 Is there a way to get rid of owing federal tax? |
| I had small personal business.I used my social security number for tax purposes. My partner has deseased. Now I owe about 260,000 dollarars.Did not file tax returns since 1999. Trying to file ... |
|
 Do you have to report profit from sale of a real estate? Some were spent to pay for charges on remodeling? |
| I sold a house in 8/2003 with large profit and has been unemployeed/student until now. I didn't report the profit in 2003 and bought a house 8/2005 with that profit. I'll start work next ... |
|
 Will I get a refund? |
| I am currently not having any federal taken out of my paycheck each week because of the number of exemptions I have (I have 5 kids and am head of household) Will I get a refund this year?... |
|
 Will my friends refund be garnished?? |
| My best friend is currently getting her wages garnished from a student loan. She is about to file her taxes, but isn't sure she is going to receive any money back because she still owes. Will ... |
|
 If you knew someone who bragged about not reporting all their income to the IRS, would you report them? |
| A co-worker of mine makes a decent salary and her husband, who is self-employed, makes a very good salary. They have a huge house, a boat, several cars, condo, etc. She is constantly scamming '... |
|
 Who do i contact about changing my tax code? |
| its on emegency tax! also, i have two new jobs so i need to fill in the appropriate forms but don't know where to get them.... |
|
 Teens for Economic Stimulus Plan????? |
| So this year in total earnings I earned over $6,500. Now I've heard about the Stimulus plan from my dad and others (I'm 17). And I was wondering if they are going to give the $300-$500 ... |
|
 If I work at the age of 16, and I only live with my mom, would I still need to file taxes in February? |
My dad and my mom divorced. It's only my mom that is taking care of me.
Additional Details
My mom and my dad are divorced, and only my mom takes care of me. This is taking place in C... |
|
 How do I do a credit report on my self? |
| I'm 16 I work but never filed for taxes and need a credit report because I believe theres misuse of my social security card.... |
|
 What is 17,692,749 rupees? |
| How many crores/lakhs?... |
|
 Can anyone help me on this income tax question??(UK)? |
| Im a student nurse in england, my university fees are paid by the NHS and I also receive a bursary of around £6000 (just below). Ive just got a job with NHS professionals as a care support worker to ... |
|
|  |
Mr. Nando | Is it the LAW to use the itemized deductions even if you don't want to? |
my question is simple: do you have to take the itemized deductions deduction (assume your deductions the std. deduction [interest and real estate taxes])?
By law, do you HAVE TO take the itemized? I know you get a better a tax break and pay less taxes but how can the IRS find out?
Additional Details
i mean to say "assume your itemized deductions exceeds the standard deduction rate" |
 |
 
Judy1
|
You aren't required to itemize even if your itemized deductions are larger than your standard. I'm not sure though why you wouldn't want to, since it would save you money. But if you want to just take the standard deduction anyway, it's legal to do that.
If you are married filing separately though, then either BOTH people have to itemize or BOTH have to take the std deduction. |
|
A M Frantz
|
The only circumstances in which you are required to itemize is if you are filing as married filing seperately and your spouse has already filed with that status using itemized deductions. |
|
patchy360
|
You have a choice of choosing the standard or the itemized deduction. You dont alway's get a better tax break with itemized deductions. You have to see if itemized deductions is lower than the standard deduction, which the government provides the figure each year, then you make the decision. Mostly, you would do itemized deductions if they exceed standard deductions. But this is not always the case. Sometimes you have less deductions than the standard deduction and its wise to choose the standard deduction in this case. |
|
bostonianinmo
 |
Normaly no, but there is an important exception. If you are married and file separate returns and if either spouse itemizes their deductions the other spouse MUST also itemize, even if that results in a deduction of $0.
Except for that one exception you ALWAYS have the choice to itemize or take the standard deduction, regardless of which works out best for your situation. |
|
travelguruette
 |
You can choose standard or itemized. I would definitely take the higher. |
|
Stephanie C
|
You have a choice of either taking the standard deduction or itemizing. It is recommended that you do whatever give you the greater credit, but it is your own choice either way. |
|
v b
|
There are times when NOT taking the standard deduction makes sense--AMT (alternative minimum tax) adds back the standard deduction so if someone is affected by AMT, but did make contributions to charity, itemizing for less than the standard deduction would make sense. There may be similar glitches on a few state returns.
However, these instances are so few and far between that the IRS asks for an code to be entered so show that the decision was intentional. |
|
Ira01
 |
As others have said, it is generally your choice. But why in the world would you choose the standard deduction if your itemized deductions were more? That would only cause you to pay more in tax. |
|
wartz
 |
Go back and read the instructions again. |
|
| |
|
| | |
| Questions List |
Answers | Last Post
| | | |
9 | 28 minutes(s) ago
| | | |
9 | 40 minutes(s) ago
| | | |
9 | 42 minutes(s) ago
| | | |
9 | 3 hour(s) ago
| | | |
9 | 8 hour(s) ago
| | | |
9 | 9 hour(s) ago
| | | |
9 | 1 day(s) ago
| | | |
9 | 3 day(s) ago
| | | |
9 | 6 day(s) ago
| | | |
9 | 1 week(s) ago
| |
|
Homepage 
Financial
Forum 
Taxes 
No Spam
Adult 
Gambling
Unfinished
Deception
Plagiarism
Not English
