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I made $5,200 in by babysitting in 2012. How do I file my taxes?

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I made $5,200 in by babysitting in 2012. How do I file my taxes?

Postby carswell » Thu Feb 28, 2013 11:14 am

I also have 2 children whom i will be claiming as dependants. I have no other income. I am not married.
carswell
 
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I made $5,200 in by babysitting in 2012. How do I file my taxes?

Postby ceithin » Thu Feb 28, 2013 11:19 am

this is reported on Sch C and probably SE as well with your 1040
the self employment tax is due and payable altho there probably will be no income tax
this is earned income and entitles you to EIC as well, so in reality that might actually pay your se tax for you
ceithin
 
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I made $5,200 in by babysitting in 2012. How do I file my taxes?

Postby placido90 » Thu Feb 28, 2013 11:26 am

www.irs.gov and use the search box for the below referenced items to try and learn some of the things that you really do NEED to KNOW to try and get your business and your record and bookkeeping set up correctly in order to have the written proof of all of receipts for payment amounts that you do receive daily and of your ordinary and necessary business expenses on a daily basis in case the IRS does every want you to VERIFY any of the information that you enter on your schedule C and your SE of your 1040 income tax return for that tax year.
Starting a Business

www.irs.gov/Businesses/Small-Businesse…

Publication 583 (12/2011), Starting a Business and Keeping ...

www.irs.gov/publications/p583/index.ht…

Small Business and Self-Employed Tax Center

www.irs.gov/Businesses/Small-Businesse…

Hope that you find the above enclosed information useful. 12/22/2012
placido90
 
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I made $5,200 in by babysitting in 2012. How do I file my taxes?

Postby beinish » Thu Feb 28, 2013 11:49 am

Form 1040, and schedules C and SE.

If you plan to claim EIC based on this income, the IRS will ask for documentation to show that you actually made this. Who did you live with? Who supported you? You did't support 3 people for a year on $5200.
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