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Forum
-> Household Management
-> Finances
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amother
Khaki
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 Fri, Mar 01 2019, 1:09 pm
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Hi. I am thinking about opening a babysitting group in my house. I estimated that I can earn about 4 thousand a month . How much will I be paying in taxes for that?
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doctorima
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Fri, Mar 01 2019, 1:25 pm
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There's no way to know. It depends on where you live, how much DH makes, how many kids you have, other deductions, etc. This is a question for your CPA.
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amother
Khaki
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Fri, Mar 01 2019, 1:48 pm
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I live in lakewood. Two kids. Husband learns in bmg
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thunderstorm
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Fri, Mar 01 2019, 1:52 pm
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You need to ask an accountant .
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Amarante
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Fri, Mar 01 2019, 1:54 pm
As posted, to impossible for anyone to tell you what your tax liability because there ar3 too many variables especially for a business which would have its own tax calculations which would include business expenses like insurance for starters.
You need to speak to a tax person. At any rate, your tax liability really is putting the cart before the horse because you are only taxed if there is a profit or enough to pay you a salary from the gross proceeds of the business. You really need to figure out what your operating expenses are in order to determine whether you have a viable business plan.
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amother
Taupe
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Fri, Mar 01 2019, 1:54 pm
First of all, is it legal where you live to have a babysitting group in your house? If not, you have a whole other issue of how exactly are you reporting this income?
Also- when you are self employed you can deduct certain expenses from your income (schedule c)- so no one can tell you how much taxes you’ll be paying. This isn’t a simple question-answer. When you’re getting paid on a w2 it’s a lot simpler to calculate. It really depends on many different factors. Speak to an accountant.
(From a CPA)
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amother
Royalblue
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Fri, Mar 01 2019, 2:49 pm
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If your group is legal than you can deduct lots of expenses such as part of your rent, electricity, supplies, etc. But im not sure how to go about making it legal.
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amother
Seashell
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Fri, Mar 01 2019, 3:57 pm
| amother wrote: | First of all, is it legal where you live to have a babysitting group in your house? If not, you have a whole other issue of how exactly are you reporting this income?
Also- when you are self employed you can deduct certain expenses from your income (schedule c)- so no one can tell you how much taxes you’ll be paying. This isn’t a simple question-answer. When you’re getting paid on a w2 it’s a lot simpler to calculate. It really depends on many different factors. Speak to an accountant.
(From a CPA) |
Can you not report income even if it’s from illegal sources?
The IRS requires the reporting of income even if it’s from the sale of illegal drugs.
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lovetobemommy
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Sat, Mar 02 2019, 9:04 pm
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Between 2,000 and 2,500 talk to a CPA practicing in NJ
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Amarante
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Sat, Mar 02 2019, 9:14 pm
| amother wrote: | Can you not report income even if it’s from illegal sources?
The IRS requires the reporting of income even if it’s from the sale of illegal drugs. |
Al Capone was jailed for tax evasion.
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