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Old 11-11-2014, 08:55 PM
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Join Date: Nov 2014
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I really need help

I really need help guys. Ive never done taxes before. I dont pay any bill, i live at home and dont have a job. I am going to start a self employed buisness cam chatting online and i will be making about 500$ a week. How much do i need to save for taxes and will i owe a lot of money come tax season? I dont want to start this self employed job if i will have to owe more money than i make. Ive looked everywhere for answers so i really need help



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Old 11-12-2014, 10:22 AM
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Join Date: Oct 2010
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Ive never done taxes before. I dont pay any bill, i live at home and dont have a job.====>>>>>>>>>>>>you do n need to ay any tax unless you earn taxable income; aslongas your income is low enough, you may not need to file a tax return.

I am going to start a self employed buisness cam chatting online and i will be making about 500$ a week. How much do i need to save for taxes and will i owe a lot of money come tax season? =========??????????It is hard to tell you how much you need to save for taxes and will owe a lot of money come tax season as you didn’t give me enough/accurate info on your self employment income or expenses; however, as a selfemployer you must pay self-employment tax and file Sch SE (Form 1040) if Your net earnings from self-employment (excluding church employee income) were $400 or more;also, if you are filing as a sole proprietor, and/or a self-employed individual, you generally have to make estimated tax payments if you expect to owe tax of $1,000 or more when you file your return. You do not have to pay estimated tax for the current year if you meet all three of the following conditions; You had no tax liability for the prior year; You were a U.S. citizen or resident for the whole year; Your prior tax year covered a 12 month period.



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