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    pamschaffer's Avatar
    pamschaffer Posts: 1, Reputation: 1
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    #1

    Feb 4, 2011, 06:16 PM
    I have not paid taxes yet I made 20.000 this year and claim 3 children how much will
    I am self employed I pay my taxes at the end of the year I have 3 children I take care of after they take out what I owe in taxes will I get any thing back ?
    MukatA's Avatar
    MukatA Posts: 7,110, Reputation: 176
    Tax Expert
    		  
    #2

    Feb 4, 2011, 07:39 PM

    Yes, you will get a good amount of refund. The EIC with three children will be around $5000. Then you will get child tax credit or additional child tax credit. You will also get Making Work Pay credit.
    You are self employed. You will report your income and business related expenses on schedule C or C-EZ (Form 1040). Then you put net income (or loss) on line 12 of Form 1040. This income is subject to SE tax at 15.3% (this is shown on line 57 of Form 1040). For this you will use schedule SE (Form 1040). Your U.S. Tax Return: Tax Filing by Self Employed Sole Proprietor or Independent Contractor
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