 I Owe 300.00 In Child Support Will THey Hold My Tax Refund? of 08? |
I Was Just Wonderin
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I Dont Mind Payin But Here's The Thinng The Mother Live's With Me In The House So Does THe Son I Send The PayMent They Send It Right Back ... |
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 Did anybody have their tax money deposited today yet? |
I am suppose to get my funds deposited today (jan. 3-th). Has anyone gotten theirs yet? Is there a certain time they do deposits?
I have Bank of America. Does anyone know if they are slower or ... |
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 Will benefits be affected with the recession? |
| Im a full time working single mum and i rely on my working tax credit to help with nursery fees so i can go out to work, and not just sit around at home all day letting the government and tax payers ... |
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 How much should I be deducted from my wages both for NI and as Income Tax? |
| I though it should be around 20% altogether but I have been deducted 19.19 for NI and 55.80 as Income tax from 279 which works out something like 20% deduction as Income Tax and 7% for the NI. Is ... |
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 Can I pretend I made $5000 from selling stuff on ebay to open a Roth IRA? |
I need earned income to open a Roth IRA, I am only 19 year old and I am a full time student.
I did sold stuff on ebay back in Fed-Mar 2008 and earned about $3000, but I want to contribute ... |
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 Can my ex husband claim our kids for income tax even though they live with me? |
| My ex husband is trying to claim our 2 kids. They live with me, he barely sees them and he only gives them $50 a week total. Some weeks he claims "I'm broke so I can't give them any ... |
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 We had a baby 2-21-08, will we get stimulus imbursement? |
| when we file taxes this year we have to note our stimulus amount recieved in '08, will we get an extra $300 for the baby? not a big deal, just curious.... |
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 Do I have to file my taxes if they already deduct it from my bi-weekly pay checks? |
| Recent college graduate working a full time job for the first time and really confused about taxes.... |
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 If i get married do my tax refunds go to my husbands ex's kids? |
| i want to get married but my fiance is responsible for 2 other children. will they get any of my tax refund?... |
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 What is the difference in filing taxes by mail and e-filing? |
| I know e-filing takes less time and gets processed sooner, however does it make a difference in how much you get back?... |
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 Aunt being audited, here is the situation...? |
| I was just wondering, how can a person be audited if they are not the tax preparer themselves? What can a person do to prevent having to owe money to the IRS if the 3rd party preparer did not have ... |
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 If my husband and i filed though turbo tax and had it direct deposited though Santa Barbara bank and trust? |
will we still get our rebate direct deposited.
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Im worried because my husband is first on the return and his last two are 09 and we havent seen anything hit the bank ... |
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 In an IRS Audit, how far back can the IRS go if the President of the Company changed? |
| 2 years ago, we switched the President of the Corporation over to me, can the IRS go back past before I became President?... |
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 Which is a better investment - 7% tax-deferred or 9% taxable? |
Assume:
- I have a marginal tax bracket of 30%
- I am investing for a 15-year time horizon.
- Tax is paid yearly on taxable interest.
- Tax is paid at end-of-term on tax-deferred ... |
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 Why is 6 months road tax work out dearer than 1 year? |
| The government charge more for 6 months, therefore it's cheaper to buy tax for year. This kind of deal from the government is leading those who are struggling to go into, if not further into ... |
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 HELP!!! How can i claim our tax return? |
| My husband is in a rehab center. How can I go ahead and go do all the paper work for our tax return if he's not here? He cant leave the facility he's in. Can I sign for him? Or will I have ... |
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iznakurnozh | I owe a substantial amount of Federal Tax. Can I make a contribution to a charity rather than re-pay to IRS? |
I would very much prefer the $25K to go to a specific charity (in a form of a tax-deductible donation) rather than to vanish in the bottomless pocket of the IRS. Any idea if this would be possible? PLEASE DO ME A FAVOR AND ANSWER ONLY IF YOU KNOW. DO NOT GUESS. |
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Judy1
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No you can't. First of all, any contribution saves taxes at most, and maybe less than, the amount of your contribution times your tax bracket. The whole amount does not come off your taxes. If you contribute $25K and can deduct that much (there are limits), the most you could save in taxes is $8750, and only then if you are in a 35% tax bracket.
If the tax is for a prior year, then you can't affect your tax liability for that year at all, since a contribution is not deductible for a prior year. |
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Cysteine
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Unfortunately no. If you owe the IRS money from a previous tax year, you have to pay them directly to clear it. |
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ninasgramma
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You are free to make a contribution to charity, but it will not reduce taxes from a prior year. It will reduce taxes in the year of the donation.
If you owe $25K for the current year and you donate $25K to charity, you will not eliminate your taxes, only reduce them by up to about 8K or 9K. You would still owe the remaining $16K or so. |
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bud68
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If the tax you owe is from a prior year, its too late to make an offsetting deductible donation for that year. |
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wartz
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This is not your call. If you owe taxes to the government that is the way it is. Don't forget, IRS just collects the month, it does not keep it/ Your taxes are what you owe to the other 300,000,000 people in the country for the privilege of living here. |
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kokopelli
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You might make a charitable contribution for the current tax year; it is too late to make a charitable contribution for a prior year. Thus, any contribution you make now will have NO effect on the amount you own for prior years' returns.
A tax deduction is not the same thing as a tax credit. A tax deduction would only reduce your tax by some percentage of the deductible amount. it's a moot point anyway because this would do you no good at all now with regards to your present tax liability.
You may be able to set up an installment agreement with the IRS and pay back the tax liability over time. I have found the IRS to be very good at this and one of the cheapest sources of retroactive financing you can get. |
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Nicole E
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No. You can submit an offer in compromise to the IRS and if they accept your offer you can then donate the money to a charity. |
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Crystal
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No. If you give to a charity today, it may be a deduction for 2007 taxes, but not for past years for which you owe money. No, I don't guarantee this is 100%, you need to ask an accountant, a tax lawyer, or the IRS to be sure. Good luck with that. |
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