I’m a tax noob and would like to learn some tax basics. I am from the US, live in NYC.
From what i was told i need to make at least $600 or more then i will need to do taxes. I am clueless though. So here are my questions:
1. is it always over $600 in a year that i need to make, then i need to do taxes?
2. what if i make money from multiple places. For example. I work two different jobs. Do i pay taxes for only the 1 job that made me over $600 or once i’m over $600 do i have to pay taxes on everything i made so far in the year?
3. What’s the start and end date of taxes. If i make money on Jan 1 that is over $600 when am i supposed to pay the taxes, what date? & can i pay the taxes i owe at the end of each month to get it over with? (Is the answer to this question different if i work a real job that i go VS self employment?, will the date i need to pay change?)
3. Do i have to keep a record of every payment i get. (check, paypal). So say i want to go get help with my taxes, do i just bring a print out of my paypal money received and copies of checks to help them see what i made?
4. Can i make my own excel spreadsheet and just keep track of all the $ i made from different places and just print that out to give to someone to help me do taxes?
5. Where can i go to get help for taxes? H&R block is the only thing that comes to mind but my taxes aren’t to complicated i made over $600 through paypal, and under $600 from non-paypal things. So is it something easy i can fill out and do on my own or should i take it to get done still?
6. How much does it cost to get help with my taxes from say H&R block?
7. How can i find out if i ever owed money, and how much i owed. Is there a way to check all that info so i can check anytime i want?
8. Is there a online chart that can show me the % of money i would owe depending on how much i’ve made so far.
9. What if i do taxes and i accidently made a mistake and was short from the real total i made. Will i get introuble?
10. What is a good, easy to use tax software that i could use to try and do my own taxes.
11. I know i asked about the tax date, but is it just a once a year thing? & if i make $599 and the tax deadline comes and i make $1 after the deadline, does that mean i don’t have to pay the taxes on it?
12. When is the deadline for money i make? Is it different than the deadline to pay? so like if i make $600 and need to pay taxes what if i made more money on the deadline date to pay but i never included it into the taxes. So is there a different deadline date , money made from start date to end date and then deadline of when to pay date?
13. Working a real job and online making money through paypal and also from affiliate online companies. Do i need to ask paypal, the online affiliate companies and the place i work for in person, for tax forms to fill out?
14. If i buy stuff from stores and collect receipts of everything i buy. Can i save that for my taxes? do i have to make copies of all the receipts? Does the receipts only apply to those things that my own business needs if i work for myself? or can i buy anything like say a jacket and keep the receipt to get money back or take out some $ that i owe?
15. So with all those questions asked, what are the paperwork and whatever else that i need to have ready when i pay my taxes? Do i need to have any documentation, drivers licence, etc.. ready?
16. Where do i go to pay the taxes? (in nyc) & can i pay online instead?
17. How will i know if i did everything i did was correct or if i messed up? Will i get a letter in the mail to tell me everything went fine, or that i still owed more money?
18. I don’t live alone, with parents still. They pay the bills (rent) etc. Should i have to give them my tax stuff for them to include into their own tax info? In case they put me down as someone not making money but i made enough to owe taxes. Should they know about my tax stuff?
19. If i were to get free insurance from medicare while i was unemployed and still worked doing online work, making money through paypal (over the $600 mark) at what point will i not be able to keep using the free insurance? Being that my online job is not a set income it’s just random made. So i may not make much money or i could make more money. It’s hard to say.
TONS of tax questions. I’m a real noob with taxes as you can see. It may take multiple people to answer all these questions. I hope people can help me with all my questions.
Thanks in advanced!