 Why do so many people wait till the last minute to file their taxes? |
Additional Details
So I guess everyone who waits does so because they owe. Why don't they just have more taken out or file quarterly instead?... |
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 Big bonus check comming soon, what can i do so they wont take alot of taxes? |
| can i change the amount of dependents? if so, how many dependents? is there a limit? im aware of the penalties at the end of the year, but i only want to do this on 1 check.... |
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 Question about tax return? |
| I had my 1st job this summer I worked 4rm the end of May to the second week of August for min. wage. I also have 1 yr old daughter. My question is what exactly do I need to do to get my taxes back? I ... |
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 Taxes: How many to claim on W-4 (Expert advice only please)? |
I am getting married tomorrow, and in leu of that, my fiancee and I are updating our w-4's.
A little background:
a) She has a son, 2 years old, that lives with us full time
... |
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 Does anyone know anything about Council Tax? |
| If you are in full time employment but live in a household of students (who pay no council tax) how much council tax do you have to pay?... |
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 Based on my values what Candidate is best for me? |
I make over $200,000 per year & will inherit over 7 million.
I don't want to pay any tax on that $7 million!!
I dont want my taxes to go to;
(a) people or children who can'... |
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 What happens if you don't pay Federal Imcome Tax? |
| I just watched Zeitgeistmovie.com. And some former IRS agents said that they could not find anywhere in the constitution or any place else where it was law that we pay Income Taxes. These two ... |
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 Question re jobseekers allowance? |
| i made my initial claim for jobseeker's allowance on 29th April and have still yet to receive any money. i phoned jobcentre today and they said that the processing department had simply ... |
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 Should I pay property tax? |
| My home is going into foreclosure, I don't think I should pay the property tax. why?... |
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 Dole money, UK? |
Our lass was made redundant 3 weeks ago and applyed for the dole today.
She starts a new job Mid June but we pay so much tax we thought we'd claim the dole for the 5-6 weeks until ... |
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 Will my daughter have to pay taxes on this? |
If I pay off my daughter's bills ,including her vehicles, will she have to claim it as income and pay taxes on it? The total would be forty thousand.
Additional Details
She is not a ... |
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 Tax credits annual review? |
| i filled in the form but after checking details our income was ÂŁ500 less than the year before does that mean they will owe us money?... |
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 Why does the uk let the government act the way they do..council tax..? |
| I've lived in england all my life and I cant believe we are letting our government get away with the stuff they are doing..specifically Council Tax... I understand that they may have to reform ... |
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 If you win 1.000.000 on deal or no deal, how high are the taxes? |
Won´t they be like a minimum of 27 % and depend on the rest of your income?
If you make 40.000 a year and win 1.000.000 - how much do you get to keep?
Additional Details
Just for ... |
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 Benefits??? Am I able to claim?? |
| I gave up my job as a manager two months ago, as I found it to stressfull. I have never claimed before. I live on my own and rent a private house. I am now running out of money to pay for it all. Can ... |
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 Can i claim my partners children on my taxes? |
| my partner and i have been together for 9 years in Virginia. She has 2 kids and i have one. All children live with us. Up until this point we have both filed taxes seperately. For the year 2007, ... |
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Briana S | My friend was getting an advanced earn income credit on his paychecks last year.....? |
He didn't read that you had to have a qualifying child in order to take this credit. What will happen when he files and he puts that he was getting that amount, but then he's going to have to put that he actually didn't have a qualifying child? Does anyone know? Will it just take away from any amount he was going to get back?? |
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Kelly H
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Why did he do that??? The IRS will probably just take the money back, that should be all |
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ninasgramma
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The advanced earned income credit will appear on his W-2.
He will enter it into his tax return and will have to pay that amount back as part of his tax return, since he will have no earned income credit to offset what he has received. |
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fAiTh
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he may get udited for and end having to pay all that back.... |
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cheraerae
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yes the amount that he was given will be taken from his return. I dont understand why he was given this credit in the first place. His employer should have an answer to this. I would ask them first. |
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IVETTE C
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Your friend will have to pay that money back. Even tax payers that have qualifying children should not take the advance on the earned income. It is not a wise move . The government knows. It is on his/ her W2. Single folks get taxed at a higher rate than those with qualifying children. |
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Uther Aurelianus
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Believe it or not, you can claim just about anything you want on your W-4, 10 kids, or whatever. When you file your 1040 return, you must be truthful. That can mean you end up paying taxes instead of getting a refund. I know people who do this and invest the extra money. That way they make money instead of letting the government sit on it.
Also, you do not always need to have a qualifying child to get the EIC. I got it some years ago because I made next to nothing that year. I was single and had no kids. I didn't realize I was qualified, but I had my return done at the IRS office by an IRS employee, so obviously, I was. |
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WiseOwl
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In order to claim the advanced Earned Income Tax Credit, where it's paid in weekly installments instead of one lump sum, all four of the following MUST apply:
- 1. You (and your spouse, if filing a joint return) have a valid
social security number (SSN) issued by the Social Security
Administration. For more information on valid SSNs, see Pub.
596, Earned Income Credit (EIC).
- 2. You expect to have at least one qualifying child and to be
able to claim the credit using that child. If you do not expect to
have a qualifying child, you may still be eligible for the EIC, but
you cannot receive advance EIC payments.
- 3. You expect that your 2007 earned income and adjusted
gross income (AGI) will each be less than $33,241 ($35,241 if
you expect to file a joint return for 2007). Include your
spouse’s income if you plan to file a joint return. As used on
this form, earned income does not include amounts inmates in penal institutions are paid for their work, amounts received as
a pension or annuity from a nonqualified deferred
compensation plan or a nongovernmental section 457 plan, or
nontaxable earned income.
- 4. You expect to be able to claim the EIC for 2007.
The only way your friend could qualify was if he and his wife expected to have a child last year.
If he doesn't qualify for the EITC, he'll have to pay it back to the IRS.
Tell your friend the next time he signs something with these words on it that he better read every everything printed on the paper:
"Under penalties of perjury, I declare that the information I have furnished above is, to the best of my knowledge, true, correct, and complete.
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Jim M
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It will be an unqualified deduction and it must be repaid |
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Judy1
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It will have to be repaid, of course, but there might also be penalties such as not being eligible for the EIC for a certain number of years even if he otherwise would have been.
On his return, there's a place for advance EIC received - he'll put the number there that he received - it should be on his W-2. That will add to taxes owed, or subtract from his refund, on the tax return. |
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Txlady
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The IRS can help him @ 1.829.1040. That is their Tax Help-Individual- tax line. |
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