I’m 20 years old and I’m a home maker as well as a full-time student at PSU. I occassionally photograph weddings for side money, but by the end of 2009 I think I will only have made ,100 from that. I receive 0 a month from my fiance, who lives with his parents, but IDK if that’s taxable or not. I pay for a few of my bills, but he pays for most of them. The reason we live together is because he’s saving up money by living with his parents for free so that we have the money for a downpayment on a house, but that’s irrelevant.

I figure I spend 0 in deductions for photography, as that’s my gas money, my clothes, memory cards for the customers, etc. I do not tax my clients so I guess I’m going to have to pay like when I file for that. I also know nothing about taxes or businesses, so I don’t really have a business…I just do it. IDK if that’s illegal or… what I’m supposed to do. I don’t want to do anything illegal, so that’s why I’m going to try to claim this income in 2010.

Now I’m wondering what the minimum income is in order to file taxes, in order to claim head of household, in order to claim the earned income tax credit, that child credit, etc. I almost bet that my mere ,100 or so is not enough…so should I get a ‘real’ job before the end of the year to make just enough money to get a good chuck of money in April? If so, how much should I try to earn so that I make the bare minimum requirements and can get the credits?
Do they cut me a break for being a full-time student & ‘single’ mom? Probably not.
Taxes are so confusing.
**The reason we DON’T live together….
Thanks for all of the really in depth and helpful answers. It’s going to be so hard to choose a best answer!

And to Twitter Bird. I’d love to punch you in your face. What makes you think I’m on welfare, get cash assistance, or any of that?

Sure, I have medical but I don’t even go to the damn doctor. I don’t get cash assistance or anything else. I don’t get child care because I take care of my kid and have been breastfeeding for over a year. What do you do? Probably live with your mommy or get abortions at 15. I love how people like you talk so much over the internet but if I were to ever see you in person you wouldn’t dare assume crap like that. So to conclude – F*** YOU!

1. Individuals J and K form X Corporation. J contributes property for 95% of X stock while K contributes ,000 of services for 5% of X stock. K’s basis in D stock is?
A. 20,000
B. 40,000
C. 7,000
D. 14,000
E. 13,000

2. G corporation donates inventory having a FMV of 0,000 (adjusted basis ,000) to a qualified public charity. The inventory will be used by the charity for care of the ill. The maximum charitable deduction is?

3. X Corporation has accumulated E&P of 0,000 and current E&P of ,000. The corporation has reasonable business needs of ,000. If the corporation is not a service corporation, the amount of earnings subject to the accumulated earnings tax would be?

4. P Corporation owns all of the stock of S Corporation. P’s basis in S’s stock is 0,000. S Corporation becomes insolvent and has no assets to redeem any of P’s stock. P can recognize?
A. A 0,000 short-term capital loss
B. A 0,000 long term capital loss
C. No loss
D. A 0,000 bad debt

This is for a business that is shutting down. There is equipment and things that was bought over the years that were needed in the manufacturing process of the products. Some of these these tools were actually made by the business owners, some were bought. H&R block said the owners need to try to figure out how much it cost them to buy those things when they did or figure how much it cost them to make the tools they made(supplies that were used as a deduction to make these tools). And then show that for Income tax purposes. What if they dont know exactly what they do?
I guess the issue is when these purchases and tool making supplies were deducted vs. the sale income from selling the equipment today. Any advice.

I had my taxes prepared by H&R block, and next to my refund amount it list 0 for H&R block fees in parenthesis. We used the following forms: 1040, 1040 schedule A (itemized deductions), 1040 schedule C (profit or loss from business), 1040 schedue SE(self employed) and form 8863(hope and lifetime learning credit). I know some places charge by form, but this sounds drastically high to me. Am I wrong?

I have done a little software development work on the side. I really enjoy writing software, and because I write less and less for my job, I feel enthusiastic about writing for pleasure, plus working on different types of development is enjoyable. I have roughly brought in k (~270 hours of work). I have no deductions as I did this from my home using my laptop. Also this is the first year that I have done this.

I used H&R block tax estimator calculator. I put in my regular job information plus this income as a hobby and I get back money. When I put the same numbers in as a business I owe.

Do I claim this income as hobby or business?

