Tax Help!!!!?
Tax Help!!!!?
Im 19 yrs. old and by the end of this year i will have made over 25,000 dollars. Will i end up oweing alot in taxes? And if so how can i not owe? Plus im not a student but i will be claiming head of house hold, myself, and my grandmother. Will that help?
Answers:
HgO: yes, if you are head of the hh you will have some allowances, Depending on care you are providing to your grandma and depending on other expenses: mortgage, medical bills. about $2000 in taxes. It is not a good idea to postpone payments if you have a low income. I think that if payments are deducted monthly by the employer its a bit easier...
2006-07-20 00:56:44
2006-07-20 00:56:44
extra_37: 19 and $25K...good work!. Yes you will most likely have a tax bite. I am going to assume that this is money earned from some self employment venture. If not, the withholding from your pay check should cover any taxes you will owe.
Assuming also you won't be itemizing, your total taxes would be in the 2k to 3k range. Good luck with it all. You're doing great.
2006-07-20 03:30:25
2006-07-20 03:30:25
Chosen Answer
tw9812: you may consider taking the itemize deduction if you have medical bill, provide health care or have other itemize deductions, provided that the itemize deductions after the 7% or 2% floor is more than taking standard deductions. Your grandparent have to live with you in order for you to claim for the head of household status. Since you are taking care of you grandparent, you may entitle to one more standard deduction (dependents) if you fulfill the follow conditions. 1. Dependent does not file joint return and if so, the purpose of filing joint return is for tax refund only. 2. you provide more than 50% of the support of the dependent. 3. dependent has less than $3100 gross income. 4. US citizen, or resident of Mexico, Canada, us
2006-07-20 05:38:16
tw9812: you may consider taking the itemize deduction if you have medical bill, provide health care or have other itemize deductions, provided that the itemize deductions after the 7% or 2% floor is more than taking standard deductions. Your grandparent have to live with you in order for you to claim for the head of household status. Since you are taking care of you grandparent, you may entitle to one more standard deduction (dependents) if you fulfill the follow conditions. 1. Dependent does not file joint return and if so, the purpose of filing joint return is for tax refund only. 2. you provide more than 50% of the support of the dependent. 3. dependent has less than $3100 gross income. 4. US citizen, or resident of Mexico, Canada, us
2006-07-20 05:38:16
rhett_madison: YOU MUST LEARN HOW TO SOLVE THE INCOME TAX PROBLEM. THIS I KNOW IS NOT EASY BUT IT'S WORHT IT. I NEVER PAY FED INCOME TAXES.
2006-07-20 12:32:47
2006-07-20 12:32:47