I had a child care business in my home this year. It is my first time filing taxes for this business. My deductions were 7000 more than my income which put my Net Income at Zero. I am owing {content} and my refund is {content}. Do I still have to file taxes and pay the 0 to file? My total gross income ,550

Gross income is ,000, but I have a ton of deductions from employee/business expenses (like ,000!) making the adjusted income on my taxes around ,000. I have read somewhere that you can deduct moving expenses (relocated for job), and another place that you can deduct charitable donations too (which we have a lot of, also) Can I deduct these expenses and apply them to make a lower AGI on the FAFSA?

Also does anyone know anything about the ‘displaced worker’ on the form? I think I qualify for that as I was laid off from my position and my spouse does not work outside the home.

Any info from anyone with experience on this? THANKS

Dr. Mcfee formed a medical corporation that had the following business expenses for the year:

Wages-,500
Utilities-,840
Interest-,000
Property taxes-49.00
Depreciation-,916.50
Other deductions- 00
Together they all equal out to be ,505.50

The corporations gross income for the year was 4,850. What is the federal corporate income tax for the year?

A. ,249.50
B. ,336.13
C. ,137.25
D. Not given.

whereas high-earning business owner are the least hurt in this economy.. apart from wellfare bums.

there’s little deduction available for high-paying workers over 100k, basically almost half of their income go into paying taxes.

business owner, like me, can deduct a lot of expenses, put a much higher amount into SEP IRA, traditional IRA, start a parallel biz and deduct it as expense, and pay around 25% of total gross income.

The federal government’s biggest single source of revenue is from
foreign aid.
loans from banks.
big business.
individual income tax.
2. Someone’s total income minus certain deductions and personal exemptions is that individual’s
taxable income.
gross income.
withholding income.
depdendent tax.
3. When the government’s borrowing is greater than its income, it creates a
national debt.
government securities’ risk.
withholding situation.
national taxable income.

Dr. Mcfee formed a medical corporation that had the following business expenses for the year:

Wages-,500
Utilities-,840
Interest-,000
Property taxes-49.00
Depreciation-,916.50
Other deductions- 00
Together they all equal out to be ,505.50

The corporations gross income for the year was 4,850. What is the federal corporate income tax for the year?

A. ,249.50
B. ,336.13
C. ,137.25
D. Not given.

I am a 1099 worker (I am pretty sure I am an employee, but that is a different saga altogether) who has been working for this company for over two years and has always paid her "self-employment" taxes. For two years in a row I have used TurboTax and shelled out a hefty sum to get the "Business Suite" editions. And, my tax bill has never been less than ,600 for a ,000-,000 gross annual income. However, some of my coworkers (who make more than I do per year) use tax preparers who somehow are using the same deductions I claim (auto, medical expenses, school, etc) and yet their tax bills are somewhere around 0 for a larger annual gross income than mine. I am wondering how in the world this is possible, and if it is possible for me to use a tax preparer to somehow amend my last two years’ returns and get my money back.
Please, only people who actually know about this stuff and not just people guessing or being bored and making smart alecky comments. Much appreciated!
As for you, with the "canned response" which is prefaced with a needlessly abbrasive and insulting opener, I am pretty certain I will get fired if I do the SS-8. And seeing that I only make K a year, I don’t really have the time and resources to be unemployed while I go through lawsuits and whatever else. The job market, especially here, sucks and I have not been able to get a new job after aggressively trying for six months. So you can take your canned response and shove it.

My Business Gross income was around 45k

I want to expense the following

,100 – computer – dedicated for business use – physically located in office
0 – monitor – dedicated for business use – physcialy located in office
0 – tax prep fees – this got my 1040, schedule c and schedule se done.

1,500 total deductions or 3% of Gross Income

Thats reasonable, yes?

There are two numbers. Your top line sales which is you gross income. Then your deductions and expenses. That equals net income. Your net income is the bottom line. What you pay taxes on. This is where you fall when it comes to paying taxes. It seems most people don’t understand that the income of a business is not the taxable line.
After posting this I realized that I should have reworded the questions to "Do business owners understand that top line sales is not the same as bottom line sales?

I have 4 exemptions for kids, plus myself
husband can only take an exemption for himself

In my name only, I have mortgage and property tax deductions, and some business deductions

I owe some self-employment tax, but also paid taxes the first 4 months as an employee

My husband has no other deductions or credits and did not pay any taxes because his income was so very small after child support and other taxes (state, local, soc sec, medicare)

He owes back child support. My gross income was a little more than twice his.

We have to file jointly to get the EIC credit for my children.

We don’t live in a community property state.
How will my deductions, exemptions, etc. affect the way the refund is apportioned using the Injured Spouse Form?
I guess I wasn’t clear when I spoke of his income. No federal taxes were deducted from his checks because his income is so small.

After the support, state, local, soc. sec. and medicare taxes were taken out, his entire take home pay for the year was less than two of my house payments.

His gross income was about half mine, but most of it did not come to our household.I know that his support is not deductible. I am frustrated that it will be counted as income for our household, because it is not.

I am concerned that they will somehow give him part of the EIC for my children because we are married. He really isn’t supporting them at this point. His money is going to his children.

The bulk of our income, and the money that pays our bills, is from survivor’s benefits because my first husband died.

Thank you so much for answering my question with information I can use rather than making personal attacks and ridiculing us as has happened at a business forum where I asked for help.