If I paid no Federal Income tax for this years taxes.. How do I not owe them, end of year.?
I made under 30,000. Used 9 for deductions. All my money went into my new business, and my old small business started year before. I managed to bring my total amount of taxable income/money down to 20,000 with all my legal deductions from this year. PROBLEM: I am still being asked to pay 1300. 24 male southern CA no kids, single
Public Comments
- The only way that you would not have any tax to pay is if you can bring the income from all your businesses down to $8750. If you make upto that figure, your tax liability is $0 Sumit
- I think you might have done something wrong. If you are single and your taxable income is $20K, your income tax should be around twice the $1300 you are coming up with.
- The way you bring down the amount that you owe to zero is to pay it. Also, you should not be claiming 9 on your W-4 if you are have no dependents. In addition to your tax, you should be being charged a penalty for that having had enough withheld.
