Claim a Capital Loss Answers
What is a "0504EE" tax/deduction?
Q. On the "taxes and deductions" portion of my Earnings Statement there is a "0504EE" tax/deduction. What is it? almost 4% of gross pay.
Asked by Mike E - Mon Apr 7 22:36:20 2008 - United States - 1 Answers - Comments
A. Each company may have items on their statements that are unique to that company. You should check with your payroll department.
Answered by Brian J - Tue Apr 8 06:26:56 2008
Q. On the "taxes and deductions" portion of my Earnings Statement there is a "0504EE" tax/deduction. What is it? almost 4% of gross pay.
Asked by Mike E - Mon Apr 7 22:36:20 2008 - United States - 1 Answers - Comments
A. Each company may have items on their statements that are unique to that company. You should check with your payroll department.
Answered by Brian J - Tue Apr 8 06:26:56 2008
On this year's federal 1040 tax form, is there no longer a spot to list a "tuition and fees deduction?"
Q. As of last year, a student could deduct up to $4000 from their total income on line 34 of the Adjusted Gross Income section of the 1040, but I don't see that possibility this year. Line 34 is something different and I don't spot the "tuition and fees deduction" hidden anywhere else. What makes it confusing is that I still received a "Form 1098-T" from my university that lists the amount I spent on tuition this past year. Did they remove that deduction possibility, or am I just being unobservant? Thanks.
Asked by xander_earl - Sun Mar 25 00:49:54 2007 - United States - 3 Answers - Comments
A. The extension of that deduction was passed by congress in December, after the forms were already printed, so there's no preprinted space for it. To claim it, enter the amount on line 35, and write "T" to the left of the amount.
Answered by Judy - Sun Mar 25 00:57:27 2007
Q. As of last year, a student could deduct up to $4000 from their total income on line 34 of the Adjusted Gross Income section of the 1040, but I don't see that possibility this year. Line 34 is something different and I don't spot the "tuition and fees deduction" hidden anywhere else. What makes it confusing is that I still received a "Form 1098-T" from my university that lists the amount I spent on tuition this past year. Did they remove that deduction possibility, or am I just being unobservant? Thanks.
Asked by xander_earl - Sun Mar 25 00:49:54 2007 - United States - 3 Answers - Comments
A. The extension of that deduction was passed by congress in December, after the forms were already printed, so there's no preprinted space for it. To claim it, enter the amount on line 35, and write "T" to the left of the amount.
Answered by Judy - Sun Mar 25 00:57:27 2007
is there a simple formula for determining the tax decrease for each additional "deduction" added?
Q.
Asked by racoco666 - Wed May 28 14:48:11 2008 - United States - 4 Answers - Comments
A. A rule of thumb is usually 600-800, per deduction. So if you are claiming 2 and receive $1400 refund at year end. Consider, claiming 3. That way you can have more of your monies working for you throughout the year. And you aren't offering the government a tax free loan.
Answered by jpocia03 - Wed May 28 14:55:14 2008
Q.
Asked by racoco666 - Wed May 28 14:48:11 2008 - United States - 4 Answers - Comments
A. A rule of thumb is usually 600-800, per deduction. So if you are claiming 2 and receive $1400 refund at year end. Consider, claiming 3. That way you can have more of your monies working for you throughout the year. And you aren't offering the government a tax free loan.
Answered by jpocia03 - Wed May 28 14:55:14 2008
Can someone explain this "tax deduction" example for me?
Q. Here is the exact quote from the article: --- Let s look at example of how a real estate investor can realize the tax sheltering benefits of real estate investing. Let s say you invested in a fourplex that had a rental income of $128,000 and operating expenses of $46,000 Rental Income = $128,000 - Operating Expenses of $46,000 = Net Operating Income of $82,000 Your mortgage intrest for the year was $64,000 and your deprecation deduction was $16,000. Net Operating Income $82,000 - Mortgage Interest of $64,000 - Depreciation of $16,000 = $2,000 in Taxable Income Wow! Only $2,000 in taxable income! As you can see, other investment vehicles just can t compare with the power of properly chosen real estate investments. --- I don't get it. Your… [cont.]
Asked by 12345 - Thu Jun 30 21:04:53 2011 - Other - Taxes - 4 Answers - Comments
A. 1. No, you do not pay $64K mortgage per year. You pay more than that. The interest that you pay is $64K. You also have to pay down the principal, but you cannot deduct that. 2. No, you are not paying taxes on 100% of your income. The "depreciation" is the decrease in the value of the building. This is not money you spend. Also, even though the value of the building decreases, the value of the land usually increases, so the total value of the building and the land usually does not decrease by as much as the "depreciation".
