Thegrayghost1966 10:49 AM 04-01-2014
I was only in business 4 months last year with one teacher child. I only made $2500. Is it worth it to even have someone do them this year? I've always just done them my self because ours are so easy. I plan to claim the money but is really worth the hassle scraping up all the paperwork to have them done.
TomCopeland 07:16 AM 04-02-2014
Originally Posted by Thegrayghost1966:
I was only in business 4 months last year with one teacher child. I only made $2500. Is it worth it to even have someone do them this year? I've always just done them my self because ours are so easy. I plan to claim the money but is really worth the hassle scraping up all the paperwork to have them done.
If you made a total of $2,500 from all sources of income in 2013, you won't owe any federal income taxes. You may be eligible for the child tax credit and the child care tax credit. You want to come up with enough deductions that will significantly reduce or eliminate your income. If you can do this on your own, don't use a tax preparer. You want to claim house expenses so you can roll some of them over to 2014. If you don't know how to do this, use a tax preparer.