I work part time for a friend and I am paid 100.00 per week. I have been working for one year. How do I provide this information on Turbo Tax? Also, I am curious if I would still be able to get a Tax Refund. I realize that I will have to pay about 700.00 in taxes but would I still receive the Earned Income Tax Credit? I don’t want to go to a big chain Tax preparer because they are too expensive.
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9. February 2010 at 10:48 am
The joy of a program such as Turbo Tax is that you do not have to understand things like “Schedule C”. Just log on to Turbo Tax and answer the questions. After you enter W2 info, it will ask something like “Did you make money from any other sources?” If you say no, Turbo Tax skips onto something else. If you say yes, it will ask if you have a business, etc. etc. until it has the info to file a schedule C for you without your even worrying about it. If you don’t feel comfortable with that and don’t have money for a chain to do your taxes there are alternatives, especially if your income is low. Even if your income is not low, you can manage to get free tax help. For more on this, check out my resources here: http://www.ehow.com/how_4688030_help-taxes.html Good luck!
9. February 2010 at 10:48 am
You will enter it under self employment. You will have to claim any expenses that you have associated with the income. You will need some type of record such as dates of service amount paid and names of clients. If the IRS audited you they would ask for these records.
You will report the income on schedule C and SE. these figures will cary to your 1040.
Christine EA Master Tax Adviser
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This advice was prepared based on our understanding of the tax law in effect at the time it was written as sit applies to the facts that you have provided. http://www.hrblock.com/taxes/tax_tips/in…http://www.hrblock.com/taxes/tax_calcula…
9. February 2010 at 10:48 am
Self employment income qualifies for EIC. The IRS will probably ask to see your records of the income to verify it.