Here Are My #S. How Much Do You Think I'll Pay??

[SunflowerMama]

So this is my first year in daycare and I've done pretty well keeping track of expenses since I started in March. I'm sure I've missed a few but I did what I could .

So I just finished entering everything for the year and this is what I came up with.

Expenses - $15,000
Income - $24,500

And my standard food allowance was around $3,500 for the year and my milage about 2,400 miles
Time Space Percentage - 48%
What do you think?? Will I be paying a lot back??

I'm just freaking out a bit since this is my first year and don't know what to expect.

[Crystal]

I'd be surprised if you end up owing. But, know that what you pay is self-employment tax, which is 15.3% of your income after expenses. If you qualify for EIC and/or the child tax credit (which you should) you may end up getting money back.

[TomCopeland]

How much will you owe?

It's difficult to know if you will owe money for taxes because of missing information - are you married, have children of your own, do your $15,000 of expenses include expenses for your home, does your income include your Food Program reimbursements, etc.

If you want to email me directly I can give you an idea of what you might owe in taxes.

tomcopeland@live.com

[Abigail]

Sunflower, did you round all your numbers? They all just look so perfectly even, . I would have to be the sarcastic one and have those extra random numbers.

[SunflowerMama]

Sunflower, did you round all your numbers? They all just look so perfectly even, . I would have to be the sarcastic one and have those extra random numbers.

Rounded .

[Unregistered]

I'd be surprised if you end up owing. But, know that what you pay is self-employment tax, which is 15.3% of your income after expenses. If you qualify for EIC and/or the child tax credit (which you should) you may end up getting money back.

I'm just wondering about the EIC. My husband and I are both self-employed and both businesses (incorporated) showed a loss last year. His will again and I will have a little profit this year. How do you qualify for EIC?

[TomCopeland]

Eic

The Earned Income Tax Credit (EIC) is a tax credit for low income families. To be eligible your family's adjust gross income must be less than $40,535 if you have one child and $45,373 if you have two children. For details, see: http://www.hrblock.com/taxes/tax_cal..._childtax.html