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Thread: Taxes

  1. #1
    Senior Member gelsey's Avatar
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    Default Taxes


    Okay I am a full time student with a part time day job, and only dance about once a month. (in the last year it has been a totaly of 4 nights thus far) My parents still claim me as a dependant. I made less than a grand (health probs didn't have a job for a while)

    anyway

    how does this whole taxes as a dance thing work anyway?

    how would i work this out?

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    Banned Melonie's Avatar
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    Default Re: Taxes

    ^^^ basically, if your total 2006 earnings exceeded $3000 (I think), you're required to file your own tax return even though you cannot claim yourself as a dependent. You claim 'wages' from your day job on the 1040 tax return, and you claim 'business income' from your dancing on Schedule C.

    Because you can't claim yourself as a dependent on your own tax return, your effective tax rates are going to be higher than if you could.

    Also, any student loan/grant applications that you and your parents will be filing must be based on 'family income' which includes the total of your parents' income plus your own income as long as you remain their dependent. If you earn a significant amount of money by dancing in 2007, this could affect your eligibility for student grant money, and also obligates you to disclose your tax return's reported income to your parents while filling out student grant applications.

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