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If your business does not make any money you dont owe federal tax. In NC you owe state tax even if you operated a sole proprietor lawn business and lost $5,000. Unfortunately I was just going to start a business there, think i changed my mind.
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∙ 12y ago
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Will you get back money if you file your inome tax without being employed for that year?
The answer is NO. When you are employed you have federal taxes taken from your pay or if you are self employed you are to pay Federal taxes on your gross income twice a year. During tax time if you were employed or self employed and have earned income (which is what you made all year) you file a federal income tax. The purpose to file taxes is to see if you will end up getting taxes back from what you have paid in all year or if you will end up paying because you still owe. Depending on the income bracket you fall under, if you have dependants to claim, or if you have any deductions will calculated to see what your getting back.
Can you be penalized if you do not file your income taxes?
If you do not file your income taxes, you will owe the IRS 47.5% interest. For late filing, you will owe them 22.5% of the total and 25% if you don't file altogether.
What will happen if you file the current years taxes and owe for back taxes?
You will have to pay a fine. And pay all the money back that you owe.
When is the best time to file taxes if you owe the IRS?
April 15.
Why would you owe taxes?
As far as federal taxes owed for earning a wage in the United States; anyone who has made over $8000.00 on a tax year has to file a tax return an in most cases will owe taxes to the government.Earning wages will cause you to owe taxes.
Will you get back money if you file your inome tax without being employed for that year?
The answer is NO. When you are employed you have federal taxes taken from your pay or if you are self employed you are to pay Federal taxes on your gross income twice a year. During tax time if you were employed or self employed and have earned income (which is what you made all year) you file a federal income tax. The purpose to file taxes is to see if you will end up getting taxes back from what you have paid in all year or if you will end up paying because you still owe. Depending on the income bracket you fall under, if you have dependants to claim, or if you have any deductions will calculated to see what your getting back.
Being Self-Employed and Filing Taxes?
If you are self-employed, you probably realize that all of your money is made without taking taxes out. Because of this, you will probably owe money to the IRS at the end of the year when it is time to file taxes. Many people who work from home have a hard time figuring out what they need to know when it comes to paying their taxes. This is why it is a good idea to search the Internet for a free tax calculator. This will help you to understand just how much you are going to owe and what you will need to save before tax season.
Do you have to file taxes if you owe?
yes
Self-Employment Taxes?
Self-Employment Taxes Use this calculator to estimate your self employment taxes. Normally these taxes are withheld by your employer. However, if you are self employed, operate a farm or are a church employee you may owe self employment taxes. This calculator uses 2009 tax tables, subject to modifications by the IRS and changes in the tax code.
Can you be penalized if you do not file your income taxes?
If you do not file your income taxes, you will owe the IRS 47.5% interest. For late filing, you will owe them 22.5% of the total and 25% if you don't file altogether.
What will happen if you file the current years taxes and owe for back taxes?
You will have to pay a fine. And pay all the money back that you owe.
When does a teen owe taxes?
Unearned income interest, dividends, capital gains, etc over $950 or more. Over $400 net profit from self employed business operation.
When is the best time to file taxes if you owe the IRS?
April 15.
Will my federal tax refund from 2011 be applied to what I owe for 2010?
When you file your taxes for 2011 you will be given the option to put all or part of your refund towards your NEXT years taxes. But since you owe taxes from the previous year you will most likely not receive a tax refund as it will automatically be applied to what is already owed to the IRS. It is best to set aside money each month if you are self employed, or if unemployed as you stated, if you file for unemployment payments, have your taxes deducted from your paymnts prior to your receiving them. If your refund exceeds the amount your currently owe from last years taxes you will receive a letter stating how much has been with-held and what, if any, your remaining balance is either owed to you from your refund or still owed to the IRS.
Why would you owe taxes?
As far as federal taxes owed for earning a wage in the United States; anyone who has made over $8000.00 on a tax year has to file a tax return an in most cases will owe taxes to the government.Earning wages will cause you to owe taxes.
Can you still file your taxes even if you owe the IRS?
The IRS definitely wants people who owe them money to file their taxes. Also note: today (as I type) is April 4th, so you are not yet late for 2013.
Can i receive the earned income tax credit if i was self employed and have not yet paid taxes?
Self-employment income does qualify as earned income for the credit. If you have children, the EIC is often more than the self-employent tax you owe. This year, it can also qualify you for the Stimulus money.
