 Exemptions, Withholdings, Deductions..? |
| I'm loosing my mind. Everyone keeps saying that if you claim "0" on your w-4 form you will have more withholdings taken out of your check. Doesn't this make you "exempt" ... |
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 How can it be a Christmas Bonus if they take taxes out of it.? |
| My boss gives us a Christmas Bonus but it is in the form of a payroll check with taxes taken out.... |
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 When do you usually get your w-2's? |
| I really want to file my refund as soon as possible, but I'm not sure how long before my company will send my w-2. When do you usually get it? Beginning, middle or end of Jan? or right before ... |
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 I am a 19y/o i work in 2007 but not gettin anything back can i still file for income taxes? |
| I was told i can still file and get money back. Is this true? My mom said that im not gettin anything back but my grandma said i can still file for imcome taxes and get some money back. Im so ... |
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 Anybodys government stimulus check's late yet? |
i checked IRS.gov and it said mine would be directly deposited before may 9?
but it is not in yet
i did my taxes online fast so it should be going straight to my bank.
A... |
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 Pick up my paycheck but dont want to work.? |
| i have to work tomoro but i dont wana, but i want my pay check, how can i get my paycheck with out them noticing me, or getting in and out fast, any crazt ideas that migh t work?... |
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 If an employer hesitate to give w2 then what employees can do? |
| Can employee report to IRS about the employer? Is it a law that employer must give W2 to all of its employee irrespective of current employee or ex employee?... |
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 My salary has been wrong for 6 years - who has to pay the tax man I am in the UK? |
| My company have been administering for salary incorrect for 6 years. They have been deducting my pension contribution from my taxable income and I have been paying tax on the lesser amount. They ... |
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| If im recieving income support, dont work and live with my parents, how much child tax credit will i recieve? |
and how much will my income support go down to if i get £35.65 a week if i recieve child tax credit?
ive tried to contact child tax credit and income support but nothing has worked.
A... |
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 I am in law enforcement if i dont have a house is there a way i can claim my uniforms / equipment and our son? |
Additional Details
ok obviously by the answers i am getting yall dont seem to understand the question or maybe i asked the wrong question i should say is it possible to fill out long ... |
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 Does a baby have to be born by 12/31/07 to be claimed as a tax deduction on my 2007 return? |
| If my baby is born in March of 2008, I would have the Social Security Number. Am I allowed to put this on my return and claim the deduction? If this isn't allowed and I do it, would there be a ... |
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 If I file my taxes illegally, what's going to happen? |
| Ok, for whatever reason, my husband and I didn't have fed. taxes taken out of our checks all year. When I went to file, it said we owed over 1,000. When I took his income off, it said I would ... |
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 Can i refuse the stimulus payment? |
is this payment something that i can refuse, for own personal reasons? what are the payback terms and conditions?
Additional Details
CAN IT BE REFUSED?... |
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 Exempt from Federal Taxes....Will I still Recv a Refund for 07? |
| Ok, here is my predicament. I filed exempt on my tax forms like I do every year with 1 exemption thus preventing Federal Taxes from being taken out of my paychecks and ONLY Fica/Med/State taxes ... |
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 Please don't bother cutting and pasting the IRS mailing schedule, I need direct answers...? |
| Last 2 of my SSN# is 20, at this point I am aware that I am not getting DD (but instead will be getting a paper check) My question is: Since the IRS started distributing the paper checks early, ... |
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Carrie | Tax write off question? |
I'm thinking of donating about seventy items of nice clothing. How do I figure out how it will affect my taxes? I mean how much will it actually matter, money wise? I guess I don't get the whole tax write off thing, not to sound dumb. Thanks for your help! |
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Judy1
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Probably not a lot, maybe not at all. If you don't have enough itemized deductions to itemize rather than take the standard deduction, donating the items won't have any effect on your taxes.
If you itemize, you can take their fair market value (what they'd be sold for used, in their current condition, not what you paid for them) as a deduction. Your tax savings at most would be that amount times your tax bracket. So if you're in a 15% bracket, donated items currently worth $400, and already had enough deductions to itemize even before the contribution, your tax savings would be 15% of $400, or $60. |
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jamesthomascox
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It depends whether you itemize or not. If you do not itemize (use a schedule A) then it will not effect your refund at all. You automatically get $5150 deduction as a single person. If you own a home or make a lot of money and pay large state taxes, you might itemize. A charitable deduction is one thing that can also be itemized.
But make sure you get a receipt. |
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ninasgramma
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First, are you going to be able to itemize your deductions? Do you have real estate taxes, mortgage interest, large medical expenses? If you do not have enough deductions to use Schedule A, the charitable contributions are not going to help you.
Second, without the charitable donations, do you owe income taxes? If yes, and you can itemize, you will reduce your taxes by reducing your income by the market value of the donation. If the items are worth $1,000 and you are in the 25% tax bracket, the donations are worth a savings of $250 in taxes.
Be sure to get a written acknowledgement from the charity. Attach a detailed description of the items. You will have to attach Form 8283 to your return.
http://www.irs.gov/pub/irs-pdf/f8283.pdf
If you sell your items at a consignment shop for less than you paid for them, the proceeds are tax-free to you. |
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Gary
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The only way is to itemize your deductions (Schedule A)which means you have to file a long form (1040). Your itemized deductions have to be more than your standard deduction which is based on your filing status. I would get a receipt or some sort of a list from the charity indicating the fair market value of the clothing that you are about to donate. The IRS is really watching this stuff. |
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Squat1
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If the market value of the clothes is $300.00 you claim claim an exemption of $300.00.
If you tax bracket is 30% you would get credit for $90.00 i.e. your taxes would be $90.00 less or you would get an additional refund of $90.00. |
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Dr. Deth
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if they are used clothing - don't even try to claim more than 25% of their new value - if you don't itemize deductions, it won't matter anyway - you won't save any additional tax |
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wartz
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You have to have enough other itemized deductions to go over the standard deduction amount or it doesn't help you at all. This is $5,350 for a single person, $7,850 for a head of household and $10,700 for a married couple. |
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curtisports2
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Any donation will affect your tax payment like this:
You must know your marginal tax rate, both federal and state. This is the rate you pay on the last dollar you earn. It is also the rate that your tax savings will be based on. Whatever those rates are, combine them and multiply that by the dollar value of your donation to get your tax savings. If you're an average wage earner in New York, your marginal federal rate is 15% and your state between 5 and 7. So for every dollar in donations, your tax will reduced by twenty cents. It's better than nothing, especially if you're donating items that you have no use for anymore. Could you sell those same items for more than twenty cents on the dollar of what you value them at. If so, is it worth the time and effort? |
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src50
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www.irs.gov. |
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furmanator1957
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just get a receipt |
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