Posts Tagged ‘income’
August 16th, 2011 | 
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I am babysitting my grand kids and other kids for Extra Income. Do I have to pay any irs tax?
I am babysitting my grand kids and other kids for extra income. Do I have to pay any irs tax? Old farts like us should not be paying anymore stinking taxes. Irs kiss my ass. 77 Karsten drive 24a Wahiawa.
And such nice language for a nice elder person to be using on yahoo answers and what an example this is setting for some of us also elderly taxpayers and also the younger ones that are out here in the real world of taxes.
As long as you are still breathing and receiving any types of taxable worldwide income you will be required to file your 1040 federal income tax return and pay any taxes that may be due when the return is correctly competed each tax year.
And as a self employment independent taxpayer in your own home may even end up having to pay some quarterly ESTIMATED tax payments during the tax year to cover any tax liability that you might end up with after the end of the tax year 2011 when you complete your 2011 income tax return in the year 2012.
For your 1040 Federal income tax reporting you would use the below enclosed information for this purpose.
Use the search box at www.irs.gov for Publications and Forms for the Self-Employed
http://www.irs.gov/businesses/small/article/0,,id=115044,00.html
All of your gross income from all sources of worldwide income will be reported on your correctly completed 1040 federal income tax return.
Using a receipt book to make a receipt for each time that any one pays you in any way or item or trade for the amount of $$ value that is received at that time and totaling the gross self employed income for the tax year with any other 1099-MISC income that is received after the end of the tax year and entering the total gross $$$ value amount on the schedule C line 1 GROSS receipts from your trade or business
In general, taxpayers may deduct the ordinary and necessary expenses for conducting a trade or business. An ordinary expense is an expense that is common and accepted in the taxpayer’s trade or business. A necessary expense is one that is appropriate for the business. Generally, an activity qualifies as a business if it is carried on with the reasonable expectation of earning a profit.
You would have to be sure that you handle your business deductions correctly for your business operation.
For instructions and forms go to the IRS.gov website and use the search box for publication 334 a very good place to start with examples.
Publication 463 Travel, Entertainment, Gift, and Car Expenses
Use the search box at the www.irs.gov website for Small Business and Self-Employed Tax Center
Filing Season Central is your one stop assistance center for filing your business returns. This includes Highlights of Tax Law Changes, Tax Tips, and more.
#7 Visit the Business section of the IRS gov website for resources to assist entrepreneurs with starting and operating a new business. Go to the IRS gov website and use the search box for the below referenced material
*Publication 4591, Small Business Federal Tax Responsibilities (PDF 470.1K)
http://www.irs.gov/
http://access.wa.gov/business/taxes.aspx
Hope that you find the above enclosed information useful for your situation and good luck to you. 06/11/2011
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