 Obama's plan for tax cuts for the middle class..? |
From NBC's Andy Merten and NBC/NJ's Aswini Anburajan
A day after calling for greater transparency on Wall Street, Obama focused on middle-class tax relief while speaking today to an ... |
|
 I'm a student well under my tax threshold, but my recent p60 shows over £400 tax paid.How do I get this back? |
| In addition to the title, where do I send off to, how long does it take, if I go through an intermediary how much do they take, doe anyone out there have prior experience of this situation?... |
|
 To all carers in the uk? |
| we all work 24/7 saving this government a lot of money for peanuts,dont you think we deserve a rise?... |
|
 I am receiving a large personal check, will I be taxed and do I have to report this to the IRS? |
| I am getting a personal check from my grandparents for $19,400. It used to be in some sort of account that they had set up for my college but I am done with school and they are sending me the rest in ... |
|
 The hate cleric Bakri's daughter gets £360 a wk benefits yet I pay tax on a pension of £224 wk. Is that fair ? |
| Mine and my wife's old age pension and a small private one are left with £210 a week after tax and are not entitled to state benefits. Had we been on state benefits, we wouldn't be liable ... |
|
 Where is my economic stimulation payment? |
According to the irs schedule I was supposed to get my stimuation payment deposited into my bank account on Monday. I have yet to see it post to my account. What are the possible reasons why?
A... |
|
 Tax and dependent question with a crazy ex? |
| My ex claimed my son on her taxes and wasn't supposed to according to our custody agreement. So my tax return was refused by the IRS because they said that my son's SS# had already been ... |
|
 When will the tax rebates be arriving? |
| When can we expect the tax rebates to arrive? Is it based on when you file your taxes? Or will everyone be receiving the rebates in a certain month/time? My husband and I already filed our taxes and ... |
|
 Tax on Gambling? someone help me out? |
this is real ok.
in a year i have lost $1000 and then i recovered back $900 that mean the net is a loss of -$100.
my question is do i have to pay part of the $900 of winning to tax?
... |
|
 How can you tell who owns a fence that separates two properties? |
| I live in a condominium that is surrounded by a private road. The road is for the use of the home owners whose houses surround our condo building. The "legend" has it that the fence ... |
|
 How can 95% of taxpayers receive a tax cut when 40% do not pay any income taxes? |
| I'm confused about Obama's tax plan. Which 95%? Is it people who actually pay income taxes or is it 95% of the population in general? Is it income taxes he wants to cut? Or is it payroll ... |
|
 I've been getting e-mails stating that I've won the UK lottery and other lotteries. Are they for real? |
| For some time now, I been getting e-mails asking me to help families get there money back after the death of the loved one. Isn't that embezlling. Now I'm winning all these lotteries, ... |
|
 Got a negative tax return, is it normal? |
| I am filling in my 2006 tax return by Turbo Tax on line. This is my first time to use this program. I was so surprised finally I got a negative return which means I will have to pay more tax. Is it ... |
|
 Is the tv licence a tax or a fee? |
| And do other countries charge like ... |
|
 If you don't owe anything state tax, do you have to file? |
| I was helping my parents doing their tax return. They are getting a small refund from Federal, but nothing is owe or due on state. Do they still have to file the state? The state is Arizona by the ... |
|
|  |
aprilcioch | Why is my federal tax refund so low this year? Should we file separately? |
We had a baby in 6/06 and thought our 2006 federal refund would go way up; we received about a $1200 refund last year. In 2006 I made $44,557.50 and had $4563.19 federal withheld; my husband made $47,500 and had $4750 withheld. We own a home and deduct the mortgage interest and we have student loans and deduct that interest. We thought having a baby would increase our refund since the exemption went up, but TurboTax is only calculating a $250 refund...what gives??? Should we maybe file separately? Thanks! |
 |
 
Judy1
|
If nothing much changed between 2005 and 2006 except for having the baby, put the two returns side by side and see what the differences are - possibly something was entered wrong. Usually having the baby would lower your taxes, so would increase your refund if nothing else changed. Was your withholding less?
