 Does anyone claim Child&working tax credit when self employed selling on Ebay? |
Hello
I work part time (self employed) 16 hours p/w I`m on low income on approx £200 p/m , I have 2 small children
I really would like to start working from home opening my ... |
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 Wage Tax? Live in PA but work in NJ? |
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 I am being IRS audited ($2Mill) from 8 yrs ago, where can I get old bank statements/etc ...??? BIG TIME HELP? |
I am being IRS audited ($2MILL) from 8 yrs ago, how to get old bank statements/etc that far back?
My husband is being audited from 2002. He was a building contractor for 30 years. In 2002 ... |
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I am about to start graduate school.
My father provided a little more than 50% of my support last year, and because of that he is going to claim me as a dependent.
Thing is, I ... |
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 Suddenly, they aren't taking out Federal Taxes? |
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hi, i would be going to canada for as a tourist
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... |
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 How much extra income does not have to be claimed on taxes? |
I have made about $150 of side income this year. While it isn't much, I didn't know if there is a limit to how much I can make that will not have to be filed next year. I live in IL.
A... |
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 Bank deposits FD, income tax returns? |
I have a 3 year Fixed Deposit at a bank and a 5 year tax saving Fixed Deposit at another bank.
I have to file my income tax returns by this month end.
I was told that the bank would ... |
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| How much will this be with taxes? |
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Danok | How does donation affect my tax refund? |
I want to get rid of my car and few of the companies that give cash for cars told me that they can give me $500 deduction on my taxes. does this mean that If I have to pay e.g $1300 as tax, and if I add this deduction I will pay only $800. |
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StephenWeinstein
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No. Hypothetically speaking, if you do receive a $500 deduction, that means that your taxable income is reduced $500, not your tax. For example, if without the donation, you would have had a taxable income of $1300, and needed to pay tax of $130, then with the donation you will have a taxable income of $800, and need to pay tax of $80. If your tax without the donation would have been $1300, then you will need to pay approximately $1225 or approximately $1250, depending on details not discussed in your question.
If you give the car to a company, then you receive no tax deduction. $0.
If you give the car to a charity, then you may receive a tax deduction, but they cannot tell you in advance the amount, because the rules were changed so that if they sell the car, then the deduction is limited to the amount for which they sold it or its value, whichever is less. (If they keep the car for its own use, then you can deduct its value.) Until they either (a) sell it, or (b) use it long enough so that your deduction is not limited by the amount for which they sell it, the amount of your deduction cannot be known. |
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Judy
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Nope. If you don't itemize, it saves you nothing, you'd still owe the $1300. If you DO itemize, your tax savings is the $500 (in your example) times your tax bracket %, so if you're in 15% bracket your savings would be $500 times .15 or $75, so you'd pay $1225 instead of $1300.
Note that if the give "cash for cars" and buy the car from you, it's not a donation so there's no tax benefit. |
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Steve D
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No...your example would be a tax credit, not a tax deduction. Let's say you are in the 20% tax bracket and make $20,000. Making believe there are no other deductions (there are, but they are not relevant), you tax liability without the donation would be $4,000 ($20,000 times .20). f you made the donation, you get a deduction off your income (in this case $500) so you income would be $19,500 and your tax liability would be $3,900 - saving you $100.
Obviously, the higher the tax bracket, the more you save. |
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Mathew
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Your assumption is incorrect. First of all there are some specific rules regarding donation of vehicles. If you are itemizing your deduction and you conform to those rules you will only reduce your taxable income by the amount associated to the value of the car not the tax liability. |
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Max Hoopla
 |
If you itemize your deductions, you will reduce your taxable income by $500. If you are not buying a house, you probably will get no tax benefit at all. |
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the tax lady
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If you are trying to save money, SELL THE CAR. |
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Wayne Z
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No.
If you do not itemize, it will have no effect. If you don't own a house and are not paying a mortgage you, most likely, won't have enough deductions to itemize.
If you do itemize, the tax benefit is small. For most people, a $500 donation amounts to a tax savings of $75-$125. |
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