 Am I a dependent or not? |
| My monthly income is around $900 and my dad's is $1050. We are 4 members in our family, my mom and my brother. I have to pay half of the rent expenses, which is $500, every month. Rest $500 is ... |
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 How come if your on a low income you get given loads extra??? |
| Is this really fair, a family who earn more than 30k combined don't receive tax credits but below that they do, so the people who went out got a decent education worked hard to get a good job ... |
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 I'm filling out my tax forms for a new job, i want to get more out of my pay checks now , do i claim 1 or 0? |
| i'm single with no dependents. I would rather get more money out of checks now than in a return. but i don't know if i should do 0 or 1. I think i've done 0 in the past and it took ... |
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 Tax question. My x wants me to give our son as his dependent for 2006 tax? |
even so I had the child all year. He is trying to tell me that for him it will be a 3000 saving but for me only a 200 difference.
I have not been able to go to a tax person yet and think I am ... |
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 When does your employer need to give you your w-2 by? |
I have heard in the past that your employer must send you your w-2 tax forms by January 31. Is this true?
Additional Details
Is there a statute in the tax laws that refer to this?... |
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 How to work out 5% vat? |
im trying to work out the net and 5% vat on £1.00. Is there a formula to work it out?
Additional Details
lol! the £1.00 is just an example, im pretty sure i've got more vast sums ... |
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 I didn't earn any income last year, do I have to file a tax return? |
| I was a full-time student for all of 2007...the only possible taxable event was that I sold some stock for a small loss (I bought at about $1000 and I sold them for about $900). Any help will be ... |
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 Can my sister claim my son in her taxes? |
| I get ssa for survivours and medical and food stamps for my son and myself.. can my sister claim my son on her taxes? will it affect my benefits?... |
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 Are we getting another one? |
| I have heard rumors that Obama is going to give us another stimulus check, is that true?! Also When we go to file our 2008 taxes do we have to file the stimulus check we got last year? Or do we have ... |
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 All you non smokers? |
were do you think the goverment is going to get all that tax back from baning it in public houses ,the more ppl give up the higher the tax on petrol public transport etc..
Additional Details... |
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 Anyone receive their stimulus check? |
| If you were supposed to get your check this Friday let us know if you have gotten your check yet. This is just kind of a way to see how they are progressing with the checks. My last two digits are 36 ... |
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 Can donations to corporations be written off on my personal taxes? |
| I am wanting to donate money to help a friend who started a small business. can this be written off on my taxes?... |
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 Can I claim single on my taxes even though I'm married? |
| My wife owes money on student loans and has her tax return garnished every year, I want to keep my return, What should I do?... |
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 My mom stole my Tax Return...Ideas? |
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 Are individuals with at least 7 children/dependents exempt from paying taxes? |
| A bus driver told me that after the birth of his seventh child he was permanently excluded from paying all taxes.... |
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 Is it possible to find out in the UK if a person is paying income tax if u know his name,surname and address? |
| Is it possible to find out if a person is paying income tax in the uk if you know his name,surname and address? What details do you need to know if I want to report anybody to the Inland Revenue O... |
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dgress | What is the best way to cut taxes for single guy who makes a six figure income? |
I contribute 20% to 401K at this time, are there any other ways to reduce my tax burden short of having more kids or getting married... Been there done that.. |
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Cinjin B
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Try getting an accountant, and ask him! :) |
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AmusedOne
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I don't know how you are contributing that much to a 401k when the max is 15% unless you are including your company match or you have a self directed 401k.
If you are self employed, consider the self directed 401k. You can put up to $40,000 pre tax into it. If you need more money put away tax deferred to reduce your current taxes, there are DB plans where you can sock away over $100,000 per year.
If you need any more info , email me. |
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Thrasher
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I agree with littletrisa and frugernity, but I do need to note that unless you are over 50, you can only contribute $16,000 to a 401(k). If over 50 you can add $5,000 in catch-up contribution, but if you are at six figures you will need to adjust that percentage. Your HR department should have caught that. |
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nate7799_98223
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buy a home and write off the interest...pick me as best answer if im right....... |
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frugernity
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These are the ways to decrease your current tax liability:
+ defer income (e.g. pre-tax 401(k) contributions)
+ pay expenses with pre-tax dollars (HMO, dental insurance, medical and dependent care flexible spending accounts, etc.)
+ choose investments that are tax free (muni bonds, Roth IRAs) or tax deferred (IRAs, annuities, cap gains on stocks, etc.)
+ maximize your deductions (charities, mortgage interest, real estate taxes, etc.)
Go to irs.gov and get the instructions for last year's 1040 (long form) and read through the deductions.
I disagree with metrobluequeen1. She (or he?) is confusing your tax liability with the amount of your tax payment or tax refund when you file. Being overwithheld, as she suggests, is merely making an interest-free loan to the government and does not reduce your taxes. |
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rhett_madison
 |
THE ONLY WAY TO REDUCE YOUR TAX BURDEN IS TO LEARN HOW TO GET OUT OF TAXES ALL TOGETHER IF YOU ARE REALLY MAKEIN A 6 DIGIT INCOME WHY HAVE YOU NOT DONE THIS ALL READY.
WTF DUDE
http://familyguardian.tax-tactics.com/Subjects/Freedom/Articles/PhilosophyOfLiberty-english.swf |
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panti-slave2006
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also start an IRA if you are eligible.....talk to the payroll or human resources people at your job about setting up a Health Savings Account (HSA) with this you put away pre-tax dollars to use for medical expenses, and the amount contributed lowers your taxable gross income.
and, of course, consult a CPA in your area, as they will be more familiar with any additional options in your state |
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lade40free
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I would suggest investing in rental property or perhaps dabble in a side business. |
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elmjunburke
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quit your job, sell everything that you own, give the money away. You won't have any taxes to pay |
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Theresa
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Take a look at Sch. A of the 1040, before the end of the year, look over the deductions and see what you have. Do you have property taxes and mortgage interest? Do you have unreimbursed business expenses for Form 2106. Increase your charitable contributions to get yourself over the standard deduction. If you have a lot of capital gains from stock sales, donate some stock to charities and escape tax on the gain. Enlisted the help of a CPA. If you meet the limit you can even deduct the fees charged by the CPA. |
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extra_37
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20% to 401(k)? Try buying some a home. Get the interest deduction, real estate tax deduction and a great investment. With the r.e. market down, you should be able to get a great buy. |
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don
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cut a few zeroes!!!!!! |
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SuzeY
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It sounds like you've covered the obvious bases to reduce your tax. I'm sure you're aware that there are other investments like municipal bonds that would pull some of the interest income off of the federal return. You could consider buying some annuities. The money will grow within the annuity tax free until it's time to cash them out, presumably when you're retired. Another possibility, depending on your age and tolerance for risk (and some work) is low income rental property. You can actually have positive cash flow but a deductible loss on the property (usually through depreciation or federal tax credits).
On the more altruistic side of things, you could increase your charitable contributions, and that might help reduce your taxable income and give you a warm fuzzy feeling inside.
BTW, I don't think getting married or having kids does much to reduce your taxes, but they both certainly do reduce your after tax disposable income! ;) |
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metrobluequeen1
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When you file at the beginning of the year, claim 0, or if you have kids, claim 1 for each, but exclude claiming yourself until you file at the end of the year. They will take more out each paycheck, but you will get more back at the end of the year, if not more. Also, do a little donating and save your reciepts for tax time, one more thing, go with the long form to find more loopholes. |
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