How much to charge for part time child care?

Single parent and part time college student making about 15000 a year how much do i get in tax refund?

• hello, I'm a single mom of a one year old. currently working as self employed by cleaning houses. I make approx 300 to 350 a week. approx 15000 a year I'm also a part time college student. I live on my own n my rent is 775 plus utilities, however i don't pay much on child care expenses because my best friend will watch him while i'm working and my mom will watch him while i go to school at night. they knw i struggle so they don't charge me but from time to time i'll pay my friend what i can. my question is what are my exceptions and how much should i get back in refund being 'head of household"

• Answer:

  You're looking at $3094 from the EIC and $1000 from the additional child tax credit. The first $2000 will go toward self employment taxes so your refund will be in the ballpark of $2000. Self employment income that maxes out the EIC credit is a red hot target for an IRS audit because its a common method of fraud. Don't let that stop you from claiming what you're legally entitled to, just make sure you have meticulous business records before you file. If you don't have good records, you need to reasonably recreate your records from things like an appointment books or bank deposits. You MUST also recreate your expense records: its illegal to omit expenses records on self employment in order to increase your taxable income and get a bigger earned income credit.