Filing separately won't help. It would give you total tax about the same or more, depending on your situation. If one of you itemizes, then the other would not be eligible for a standard deduction, plus you would not be eligible for a child care credit if you have those expenses but file separately.
Good luck, and enjoy that baby.... |
|
Steve D
 |
Assuming that the calculation is correct, I think you should be very pleased rather than disappointed. It means that you have had the use of most of your hard-earned money throughout the year.
When you get a large refund, it means that you have given the U.S. Treasury a no-interest loan of your money, which is worth less now (at refund time) because of inflation.
The best strategy is to adjust your withholding so there is little or no refund. Invest the extra from each paycheck in an IRA or 401(k), and you'll be way ahead on April 15 compared to getting a large refund. |
|
bostonianinmo
|
Go ahead and use Turbo Tax to prepare separate returns. Then file whichever way works out best for you. I'll bet a steak dinner that you'll do better with your current joint return, though.
Basically your withholdings are just about perfect for the year. Without knowing what your income and deductions were for last year there's no way to say exactly why your refund is smaller than you expected. |
|
Gem
 |
Did both of you change your W-4 withholding to relect the new baby?
If you did, then less taxes were taken out on a weekly basis, thus resulting in a lower income tax refund. Check out how much was withheld in 2005 as compared to 2006.
As you and your hubby are making nearly $100,000 a year, you are in the upper tax brackets and starting to feel the bite of the evil tax man. |
|
duoak
|
How much was withheld in 2005 as compared to 2006? When you updated the W-4, you probably ended up reducing the amount of withholding on each paycheck - so that's why you are getting less of a refund. |
|
Dizney
|
NO! typically you will end up paying MORE if you file separately.
If you are paying more that probably means that your income went up and your withholding went down. We see this all the time with clients. |
|
smith j
 |
You can try to go and fill out your information on www.expresstaxrefund.com like i did with my wife. We filed jointly and are gettin back about $8000 this year (just a bit more than last year). I don't know if something might have been calculated wrong on your return but it sounds like you should be getting more. You can claim all of the other deductions you have as well on that site and just see the calculation after you fill it in. Make sure you're getting all the credits you deserve (most are done automatically on this site as well, which is a plus) |
|
Missy
|
Filing separately probably won't benefit you at all - but run it through your TurboTax and check it out. If you file separately, you won't be able to claim the child tax credit. You might want to check your W-4s with your payroll offices and see what you are claiming for your withholding. If you claim married and 2 or 3, less taxes are withheld = smaller refund. If you are wanting a bigger refund - claim married and 0 or 1. |
|
T asha19
|
I dont know that much about taxes but i do know some i think you might want to check on that or take it to h&r block and have someone perfecinal look at it. I made 13,000 and i am getting back 1,000 which i normal. but my mom and dad made 50,000 and they are getting back 9,000 try these deductions. home sted, cell phone, health insurance, mortgage interest, child, $500 in gas if you drive to work, there is a lot of deductions that you can use if you bought a new car in 2006 use the sales tax my mom and dad got the whole sales tax back. |
|
| |
|
| | |
| Questions List |
Answers | Last Post
| | | |
9 | 24 minutes(s) ago
| | | |
9 | 40 minutes(s) ago
| | | |
9 | 57 minutes(s) ago
| | | |
9 | 2 hour(s) ago
| | | |
9 | 7 hour(s) ago
| | | |
9 | 10 hour(s) ago
| | | |
9 | 1 day(s) ago
| | | |
9 | 2 day(s) ago
| | | |
9 | 3 day(s) ago
| | | |
9 | 5 day(s) ago
| |
|
Homepage 
Financial
Forum 
Taxes 
No Spam
Adult 
Gambling
Unfinished
Deception
Plagiarism
Not English
