. I make decent money so I get a good tax return. I'm thinking about taking on a part time job and supplementing my income wth a small business. Would this kill my tax return? I usually pay the maximum taxes through out the year.
Asked By: Cindy - 9/13/2010
Best Answer - Chosen by Asker
working part time effect my return? Your 1040 federal income tax return forms and schedules will definitely be effected because of the additional 1040 forms that will be necessary to complete the tax form completely and correctly... More
Answered By: Bobbie - 9/13/2010
Additional Answers (4)
What do you mean by "I get a good tax return?" A tax return is the forms and schedules that you file with the IRS. It lists your income, exemptions, deductions, payments, credits, tax liability and determines if you still owe tax or are getting a refund... More
Answered By: Bostonian In MO - 9/13/2010
I do know the more money I make the more I get back I have kids too and am a single parent. You could ask HR block but I'm thinking you would get more money back unless you end up making too much money and that's hard to do I think.
Answered By: Emma Rom - 9/13/2010
A "return" is what you file each year. A REFUND is money you get back if you over withheld taxes. You do not provide enough information to know if this will "kill" your refund.
Answered By: Caveat Emptor - 9/13/2010
your self employment will cause you to pay self employment tax if your Sch C 'net' is $400 or more, and that is filed on Sch SE, and approx. 15.3% of your Sch C 'net' affect your return? merely adds a little more paper work to your return, possibly get a smaller refund etc
Answered By: tro - 9/13/2010
Over 483 Local Jobs Now Hiring In Your Area. $18-$87/Hr - Apply Today!
Earn $95/hr Bookkeeping Right From Home. Free Video Explains All!
Click. Search. Apply. Free!
No Fees! Apply To Become A Mystery Shopper! No Contracts, No Hassle
Other Career Questions
What is your current job? Why did you choose this job? What do you enjoy about your job? What do you dislike about your job? What would be your perfect job? Would you rather have this j...
Where are the jobs? Is productivity and globalization creating a permanent “recession” of jobs? My main issue is I am doing a paper for school and have no idea where to begin. I was hoping suggestions...
Hi ok im 19 and about to start college to do an acess course into a university. Ive been browsing through all the courses and im tottaly stuck! I thought politics but im scared ill end up with some r...
Content is not owned or controlled by Monster. Any content concerns should be addressed with Yahoo!
Yahoo! Does not evaluate or guarantee the accuracy of any Yahoo! Answers content. Yahoo! Disclaimer.
Best-Paying Work-from-Home Jobs
It’s easier than ever to work from home. Of course, not every job is a mobile job, and some companies aren’t interested in having their employees work from home.
2013 Marketing Jobs Outlook
The US may be facing another year of anemic hiring overall, but that won't be the case in the high-orbit world of multichannel, digital media marketing.
2013 Engineering Jobs Outlook
Engineers will find job opportunities in select disciplines in 2013, with candidates who are all-around, client-oriented businesspeople in demand.
Best-Paying Jobs by Major
What could you earn with a particular four-year degree? Find out by checking out this list of the top-paying jobs for 20 of the most common majors.
Eight High-Paying, Secure Jobs
Want to earn a good salary and enjoy a measure of job security as well? Check out these well-paying jobs on tap for fast growth in the coming years.