 We had our first child in July, what does that mean for our income taxes? |
1. Do we get some kind of a child credit now? If so, how much?
2. We did not change our exemptions, how much extra would 1 extra deduction translate into our refund?
3. I think I... |
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 Is there a way to not pay a penalty on my taxes for withdrawing a retirement fund? |
| I closed a retirement account to help pay off bills so I could reduce my debt to income ratio and buy a house. I know in some ways you can write this off on your taxes maybe if it was used for the ... |
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 How should I file my taxes? |
| My boyfriend doesn't pay taxes. Probably never will. If we get married, how can I file my taxes without giving red flags to the IRS about him? My taxes get taken out of my check so it's ... |
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 Could i sue the council over council tax arrears? |
| hi would it be possible to do the above ,my council waited thirteen years they never contacted us then when they did i was 14000pounds in arrears i know i have a responsibility ti pay but surely they ... |
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 Is it true you have 3 years to file a 1099-misc form? |
I was told that,and need to know if its true or not,
Additional Details
I received a 1099 from someone i worked for. He never took taxes out thats why i got the 1099. how many tears do i ... |
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 My boss says I'm an independent contractor so that he doesn't have to pay taxes for me. What can I do? |
| I am an insurance agent who works for an insurance broker. We have to be in the office from 8:50am-5:00pm. We are not given a lunch break and eat at our desks. We are told which companies to write ... |
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 How do I change my tax status from self employed to employed? |
| I'm no longer working for myself, and now have a full time job. But I am still registered as self-employed. How do I change this?... |
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 If i were to owe back child support can they take my tax rebate? |
I don't owe it but my sister does. I don't have any kids
Additional Details
Ok so let me ask this... I don't know the amounts my sister owes but she is saying that even ... |
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 If i rent a house, can i somehow deduct some of that on my tax return? |
| basically, do i even report i pay rent or does it matter...i am going to start doing my own taxes and wanted to know if this is something i need to to add to a return for next year.... |
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 What are the secrets to getting a big tax refund at the end of the year? |
The nation's average return is $ 2,500 according to money.com.
http://money.cnn.com/200
Why am I only getting under ... |
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 What is the MINIMUM amount you can make for the year and be required to file taxes? |
OR what is the MOST you can make and NOT have to file? (same difference)
also if you dont file this year...would it be possible to file for both your 2005 and 2006 taxes next year?
<... |
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 Do singers/actors/model have to pay IRS taxes? |
| Do famous singers/actors/models/perfumist/fashion designer, etc. have to pay IRS taxes from their monthly paychecks too? or are their taxes already payed through the products(CDs, DVDs, cloths, etc.) ... |
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BEAUTY | Why am i having to pay? |
why do i owe the IRS when most people receive money? its only a couple or a few dollars but.........? last year and before that i didnt pay, i received. im still very new to this and dont quite understand. its only me myself is who i claimed. did i do something wrong?
Additional Details
thanks you guys. i definitely understand now and i think i'll leave it as is |
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layneta
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Think of it this way. If you get a refund from the IRS, it's because they took TOO MUCH of your money over the course of the previous year. In other words, you gave them an interest-free loan, and they'll only give it BACK to you if you go through this annual dance of filing and PROVING to them it's YOUR money.
"Ideal" tax planning is this: On April 15th, you write them a check for 10% of your total year's tax due bill. That means you've given them the maximum they legally require over the year, and the last bit you must give them on the last day it's necessary. In that way, they have given YOU an interest-free loan! (If you owe more than 10% you have to pay a penalty/late fee, however the late fee is only levied on the portion that is MORE than 10%, so it can still be pretty small.)
It sounds as if whomever is doing your claims all year long is doing you a favor by getting close to this ideal! |
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Doctor Deth
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If you want a guaranteed refund - put single and 0 on your w-4 - your weekly paycheck will be smaller though, because you're getting more taxes withheld |
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G
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No, you didn't do anything wrong. Getting a refund isn't better IMHO, it's worse. Which of these scenarios would you rather be in:
1) You go to the store and buy something for $5, you hand the cashier a $100 bill. They tell you they will mail you your change after 1 year.
2) You go to the store and buy something for $5, you hand the cashier a $100 bill. They give you your change immediately.
If you like #1, lower your withholding allowances.
If you like #2, don't do anything. |
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beenthere
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You have to pay a percentage of your earnings to the government. Many employers take a larger percentage out of your paycheque, ensuring that you will get a refund. However, if the employer takes a smaller percentage or if you have earned money elsewhere, you will have to pay to make up the total amount required by the government.
Personally, I would rather pay now instead of giving the government an interest free loan all year. If you want to get a refund, ask your employer to take more off each paycheque |
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v b
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When you got your job, you filled out a W-4 and put down "allowances." Most people put single, 1. For a while (like if you make less than $40K), this is enough to ensure a refund.
Some people put down single, 2 preferring to write a check at tax time than get a big refund of the money they loaned interest free to the government all year.... |
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Lola
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You should talk to an accountant, they can tell you certain things so you'll get a refund, maybe taking more taxes out during the year on your check, to ensure a refund at the beginning of the year. Two ways to look at it. 1- take more out of your check, get less money on your paycheck and refund next tax season.2-take less money out of your check, get more on your paycheck and have to pay to the IRS tax season. |
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are ya fer real
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You did nothing wrong. and unfortunately it happens most of the time it is because you made more income then in previous years and employer didn't take enough. other reason are interest you made that had to be claimed no taxes paid on them. just figure where you should be being taxed at and then make sure your employer is taking out enough. IRS has a tax calculator that is helpful in that aspect
ayfr |
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chatsplas
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MOST people is not correct.
Depends on your W-4. Change it, reduce the allowances so that next year you will receive a refund. If you claim 2, claim 1 or 0. You can file a new W-4 at any time, so do it NOW.
The other thing you can do to reduce your tax liability is to join the 401k and put in maximum contributions. You get matching money from your employer and build money for your retirement. |
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