 How to save income tax? Please help? |
Hello All,
I need to save income tax. I need to save the tax, so that i can draw the maximum salary in cash. Is there anyway.. Please help.. My ctc is 250000. Which is the best option and ... |
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 What is the maximum amount you can legally pay in pennies? |
Or nickels, dimes, etc.?
I have a five figure tax bill coming up and I'd love nothing more than to dump a truckload of pennies in the IRS lobby.... |
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 I have an unemployment question? |
| I was terminated from my last job for not punching out for one shift and for using the internet. They made me sign two written warnings for it, but when I asked for a copy they refused. Anyways I ... |
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 Should I provide the irs my bank statements for 2007? |
| I recently got a letter in the mail to be audited. I don't have all my receipts on the items that I claimed on my tax return due to moving and a lot of my forms got thrown away. I tried to ... |
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 Can I write off my $80,000 investment in my son as a loss on my tax return? |
| I invested at least $80,000 in his university education (tuition fees and living expenses in another city) in his 4-year education. Now, he told me that he does not like what he has studied at the ... |
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 How do you do your taxes? |
| I'm 18 and I have never actually done it before. I've had atleast two jobs in the past. My parents haven't even done there yet and i'm trying to file for financial aid, what ... |
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 I worked for a business that was raided by the FBI in November. No tax forms were issued yet.? |
| They seized everything! The company won't be issuing any 1099s or W-2s, so what should I do for my personal taxes? The FBI won't issue these documents, will they? I have no records for the ... |
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 My roomate wants me to claim 3 of her 5 kids, can i legally do this? |
Additional Details
Also, can I file head of household if she doesn't?... |
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| House rent being paid to my Father? |
Hello,
I am receiving House Rent Allowance or HRA of Rs.5000 p.m. I am paying this to my Father and providing the Rent Receipts to my company for tax Deduction purposes. My Father has taken a ... |
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 I am confused about capital gains...? |
I am selling my apartment building I have owned for nearly 4 years. Are my options to buy a new property or can I use that money to improve my home. Or does that not offset the gain.
Also,
... |
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 Can store's charge more than the state tax? |
California's tak is 8.25% but i recently
bought something and i noticed they
charger me 8.75% can they do that?... |
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suzyq2318 | How do I receive a better Federal Income Tax Refund being single? |
I'm single with no dependants and I don't own a home. This last year I grossed $7500 and I do have a side business but didn't make more than $2000 doing that. So what can I do? Any credits or write off advice that might help me get something back this season? Thanks. |
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perleo
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Unless you have deductions to put on a Sch. A (itemized form) and exceed your standard deduction, you still have a portion of income after that that is taxable. Were you a full time student, did you contribute into an IRA, provide more than the support for a child/dependent (child support does not count), did you have to pay for tools for your trade? Unfortunately, single is the highest rate in paying taxes. Any expenses in the side business would also reduce that as well. Be aware that you will prob. have to pay self-employment taxes if you did not pay any during the year from this income. Good Luck. Make sure you have additional withheld this next year from your paycheck (w-4) to cover the potential for having to pay them as your income increases and/or your pay rate goes up. You should be claiming 0, with an additional $10-20 per period to be withheld from Federal as well as State. |
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laura s
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I'm single too with no kids. the way i get more money back at tax time is to give more to charity during the year. thats what i do. |
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Dizney
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Charitable is always good. People give away lots of stuff and don't realize it. Did you get your auto fees (many states)?
One of the only big deductions left for itemizing is mortgage interest. However, don't buy a house and get into debt for the deduction. If you don't have mortgage interest, you may be stuck just having the standard deduction for those that don't itemize.
Sorry to Perleo above - don't go to H&R Block. You may end up with a twit that doesn't know beans about tax law. They will hire just about anyone and I've heard of tons of problems & errors. |
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Wayne Z
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You are in the same boat as many people.
Here are the top two reasons that get some that "big" refund:
1) They have a house that they really can't afford
2) They have kids that they can't afford.
Beyond education credits for going back to school or retirement credits for investing in your retirement, there isn't much that a single non-homeowner can do. |
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smartblonde
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You haven't put much in. You will only get back what went in. Hopefully you paid taxes on your side business income. If you didn't you wont get much back at all. |
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Celeste
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Taxpayers 25 yrs. old but under 65, who made less than $12,120, without dependents, can still qualify for the EIC. The IRS website has a EITC Assistant that asks you questions to see if you qualify and how much you can get.
http://www.irs.gov/individuals/article/0,,id=130102,00.html |
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vegas_iwish
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How can you get much back when must have put almost nothing in? Enjoy your low-tax status rather than worry about a few hundred |
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Flyboy
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I began getting my refund in January, 2006 on my first paycheck! I figured out what I should be paying in taxes for the year 2006, divided by the number of pay periods in the year, filed a new W-4 with my employer so that the withholding equaled my estimated taxes. This put another $45 dollars in each paycheck.
Rather than spend this I stepped up my contribution to my 401(k) plan. My employer matched this at a rate of 50 cents for each dollar I contributed. So rather than blow some tax refund each April on something I don't really need I ended up lowering my taxes (401(k) contributions are not taxed) and significantly increased my savings.
I think I'm finally on my way to getting financially smart! |
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