Answered by StephenWeinstein - Fri Jul 1 01:29:58 2011
Q. Here is the exact quote from the article: --- Let s look at example of how a real estate investor can realize the tax sheltering benefits of real estate investing. Let s say you invested in a fourplex that had a rental income of $128,000 and operating expenses of $46,000 Rental Income = $128,000 - Operating Expenses of $46,000 = Net Operating Income of $82,000 Your mortgage intrest for the year was $64,000 and your deprecation deduction was $16,000. Net Operating Income $82,000 - Mortgage Interest of $64,000 - Depreciation of $16,000 = $2,000 in Taxable Income Wow! Only $2,000 in taxable income! As you can see, other investment vehicles just can t compare with the power of properly chosen real estate investments. --- I don't get it. Your… [cont.]
Asked by 12345 - Thu Jun 30 21:04:53 2011 - Other - Taxes - 4 Answers - Comments
A. 1. No, you do not pay $64K mortgage per year. You pay more than that. The interest that you pay is $64K. You also have to pay down the principal, but you cannot deduct that. 2. No, you are not paying taxes on 100% of your income. The "depreciation" is the decrease in the value of the building. This is not money you spend. Also, even though the value of the building decreases, the value of the land usually increases, so the total value of the building and the land usually does not decrease by as much as the "depreciation".
Answered by StephenWeinstein - Fri Jul 1 01:29:58 2011
How to get an article about "saving for getting tax deduction"?
Q. I am a b.com student from dharmasthala. I am doing a project on "Taxation is the key for investment". For that i require some articles supporting, many of the peoples don like to save but for taxes. please kindly help me by sending as many articles or data as possible from your side. I am in expectation of all your suggestions and articles. MY E-mail ID is samyakdarshana@ yahoo.com. please help me...
Asked by - Tue Feb 2 01:56:01 2010 - Other - Taxes - 1 Answers - Comments
A. well you would have received many articles and data related to your project. hope the below link gives you one more trick where salaried employees can save little thousands extra without even investing, check the link
Answered by B S - Fri Feb 5 05:56:30 2010
Q. I am a b.com student from dharmasthala. I am doing a project on "Taxation is the key for investment". For that i require some articles supporting, many of the peoples don like to save but for taxes. please kindly help me by sending as many articles or data as possible from your side. I am in expectation of all your suggestions and articles. MY E-mail ID is samyakdarshana@ yahoo.com. please help me...
Asked by - Tue Feb 2 01:56:01 2010 - Other - Taxes - 1 Answers - Comments
A. well you would have received many articles and data related to your project. hope the below link gives you one more trick where salaried employees can save little thousands extra without even investing, check the link
Answered by B S - Fri Feb 5 05:56:30 2010
What is "tax standard deduction " ? and how much is "standard" amount ?
Q.
Asked by For ever Young - Sat May 6 09:58:21 2006 - United States - 2 Answers - Comments
A. when you file your federal taxes, you have two choices for deductions: itemized and standard itemized deductions are used when you have deductions from charitable giving, mortgage interest, some medical expenses the standard deduction is the amount that you can choose to have deducted from your taxes instead itemizing your deductions. I believe for 2006 it is $5000 basically, choose whichever one is higher.
Answered by lmhsaffe - Sat May 6 14:56:01 2006
Q.
Asked by For ever Young - Sat May 6 09:58:21 2006 - United States - 2 Answers - Comments
A. when you file your federal taxes, you have two choices for deductions: itemized and standard itemized deductions are used when you have deductions from charitable giving, mortgage interest, some medical expenses the standard deduction is the amount that you can choose to have deducted from your taxes instead itemizing your deductions. I believe for 2006 it is $5000 basically, choose whichever one is higher.
Answered by lmhsaffe - Sat May 6 14:56:01 2006
what is this "standard tax deduction" if me and my wife file jointly is 18,000,?
Q. i paid about 5,000 in fed taxes. My wife paid 2,000+ in fed taxes. i put minimum info in on turbo tax to see what we may get back but i dont have our w2's yet. it tells me a standard tax deduction for us filing jointly is 18,000. does this mean we should owe 18000 in taxes and were short 1000 or ???. ps we have no house, live in apt, no leans, nothin. could someone help me with a simple breakdown thank you for your time
Asked by - Fri Jan 1 23:38:10 2010 - United States - 5 Answers - Comments
A. I am not sure where you get the figure of 18,000 the standard deduction for married filing jointly will be around 11,400 Also, you did not give what is your and your wife total income! It does not matter how much you have withholding. If you paid even more than the 5,000 and 2,000 and your income BIG, the tax you may owe could be more than what you already withheld. I suggest you fill the w4 corretly. Claim zero both you and your wife.
Answered by Tax Chopper - Fri Jan 1 23:49:00 2010
Q. i paid about 5,000 in fed taxes. My wife paid 2,000+ in fed taxes. i put minimum info in on turbo tax to see what we may get back but i dont have our w2's yet. it tells me a standard tax deduction for us filing jointly is 18,000. does this mean we should owe 18000 in taxes and were short 1000 or ???. ps we have no house, live in apt, no leans, nothin. could someone help me with a simple breakdown thank you for your time
Asked by - Fri Jan 1 23:38:10 2010 - United States - 5 Answers - Comments
A. I am not sure where you get the figure of 18,000 the standard deduction for married filing jointly will be around 11,400 Also, you did not give what is your and your wife total income! It does not matter how much you have withholding. If you paid even more than the 5,000 and 2,000 and your income BIG, the tax you may owe could be more than what you already withheld. I suggest you fill the w4 corretly. Claim zero both you and your wife.
Answered by Tax Chopper - Fri Jan 1 23:49:00 2010
How does the mortgage interest tax deduction "cost" the government money?
Q. Does this administration not realize that my paycheck is not theirs? Your paycheck is not theirs. The only money the government has is money that it TAKES from people.
Asked by TJ - Mon Oct 25 17:06:15 2010 - Politics - 6 Answers - Comments
A. It does cost them money in that they don't get that money in there pockets.
Answered by - Mon Oct 25 17:12:04 2010
Q. Does this administration not realize that my paycheck is not theirs? Your paycheck is not theirs. The only money the government has is money that it TAKES from people.
Asked by TJ - Mon Oct 25 17:06:15 2010 - Politics - 6 Answers - Comments
A. It does cost them money in that they don't get that money in there pockets.
Answered by - Mon Oct 25 17:12:04 2010
Should a 1040x tax return have figures in the "income and deductions" area?
Q. I got everything sent off and returned from the IRS. I am going to school now and had to send in my tax info. They are now saying that this is an issue at school. I don't know how to fix this or if it is a problem?
Asked by Dark Future - Wed Dec 1 21:20:30 2010 - United States - 2 Answers - Comments
A. I have no idea what your problem is but on a 1040X you enter the entries that are being changed
Answered by tro - Wed Dec 1 23:24:58 2010
Q. I got everything sent off and returned from the IRS. I am going to school now and had to send in my tax info. They are now saying that this is an issue at school. I don't know how to fix this or if it is a problem?
Asked by Dark Future - Wed Dec 1 21:20:30 2010 - United States - 2 Answers - Comments
A. I have no idea what your problem is but on a 1040X you enter the entries that are being changed
Answered by tro - Wed Dec 1 23:24:58 2010
For tax experts: "Foreign income tax paid" in "Other deductions"?
Q. I noticed that UFile has included the "foreign income tax paid" amount (T5 box 16) under "Other deduction" (T1 line 232). I can't find any information in the guide for line 232 about why this would be allowed. I thought foreign tax paid is already claimed under "Federal foreign tax credit" in Federal schedule line 405. The explanation for box 16 on the back of the T5 slip doesn't mention "other deduction" either. How does this work? Apparently UFile doesn't claim foreign tax paid under line 405 of federal schedule S1.
Asked by SC - Thu Apr 26 01:15:49 2007 - Canada - 1 Answers - Comments
A. Hi SC, Foreign non business tax paid are to be claimed either as a foreign tax credit or as an "Other Deduction" via section 20(12) of the income tax act. Techincally to determine the proper treatment you need to know what country the foreign income comes from and the tax rate of that jurisdiction. I assume that you have a small amount of foreign tax paid on a T3? In those cases most tax softwares automatically assume a 20(12) deduction for simplicity sake, and CRA appears to be just fine with that. Cheers!
Answered by Ontario CGA - Thu Apr 26 14:43:09 2007
Q. I noticed that UFile has included the "foreign income tax paid" amount (T5 box 16) under "Other deduction" (T1 line 232). I can't find any information in the guide for line 232 about why this would be allowed. I thought foreign tax paid is already claimed under "Federal foreign tax credit" in Federal schedule line 405. The explanation for box 16 on the back of the T5 slip doesn't mention "other deduction" either. How does this work? Apparently UFile doesn't claim foreign tax paid under line 405 of federal schedule S1.
Asked by SC - Thu Apr 26 01:15:49 2007 - Canada - 1 Answers - Comments
A. Hi SC, Foreign non business tax paid are to be claimed either as a foreign tax credit or as an "Other Deduction" via section 20(12) of the income tax act. Techincally to determine the proper treatment you need to know what country the foreign income comes from and the tax rate of that jurisdiction. I assume that you have a small amount of foreign tax paid on a T3? In those cases most tax softwares automatically assume a 20(12) deduction for simplicity sake, and CRA appears to be just fine with that. Cheers!
