I am a hair stylist(self employed) w/ a child will i get any money back during tax refund time?

i do hair for a living however this is my first year so i have never filled taxes self employed. i pay ALOT of money such as booth rent supplies cont. education etc. so far i have prob made 5,000 and i have 3 more months left. can anyone tell me is there a possibility that i will get a refund. i was hoping to get a car however i dont wont to get my hopes up if im not going to get anything back? Please Help?I am a hair stylist(self employed) w/ a child will i get any money back during tax refund time?
You have a number of issues to deal with as a self employed person. First you are not likely to pay any income tax based on the income you have indicated. You may have Self Employed Tax which is the Social Security and Medicare paid by wage earners. However you will pay that on your Net income at the rate of 15.3%. If you have a net you may well qualify for Earned Income Credit. It is not a bad idea to sit down with a tax professional prior to tax time and get a better estimate of what you are looking at. Most will give you an estimate without charge in hopes of getting your business at tax time.I am a hair stylist(self employed) w/ a child will i get any money back during tax refund time?
if you didn't pay anything in, no you won't get any refund


more than likely you are being treated as an independent contractor and responsible for your self employment tax which is approx 15.3% of your 'net'


during the year, you are required to file your Estimated taxes, on April 15, June 15, Sept. 15, and Jan 15. 2010 for what you anticipate your taxes to be


it sounds to me like you will be owing money
How much have you paid in taxes so far? If you have only earned $5000 it would seem impossible that you could buy a car with a tax refund. Talk with the other hair stylists that you work with. They should be able to give you some sort of idea of what to do at tax time.
If you paid estimated taxes during the year, then some, but not all, of that money might be refunded. If you paid no taxes, then you will not receive back any money, and will owe money.
You will get the earned income tax credit for your child which runs about $2900, plus you should get everything that you paid into the government under your income tax.