So you will file married filing jointly and you two made 80,000 together. According to the 2007 tax rate schedules (http://www.irs.gov/formspubs/article/0,,id=150856,00.html) you will owe $8,440 plus 25% of the amount over $61,300.
So...
8440 + .25(80,000 - 61300) = 13,115 is what you owe the IRS for this year.
You can subtract your expenses and the money that your hubby has already paid into taxes this year, and add a $1000 tax credit for each of your children.
I always recommend seeing a tax pro the first year that you have something significant happen in your "filing status" life as you could be missing hundreds or thousands of dollars. Don't go to HR Block - they charge a ton! If you go see a certified CPA, it usually costs about $150 - $200 but I'd care to bet that they will save you at least that much. HR Block is good, don't get me wrong but those places charge by the form. When you have children, a house and a home business it can be outrageous!
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Submitted 368 days ago...
Filing taxes on my in home child care business
I started my in home child care business at the begining of 2007 and am wondering how much I can Expect to pay in. I made about 25,000 this year I have 2 of my own children and my husband claims 0 to hopefully balance out what I am not paying in every week. Will this make a difference in how much we can expect back or do you think we will have to pay in? My husband made about 55,000 in 2007. I am just extreamly worried we will need to pay a lot in. I am also wondering if there are any forms to tell me all the things I may be able to claim. I have kept all receipts of toys, food, supplies, and utility bills. I just not sure what else is out there.
Thank you for your time,
Dana
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Submitted 368 days ago...
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Or even a sole proprietorship? I'm thinking about a starting a business and I'm not sure what kind of business is right for me.
My sister is looking at starting a business and while she is pretty smart, she has no business knowledge other than some accounting. How can one find out how to register a business name and get set up with tax...
Or even a sole proprietorship? I'm thinking about a starting a business and I'm not sure what kind of business is right for me.
Or even a sole proprietorship? I'm thinking about a starting a business and I'm not sure what kind of business is right for me.
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