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
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