As a dependent, your standard deduction is limited to the larger of $950 or your earned income plus $300 (but not more than $5800 for 2011). Anything over that, assuming you don't have something to deduct like the student loan interest deduction, would be taxable income. You are not eligible to take an exemption or the earned income tax credit as a dependent.

http://www.irs.gov/publications/p929/ar02.html#en_US_2010_publink1000203773

Also I'm assuming you are not married, have dependents of your own, and that any education credits you might qualify for are being taken by your parents on their taxes.

I'm not exactly sure what the tax brackets are for 2011. For you, anything over $5800 up to about $14,300 will be taxed at 10%. If you make $14,300 you would probably owe $850 in taxes for 2011.

Follow the instructions on the IRS site here:

http://www.irs.gov/individuals/article/0,,id=96623,00.html

With an LLC, you can structure the entity to avoid double-taxation, as LLCs are often treated as pass-through entities by the IRS. However, an LLC can elect to be treated under different sections of the tax code, with different tax ramifications.

An attorney should be able to easily determine how your LLC is treated under the tax code. Then, if you need help to prepare and file taxes, a CPA could do that for you.

It also sounds like you are concerned with maintaining the liability shield of the LLC. This could be a concern if you fail to capitalize the LLC adequately or mix personal and business funds. However, a taxpayer might report LLC income and continue to limit liability - if the LLC follows correct business practices.

An attorney can advise you how to limit your liability and correctly report income, based upon your specific circumstances.

All are 501(c)(3) so donation to the individual charities is tax deductible. Donating to this should also be.

Persons who have earned a minimum of $400 in self-employment earnings must file Federal taxes. This includes contracting income from outside sources.

(from IRS website)

I'm not a tax lawyer or accountant, so I'm not qualified to give you advice on this matter, just sharing my experience.

You as a taxpayer are responsible for keeping track of your income and reporting it, even if the company that paid you didn't create a 1099 form. The law is pretty clear about that.

However -

I've done some bookkeeping for small nonprofits, and if non-employees were paid less than $600 a year we never created 1099s for them or reported it to the IRS. The amount is determined by the IRS, and employers are not required to report payments to the IRS if they don't exceed $600 total per calendar year. I was told by our CPA that the responsibility is on the taxpayer to report the income if it's less than that.

It's likely the IRS would never find out if you "forgot" to report that amount, and you could not report the income and not pay whatever the taxes would be. (You should keep in mind that this would be tax evasion, even on a small scale.) I've been paid "off the books" for quite a few small odd jobs in my life, didn't report the income, and haven't gotten audited - yet. I've mostly been around poverty line income and don't itemize deductions.

If you "forget" to report it, you might want to consider making a donation to any group that provides services to those in need, just to make up for that tiny amount of your tax payment that would have trickled down to the social service providers through the feds.

I've been claiming 2 on salary for years and always break even or owe a tiny bit (<$100) each tax season. I'm firmly in the "screw giving the IRS an interest free loan by overpaying" camp.

You know withholdings are totally optional as long as you don't have a history of tax problems. If you really want, you can ask your employer to not withhold anything and do your own taxes at the end of the year.

If you take this seriously, be prepared to write a check for 15-20% or so of your total yearly income before April! If you don't, you will owe more than you can pay, get penalties, be put on a payment plan with the IRS that could turn into a garnish of your paycheck in a worse case scenario, and you'll probably have paycheck withholdings forced onto you for being bad at taxes.

OMC is right. Increasing exemptions increases your take home pay by decreasing the amount that is withheld to offset your tax bill.

Typically you take 1 exemption for yourself.
+1 if you have a spouse filing jointly.
+1 (or more) if you have a mortgage.
etc. based on any other tax deductible items you will have.

If you have been getting big refunds in the past then your exemptions should be higher than they were before. If your refunds have been minimal then you has the correct exemptions and should leave it as it was. The worksheets tend to err on the side of getting you to over withhold in my experience.

An increase in the number of excemptions from witholding leaves more money in your paycheck... but it also means less money is being held back to over your taxes when it comes time to pay them.

A decrease in the number of exemptions means the govt will hang onto more money so that that pool will be available to offset your taxbill when you file.

At least, that's how I understand it.

I'm no tax accountant but it's in the general news (NPR today) that even the IRS is confused about the new law and people filing that way are getting notices that they have improperly filed.

Also it is unclear whether you MAY treat property as communal or whether you MUST treat property as communal.

Based on that I think you can file as you always have for this year and talk to a tax person so you are ready for next year.

We use Mark Long at Meyers Associates. He does a great job on ours (I am a dependent of my commission earning, business-expense heavy, property owning, Domestic Partner, you-can't-do-this-with-quicken, mess) and they are on cap hill.

I wouldn't think an employer's address would cause any problems, because employers move all the time. The only thing in that vein that might send up a flag is an incorrect employer ID number which would make a match-up harder for the IRS.

See if the Feds reject your e-file first (they probably won't), and then just wait to see if you have any problems with them later (I firmly believe you won't). They'll mail you a letter if they need clarification.

I wouldn't bother with an amendment. Those are for adjustments to income, for information relevant to the amount of money you earned and/or the tax you owe (or don't), or for some change in your personal information. An employer's address wouldn't have a bearing on any of those things.

Good luck!

Hi, I work for H&R Block and happened to see your post. Yikes! Sorry to hear about all the mailers. You can opt-out at: http://www.hrblock.com/privacy/optout.html?disp=3 or you can call 1-800-HRBLOCK, select option 2, and one of our agents would be happy to assist. All the best!

Contact them directly and tell them you want your name removed from their mailing lists. I would recommend either recording the call or sending them a certified letter with return receipt notifying them of said request.

If you continue to receive unwanted mail from them after requesting to be removed, and you can prove that you've requested to be removed, they are legally liable and you can file suit against them for damages.

My favorite year-end tax moves are to make sure to pay my property taxes and sell any of my individual stock holdings where I have a loss.
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Make your deposit to your personal IRA ASAP so that it can be earning as much as possible, as soon as possible.