 Help with taxes!!? |
| Does anyone know of a website where it explains the meaning of claiming single or married and the amount of dependants? I am married and I would like to have more taken out of my paycheck each week ... |
|
 How can I get less taxes taken away from my paycheck???!!!???!!!? |
I make a good income and feel that taxes are killing me. I get paid biweekly and and my check is $2925 and it comes out to $1885 after taxes!?!?!?!!? How can I get this down?
My Dad is ... |
|
 IRS Stimulus check question? |
| did anyone get their stimulus check yet? How long did it take after your letter came to get it? also what numbers does your last two digets fall under? I know I supost to get mine within this week or ... |
|
 PAN Card Allotted or not ? |
| I have a strange problem. My auditor has filed IT returns on with a PAN No which is claimed to be in somebody else name. How do i find out whats the PAN number alloted to me ? I had applied for PAN ... |
|
 Are too many people claiming too many benefits these days? |
| I've been temping in a debt management company for the last few weeks and processing people's financial statements. More than 70% of the people are on benefits, alot of them with 4+ ... |
|
 I already filed my fed taxes. The next day, I got a 1099G for a 2006 state refund? |
I did my taxes online, and filed electronically....I don't remember ever having to report my past year state refund in past years....
What is that 1099g for, anyway? Do I HAVE to ... |
|
 I am going to pay 67% as income tax on my income? Thats Terrible... Help me...? |
| I am a telemarketer from india working for a mortgage company is USA, that company said i need to pay income tax in USA at 37% and now when i get my NET income after taxes. In India i have to again ... |
|
| Would I need to pay council tax? |
| Me and my boyfriend are moving into together .. Im a degree student and my bf is in full time work. Now because Im a student would we need to pay council tax? Whats the system for student?... |
|
 Does anyone know what time of the day they usally deposit a tax refund check? |
| We were suppose to recive it today but it has not got direct deosited yet.... |
|
 Tax question about H&R block? |
| My husband and I started a business in 2007 and we have not made any profit just yet we still bought things for the business. My husband wants to go to H&R block to have our taxes done so we have ... |
|
 20,000 pounds a year. How much would that be after tax? |
| Was looking on the net and found a job in the uk, and the salary was 20,000 .I believe that is before tax (considering that in Britain that's the way they do it) how much would it be after tax?<... |
|
|  |
Astro | Do I get to claim mortgage interest that was payed in 2006 on my tax refund.? |
If so, would I do it on a 1040? Do I get the whole amount back? If you could just answer to the best of your knowledge. I know that answers isn't for legal advice. I'm jsut trying to get a clue about my mortgage interest deduction. I'm going through the process of trying to do my own taxes and I am a little confused. |
 |
 
smoothie
|
You have to file a Schedule A and itemize deductions. Its not worth it though unless you can deduct more than your standard deduction though. |
|
bostonianinmo
 |
If you have enough itemized deductions to make itemizing worthwhile, you can deduct your mortgage interest, among other things such as property taxes and charitable deductions, etc. For a single taxpayer the standard deduction is $5,150. For a married couple, it's $10,300. You need more than your standard deduction amount to make itemizing worthwhile.
The deductions reduce your taxable income so the benefit you get will depend upon your tax bracket. The tax rates vary from 10% to 35% though most taxpayers are in the 15% or 25% brackets. The deductions will reduce your tax bill by the percentage that represents your tax bracket; you do not get it all back. |
|
miketorse
|
You get to deduct the interest on your mortgage that you paid in 2006 on Schedule A of your 1040. This will flow through to your total deductions from your AGI on page 2 of the return to come down eventually to your taxable income. Which is what your taxes are calculated on. That's it. |
|
jseah114
|
Mortgage interest is reported on Schedule A as an itemized deduction. If you are paying mortgage interest on your principal residence, that means you are also paying property taxes, which is also an itemized deduction (unless you own a condo, in which case, you might not pay property taxes). It will only benefit you to claim itemized deductions if your itemized deductions exceeds the standard deduction for your filing status.
Also, it is a deduction, so you do not reduce your tax liability by the amount of the deduction. Rather, your tax liability is reduced by the amount of the deduction times your marginal tax rate. If you paid $10,000 in mortgage interest, and your marginal tax rate is 28%, that means your tax liability is reduced by $2,800. |
|
gldjns
|
Yes, mortgage interest is deductible from what you owe on your taxes, as well as property taxes you've paid on your home. But you must use the form for itemizing deductions; in other words, the long form. I don't know what the number is. I would suggest that you call your local IRS office. They can help you fill out your taxes and don't charge anything. It's so easy to make mistakes filling out tax forms, I could never do it myself. If you're itemizing deductions, there are many other things you can deduct besides property taxes and interest on your home; such as charitable donations, medical expenses, child care expenses, etc. I would strongly urge you to seek help in order to avoid costly mistakes or delays in getting a refund if you qualify for one. Good luck! |
|
Gunny Bill
 |
You have to itemize deductions, not 1040ez form. Get a tax program, like turbo tax. It will walk you through it and calculate if it is better to itemize deductions or use standard deduction. Program is worth the $20 investment. And you can do more than one tax return with it, if you inclined to help family or friends do their returns. |
|
Judy1
 |
If your mortgage interest, plus all other eligible itemized deductions that you have, total more than your standard deduction, then you can "itemize" on a form 1040 schedule A and take your itemized expenses instead of the standard deduction. On your 1040, instead of subtracting your standard deduction, you'd subtract your itemized total from schedule A instead.
No, you don't get the whole amount back. The amount it saves you would be the amount by which your itemized deductions are larger than your standard, times your tax bracket. So if you're married filing a joint return (standard deduction $10,300), and in the 15% bracket, and your itemized deductions total $12,000, then your savings by itemizing would be $255. |
|
Dizney
|
sched. A - you won't get it all back - it just reduces your taxable income so that you will pay less.
Use Turbo Tax! |
|
Irish
|
You can file what is called an amended return. Go to www.irs.gov |
|
| |
|
| | |
| Questions List |
Answers | Last Post
| | | |
9 | 38 minutes(s) ago
| | | |
9 | 1 hour(s) ago
| | | |
9 | 6 hour(s) ago
| | | |
9 | 7 hour(s) ago
| | | |
9 | 11 hour(s) ago
| | | |
9 | 2 day(s) ago
| | | |
9 | 3 day(s) ago
| | | |
9 | 4 day(s) ago
| | | |
9 | 2 week(s) ago
| | | |
10 | 1 month(s) ago
| |
|
Homepage 
Financial
Forum 
Taxes 
No Spam
Adult 
Gambling
Unfinished
Deception
Plagiarism
Not English
