Do I still qualify for my child tax credit?
Assuming you reported the pregnancy to unemployment as required by law, you probably didn't even get $138/wk for 11 months either. If the total is less than $9500, you won't owe any income tax--(Unemployment is taxable income, but your totals are very low)--even if you didn't have a child. With a child you wouldn't owe with a lot more income. As for child tax credit, you are asking about the Additional Child Tax credit and no, you won't get any because the refundable part requires at least $3000 of earned income and from the description of the unemployment benefits, you weren't make that much per month. You could qualify for EIC, but that's based on earned income. $1000 of earned income only gets $380 for a child. If you don't claim your child because you live someone else who claims the child, you will qualify for $0.
Can i clam the money that i pay my babysitter on my taxes and if i do does my babysitter have to claim that to?
1. Whether or not you claim the money does NOT affect whether or not she is REQUIRED to claim the money. If she is required to claim the money, then whether you claim the money does affect whether she will get caught if she illegally fails to claim the money. 2. If your babysitter files at all, then your babysitter MUST claim the money that you paid her, no matter what, even if she only made one dollar. 3. If she was your "employee" (from whom you were required to withhold social security taxes) AND no one (other than her) can claim her as a dependent AND she is NOT married to a person who itemizes deductions (she can be single, married to someone who does not file, or married to someone who claims the standard deduction, just not married to someone who itemizes) AND she made less than $7000, then she does not have to file at all. In this case, she may elect not to file, in which she does not claim anything. (However, if she does elect to file, then she must claim whatever she was paid.) 4. If she was not your employee, then she was a self-employed "independent contractor". In this case, if she made at least $400, then she MUST file and must pay self-employment taxes. She MUST do both of these things whether or not you claim what you paid her.
I am a babysitter and made $9,000 this year. Do i still need to file taxes.?
do you all live in the same household? if so family members do not have to report the baby sitting however, $9000 is a sizeable amount and they more than likely want to claim the child care credit on their tax return if they brought the children to you you would file a Sch C and SE as well on which you calculate and pay your self employment tax if you are 25 you may be eligible for EIC and Make Work Pay credit
Please explain tax refund...a little confused.?
Don't listen to friends. You have a certain tax liability based on your filing status, etc and your income for the year. In other words, you owe X. As you know, taxes have been withheld all year from your checks, let's call that full amount for the year Y (for federal or state, FICA is not refundable). If Y is MORE than X, you get back the difference. If it is LESS than X, you still owe. If they are equal, you get nothing, you owe nothing. So you MIGHT get it all back, but that depends on a lot of things. Most people don't get it all back. You can reduce your tax liability by taking legally allowed deductions and credits. Renovating your house is never a tax deduction. Charitable donations ARE with receipts and IF you itemize your deductions.
Do my parents have to pay taxes "on me?"?
"Independent" is a FAFSA phrase. As far as FAFSA is concerned, you won't be independent until you are 24. If you were not a student in 2011 and your income was more than $3700, then you are not a dependent for tax purposes. If you made more than $9500, you would have a filing requirement. Since you were not a student, your father cannot claim your exemption. If he is in the 25% tax bracket, that increases his tax bill by $925. Since you aren't a student, there won't be an education credit--though that was based on amount of tuition paid and you weren't paying any, so big deal. Your dad is a big boy. He should have seen this issue coming and planned accordingly.
What do I need to know about filing for my 2011 tax return and how do I file for one?
Go to the www.irs.gov website and try the FREE file online service to try and see IF you are smart enough to complete your 1040 income tax return yourself for FREE but if you need to do a state income tax return you may have to use your state website to do the state income tax return online for free at that time also. Your state website may have some information available to you about some local free volunteer sites in your area if you check on it after the end of the year 2011 during the 2012 tax filing season when they would have information available about the locations and the hours of operations for this purpose. Failing to complete it in this way then you can try for some FREE assistance by using the below enclosed information for this purpose. Or after the middle of January you could try locating some FREE face to face tax assistance by using the below enclosed information when the site information times will become available around the end of January 2012 for this purpose and time in your life. 7. As part of the TCE program, AARP offers the Tax-Aide free tax preparation program at over 6,000 sites nationwide during the filing season. Trained and certified AARP Tax-Aide volunteers provide assistance to taxpayers with low-to-moderate income, with special attention paid to those 60 and older. 8. The military also partners with the IRS to provide free tax assistance to military personnel and their families. The Armed Forces Tax Council consists of the tax program coordinators for the Army, Air Force, Navy, Marine Corps and Coast Guard. Volunteers are trained and equipped to address military-specific tax issues, such as combat zone tax benefits. 9. Locations and hours of operation are often available through city information hotlines and local community organizations. 10. Local VITA site information is also available at http://www.irs.gov or by calling the IRS toll-free number 1-800-906-9887. To locate the nearest AARP Tax-Aide site, call 1-888-227-7669 (888-AARPNOW) or visit www aarp.org. http://www.irs.gov/newsroom/article/0,,i... Hope that you find the above enclosed information useful. 12/31/2011
Let me rephrase the question: “What can I do to evade my responsibility to comply with the law, becoming a criminal, and in the process not pay my taxes ?” OUCH! Doesn’t sound so good as the question you posed. Bottom line is don’t go there. Bad., like criminal bad… and really bad Karma.Let’s re-construct the question the right way: “ What can I do to lawfully minimize the amount of taxes I have to pay.” Yea! That’s a question we can answer and feel good about it.Here are some things you can do:Understand the tax law. What kinds of deductions are you entitled to? (This is far beyond the scope of a simple Quora answer…. best to consult with a CPA or EA on it)Think about tax reduction as a game. What moves can you make to minimize taxable income, maximize deductions, and take advantage of credits which are available?Keep good records. Track expenses and document them.It’s kind of a generality, but probably true that self employed people have the best situation to take advantage of deductions and tax breaks.Take advantage of any opportunity to delay taxation. A good example is putting money into a HSA, tax deductible IRA, SEP or pension plan.Get a good CPA or EA. They spend lots of time studying the law, they should be able to help you. If you just get some dude who punches numbers into a computer, you have the wrong guy. Get someone who will spend some time and work with you giving you advice and suggestions.Remember that each of us has to pay taxes. It’s unfortunately part of the social contract. Don’t try to spend $ 10 to save $ 4 in tax. Pay the tax. Be happy it wasn’t more.