business tax deductions
Business/Tax?
I am fifteen years old and have a job at a local retirement home. I receive minmum wage, just started working, and work only 3-4 days a week for 4 hours. Do my parents lose tax deductions because of me working?? Because they believe so and want me to quit
Nuh, do not quit your job!
You can be a dependent (means your parents can claim your exemption of $3400) and also at the same time, you can file tax as a dependent, if you have earned income ( means you worked to earn it) of $5350. You can't claim your exemption (deduction of $3400) regardless of your parents claimed it or not, if you're dependent for the federal tax return! State law varies. You live with your parents and do not provide more than half of your support right? Then your parents would not lose tax deductions. Good Luck.
Tax Deduction Tips for Businesses : Basics of Tax Deductible Business Expenses
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