OK, I e-filed my tax return, form 1040, using TurboTax. I’ve already received my federal and state checks. However, a couple of days ago, a relative of mine has informed me that I have land as part of a partnership and that I need to file an amendment to my tax return. He gave me form 1065 – Partner’s Share of Income, Deductions, Credits, etc. Being that I’ve filed as an independent and have no children, I figured I would try to not use a CPA and do this amendment myself. How do I go about doing this using TurboTax? Do I really need to purchase the Business software that they recommend? I’m really confused. Also, will this affect the amount of student loans that I’ll be receiving?
Boxes filled on 1065:
2 – Net rental real estate income (loss) – 361
5 – Interest income – 194
7 – Royalties – 0
17 – Alternative minimum tax items – 0
19 A & B – Distributions – 0
20 – Other information – 194

All other boxes are empty. Any help is appreciated, thank you!!
I know I prob shouldn’t have posted the financial info, it’s really not a lot of land and I have nothing to hide financially, I’m just a little upset at the relative for popping up with this so late and the fact that I didn’t know about it for so long among other things….

Is there any other forms i need to file besides federal and state? What are forms #? I am in SW Missouri and filling jointly. I have one child under 6 and yearly income under k. I am between 30 & 35. Also, i bought new car last year so i think i qualify for some tax deduction. I didn’t trade in any car. Also, i stay in Mo but work in Kansas.

Once i know what forms to fill i can pretty much do all by myself and take it to professional like H & R block. I can save their time and save some $. How much does it approx. cost. My dad used to pay all this years from his own business and i don’t know how much he used to pay. This year i decided to everything on my own.
What forms for federal?
what forms for Mo State?
Any other forms i need to file?

I want to make sure I buy the right software that will give me all the correct deductions. In the past I have used HR block online without any problems but we have new items to add to my tax return. I read some reviews (best buy website) on turbo tax some people not being able to file child tax credits or having to pay extra fees for add’l returns…etc…each has pros & cons…I just don’t want to miss out on the best possible refund I can get.

In 2008 I purchased a home.
I have 2 children 5 yrs & 8 yrs so I want to be able to claim them for the additional tax credit. I paid child care fees as well. Not sure what other items I can deduct or what’s new with 2008 tax credits.

I want to file my boyfriends return as well. (Without paying any add’l fees) His will be a simple tax return, as mine will be a little more work due to the house purchase & my children. This year I want to purchase the software not just file online.

Any advice on turbo tax or Hr block premium or non premium….etc. Bestbuy.com offers like 8 different types of programs. I do know I do not need the business one.

Any advice on the best possible program & if any other new credits I can deduct?

Thank you
I also have to add the mortgage intrest etc…in the return. As well as a intrest bank statement 1099 I think.

Hello!

Not sure if this question is against the community guidelines, the guidelines were rather ambiguous towards it.

In any case, my friend and I are taking part in "shave for a cure" this year. What happens is, we raise money for the Leaukaemia Foundation which will provide funds for cancer research and support groups for cancer patients.

We’re just asking if anyone on Y!A would like to sponsor us. It’s a secure online donation, and it’s but a reputable Australian organisation. The donation comes with a receipt for tax deductions (apparently some businesses can claim donations).

This is the link to sponsor our team: http://my.imisfriendraising.com.au/TeamPage.aspx?teamID=41064&langPref=en-CA

Thanks for any donations as it’s for a good cause. The money does NOT go to us. Go to the leukaemia foundation homepage for World’s Greatest Shave for more information.

Beau =)
Cancers such as Leukaemia (bone marrow creates too many leuokocytes, bone marrow makes red blood cells), Lymphoma (lymph nodes, related to blood filtration, very complex for you unintelligent people who believe "blood cancer" doesn’t exist) and Myeloma (bone marrow cancer, bone marrow make blood cells)…

We’re both willing to do what’s best. He has his own business in HI & bought a house there. I’m also self employed & have a house in CA. He makes about ,000. I make about ,000. If we file joint federal, can we both write off our property tax for our houses and itemize all deductions for our separate businesses or will they only allow a percentage of it to be written off?What is the best thing to do?What about State tax? We obviously have to file separate because he lives in HI & I in CA right? Can we file joint federal and separate state?HELP.