 What is the difference between an Earned Income Tax Credit and a Child Tax Credit? |
And could I apply for both??
I'm a bit confused here.
(I'm claiming single head of household with one dependant and I make under $30,000/year.)
Any help is ... |
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 Neighbor not paying taxes for home business? |
I just moved to the area (Lebanon, PA) and found out that a family down the road has a sign in their window for a hair salon.
The part of their house is set up like a real salon. C... |
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 I have applied pan card on 11dec08.i tried to know status of my pan card in tin.tin.nsdl.com page.? |
| but it displays no reslut . with in how manu days can i get pan card . and how manu days it takes to come online.... |
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 The irs laws can she get in trouble? |
| ok well my boyfriend is still legally married to his ex but they have been separated for almost 2 years my b/f filed his taxes last night and claimed his daughter because he had and still has her 95% ... |
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 Parents claiming me AGAIN?? |
| I am going to be twenty this year, and I have my own full time job, and pay all my own bills. I am barely a student, i take maybe one or two classes a semester. Now I had this problem with them last ... |
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 Can I claim my brother as dependent when we live with our parents? |
My brother is 19, attends school, doesn't/didn't make any income.
My dad's income is too low to provide full support for 3 persons. So I pay support for my brother. Also, I made ... |
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 How much of a return do you get on your tax returns if you own a home? |
| I am about to own my first house in a month or so and I'm paying $156,000 for it. Do I get any extra money in my tax returns for owning a house?... |
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 Can you claim for Work Clothes? |
| a friend at work has told me that you can claim for your work clothes through the tax office. he states that you are entitled to £60 per year and can recieve backpay for the last 6 years. he said it ... |
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 Why did I only get a $300 tax refund? |
| I don't get this at all. I've heard that people that make MORE get a bigger refund (the full $600). So what, keep the poor poor and make the rich more rich? Come on. Am I the only one that ... |
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 The 2008 tax rebate; doesn't make sense to me. You get money now, but you have to pay it back in 2009? |
I understand that the government want us to spend, spend spend right now, but I'll be hurting when I have to pay $1500 extra when I file for 2008 right?
If that is true I think a lot of ... |
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 Is it possible that i would have to pay state income tax to a state that i don't work in? |
| I work in one state and live in another, if i can't zero out my resident state with the credits from my employment state, would i have to pay my resident state income tax when i don't make ... |
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 Do Republicans want the Fair Tax? |
| The Fair Tax is being promoted by John Linder and Neil Boortz. Boortz wrote a book called the Fair Tax Book. The Fair Tax will replace the Federal Income Tax. It's a national sales tax. All ... |
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 When do employers have to have your W2 sent out by? |
| Still waiting on mine, eager to get my refund back.... |
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bilolo | How much money or prizes do you have too win to pay taxes on them? |
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Judy1
|
Legally, you are required to pay taxes on any winnings, even $1.
On a prize less than a few hundred dollars, there wouldn't be any paperwork, so nobody would know what you won if you won for example $50 from your state lottery. That does NOT mean you don't owe taxes on it, just means there's no tracking of it. |
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skcs69
 |
Any money, even 1 cent, the government wants its share. |
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singledad
|
anything over 599.00 you need to give SSN number and all so the winnings can be reported. Anything else is up to you to track and report.
but remember you are also allowed to deduct your loses from gambling as well. |
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nqdenise
|
When you win a cash or merchandise prize, the company you win it from will not withhold any taxes for you. If you win $25,000, you'll get a check for $25,000.
Then, in January the next year, you'll get a 1099-MISC from that company showing they paid you $25,000. You need to claim that as income on your tax return.
They are required to send you (and the IRS) a 1099-MISC for all wins over $600. However it all really depends, some places may not know all the IRS regulations and fail to send you this form, and other places over-do it and send you a 1099 even for wins under this threshhold.
To do things correctly, though, you need to claim all cash winnings, and the fair market value of all merchandise wins, as income, regardless if it's over or under $600. |
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Serendipity
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It depends on how much income you have for the year excluding your winnings. You will add your winnings to your other income to determine your total tax bill.
s |
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kgbbsc7
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It doesn't matter who much you earn. You have to pay taxes on any and all monies you win/earn. It is true, you will not receive any documentation for less than 600. That does not make it any more legal/illegal. It is your responsible to keep up with the winnings and report them. |
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thedawg
 |
no use to worry about that, cause they take tax money out on everything that u win. |
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☼☼sunny_girl☼☼
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I thought they take taxes out of all prize money. heck they took taxes outta my bonus check! |
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wannaknow
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I think it depends where you live. I've heard it's anything over $1200 in one winning, like from a slot machine. |
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hindibunni
 |
I believe it's $600 in a year from a single source. At that point the company where you won the prize(s) should send you a 1099-MISC form and you have to record that income on your taxes. |
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