Answered by Ontario CGA - Thu Apr 26 14:43:09 2007
Do you think any one of these "patriotic millionaires" will open their tax books?
Q. To show they have never taken a tax deduction? "The Patriotic Millionaires for Fiscal Strength" wrote a 155-word letter saying they hope their taxes will increase beginning in January.
Asked by Obama Carny - Sat Jun 11 12:05:32 2011 - Politics - 13 Answers - Comments
A. People and businesses that are already successful and wealthy would support a tax increase. That cuts down the competition and lets them remain on the top. Higher the taxes, the less likely a business will succeed. Higher the taxes, the less money people have to start up new business. Businesses are expensive, anything that will kill competition is readily supported by already successful business. Simple economics.
Answered by - Sat Jun 11 12:10:51 2011
Q. To show they have never taken a tax deduction? "The Patriotic Millionaires for Fiscal Strength" wrote a 155-word letter saying they hope their taxes will increase beginning in January.
Asked by Obama Carny - Sat Jun 11 12:05:32 2011 - Politics - 13 Answers - Comments
A. People and businesses that are already successful and wealthy would support a tax increase. That cuts down the competition and lets them remain on the top. Higher the taxes, the less likely a business will succeed. Higher the taxes, the less money people have to start up new business. Businesses are expensive, anything that will kill competition is readily supported by already successful business. Simple economics.
Answered by - Sat Jun 11 12:10:51 2011
What is "Standard Deductions" from salary? Does it help in saving tax?
Q.
Asked by Jesus never died - Fri Mar 4 15:38:36 2011 - India - 1 Answers - Comments
A. The standard deduction is an amount taken off the top of your income before taxes are calculated. So, yes, it saves taxes. The amount of the standard deduction varies from $5700 for an individual to $11,400 for a married couple. If your deductions are larger than your standard deduction, then you can itemize and get an even bigger one. This isn't likely unless you own a house or had catastrophic medical bills.
Answered by SF_Writer - Sun Mar 6 19:25:01 2011
Q.
Asked by Jesus never died - Fri Mar 4 15:38:36 2011 - India - 1 Answers - Comments
A. The standard deduction is an amount taken off the top of your income before taxes are calculated. So, yes, it saves taxes. The amount of the standard deduction varies from $5700 for an individual to $11,400 for a married couple. If your deductions are larger than your standard deduction, then you can itemize and get an even bigger one. This isn't likely unless you own a house or had catastrophic medical bills.
Answered by SF_Writer - Sun Mar 6 19:25:01 2011
Why is my "standard deduction" on taxes so big?
Q. I'm just getting a little head start on my tax info online and it says my standard deduction is 5,800 and I have exemptions, too. That's almost as much as my income this year. My income and deductions and living situation aren't very different from last year and there wasn't any "standard deduction" this large. What is this about? So standard deductions don't come back as a refund, that's what I was confused about.
Asked by Peter Pan - Mon Dec 5 21:05:42 2011 - United States - 5 Answers - Comments
A. Last year, the standard deduction for a single person was $5700. This year it's $5800. If you earn less than the standard deduction, you won't have to pay any taxes. You'll get back anything that was withheld from you.
Answered by rtfm - Mon Dec 5 21:12:27 2011
Q. I'm just getting a little head start on my tax info online and it says my standard deduction is 5,800 and I have exemptions, too. That's almost as much as my income this year. My income and deductions and living situation aren't very different from last year and there wasn't any "standard deduction" this large. What is this about? So standard deductions don't come back as a refund, that's what I was confused about.
Asked by Peter Pan - Mon Dec 5 21:05:42 2011 - United States - 5 Answers - Comments
A. Last year, the standard deduction for a single person was $5700. This year it's $5800. If you earn less than the standard deduction, you won't have to pay any taxes. You'll get back anything that was withheld from you.
Answered by rtfm - Mon Dec 5 21:12:27 2011
do what does "deduction" in taxes mean anywho...???
Q. Ok so I know I just asked a question just a few moments ago asking if I should Itemize or standardize...and everyone says standardize. In the tax world what does "deduction" mean anyways?? Is that how much I would get back or how much the IRS gets from me?? because my standard is 5150 and my itemized is 28. So if I went with standard, I'd only get 28 bucks back?? Reason why I ask is because the 5150 is more than I've made all year, its way more than my income of 2000. How I make that little is I work a job thats 5.15 an hour, have no car, no house payements since I live with my mom and am attending college. (Nope can't claim college expenses since its all through finacial aid.)
Asked by misscountrylover777 - