 Can Musicians deduct their manager comissions and or lawyer fees from thier taxes? |
I've asked several different people and they all say different things. Can somebody give me a definitive aswer?
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Ok let me clarify, my group is close signing a ... |
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 If I am an independent contractor who made 10,000 in 2008 - how much of a tax refund will I get back? ? |
I am single - no children. I am a full time graduate student.
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Am I able to deduct medical expenses to receive a refund?... |
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 Check stimulace - taxes? |
| me and my husband havent gotten our check yet... others have gotten theirs... his last 2 of his ss is 98... |
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 Economic stimulus check question. Who's right? |
| I was talking to a family member about the economic stimulus checks being sent out by the IRS. The family member said that not only has she not filed her taxes for 2007, but she is just now working ... |
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 What are the consequences of not filing taxes for several years? |
| What if someone has lived abroad for five years and not filed their US taxes even once in that time? What are the possible consequences of this? How can this be remedied?... |
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 Returning DVLA tax disc? |
| I am getting my vehicle scraped, but it's tax disc does not run out till August, but I heard if I send it back to DVLA I can get a refund for 5 months! How do I send it back to DVLA? What forms ... |
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 What qualification is required to prepare people's taxes? |
| Does it require certification, accounting degree, CPA, or what?... |
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 I claimed a child on my return without permission but he lived with me and his parents claimed him also. HELP! |
| i claimed a teen on my income tax return who lived with me the entire year and i took care of him . i claimed him on my taxes and got the money back already. i did not ask the parents if i could ... |
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 Can I claim my brother as a dependent? |
| My brother has been living with me for the last 1 1/2 year. He has only worked maybe for 2 month at most of the last year. He does not pay any money at all to live here not even for food. Does this ... |
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 I am Brazilian, and living creature very well, logical! how it is to be an Indian poor person, is very bad to? |
| I am Brazilian, and living creature very well, logical! how it is to be an Indian poor person, is very bad to live in this poverty that vocês lives?... |
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 Why won't the IRS, nor most C.P.A.'s show us the stautue where it's states all workers must file a 1040 form? |
| Recently, Tom Cryer was recently found 'not guilty' by a jury for 'failure to file' a tax return. Mr. Cryer stopped filing yrs ago. The judge, the govt attorneys, and the jury ... |
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 $600 tax refund check? I only got 389.90...why? |
What happened to the other $210.10???
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Ok, well I guess I didn't hear the Prez right...I didn't hear him say "...up to...". I thought Uncle Sam was ... |
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 Are we really not required to pay our income tax? |
Ive seen numerous things about there be NO law to make us pay or file an income tax. How accurate is this? I shouldnt wouldnt mind keeping my money.
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Umm actually if ... |
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 Do I need an accountant? |
I am a sole trader, but mainly need someone to help me sort out budgeting and paying back debts.
End of year accounts I can do myself-particuarly with online self assesment.
Am I wasting ... |
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K.T. | I bought a house and I have a question.? |
I have been in my house going on 3 months now. What items besides day care and education can I claim on my 2007 taxes? Also do I have to show proof? |
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Judy1
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If you've only been in your house three months, it's possible that you might not have enough in mortgage interest and real estate taxes to itemize this year - even if you don't, you probably will next year since you'll be making the payments all year.
You don't have to itemize to take day care expenses or education credits.
You don't have to show proof unless you get audited and the IRS asks for it. Just be sure that you have it. For day care, you'd need the receipts or an annual statement from the daycare center. Your school will send you a form showing the tuition and fees you paid, so you can figure your education credit. Save the day care receipt and the form from the school - not a bad idea to staple them to your copy of your tax return. |
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Knightly
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Some of the costs associated with buying your home (mortgage interest, points, property taxes) are itemizable deductions. These go onto a Schedule A, along with other items, and, if they total more than your standard deduction, reduce your taxable income.
The other items you mentioned, day care expenses and education expenses, can generate a credit to reduce your tax. It doesn't matter for them if you itemize or take the standard deduction. There are many other credits from common (savers credit if you put money in an IRA or 401K) to uncommon (depletion on investments in mineral producing properties.)
You need to either use some good software and read up on taxes, or go to a professional to ensure you pay the lowest legal tax. |
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kokopelli
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Look in the IRS instructions for itemized deductions, you can do this online for the complete info.
It's a good idea to stay away from home office. This is an area the IRS picks up on. Computer expenses only work if your business is computer-based. You do not normally have to show any proof at the time you file the return; just save the supporting documents and receipts for ten years in case you are ever called in for an audit. |
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kay
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interest paid on the mortgage as well as any points on the closing ...also property taxes on the home,
any medical which exceeds 7.5% of your income...
charitible contributions such as tithing and even goodwill donations,
and you will have to show proof in the event of an audit, however if you are buying your home you shoudl receive a 1098 around january that shows the interest, prop tax (if pd through mortgage comp), points etc...
for the daycare you will need the ssn or the ein of the provider for the tax return
and the school should also send you a statement showing deductible tuition paid
you can also recieve credit for interest paid on student loans however this is an above line credit
http://www.irs.gov/taxtopics/tc500.html
has more information than you will ever want to know!!!!!!!!!! |
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annazzz1966
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You can itemize and also declare any points you paid during the closing of your house and interest you paid as part of the payments. Your lender will send you a form that states how much you paid. |
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cottagstan
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There are many things which you are eligible to claim, e.g. mortgage interest, insurance, taxes, repairs, etc.
For the small amount it will cost, see someone like H&R Block. People may poke fun at them, but they will save you a bundle. If you don't want to do this, buy a TurboTax program and do it yourself, assuming you are comfortable on a computer. Again, this is well worth the price! |
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ldr-man
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I would suggest you contact a financial adviser. A company I would suggest is New York Life. There website is http://www.newyorklife.com/. Another possibility is to contact a CPA (Certified Public Accountant).
I hope this helps |
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Mr. Opinionated
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home office...PC, printer, office supplies.... |
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Maria R
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Alarm system, energy efficient appliances, and windows, and anything green, a hybrid car... thats all I can think of. |
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