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can anyone give me some tips on how to file my 10-99 this year?
i made roughly around 20,000 dollars last year 2010 and i want to know if theirs anyway i can lower the amount i will owe to the irs. i have no dependents and i worked for a contractor at a moving company all year long, he paid me in checks but with no deducts.straight cash i guess. how much will i owe and what can help me out in my situation. thanx everyone in advance.
1 Answer
- troLv 71 decade agoFavorite Answer
yes you will file a Sch C and when you have determined your net amount(income less expenses you can claim) if the amount is $400 or more you will also file a sch SE and calculate your self employment tax, which is approx. 15.3% of your Sch C net
half of this is a credit on the 1040 to reduce your gross income
if you are single, no dependents your non taxable income is $9350 so you may not owe any income tax but the self employment tax has to be paid
you might be eligible for a small amount of EIC, but this is earned income and eligible for the Make Work Pay credit
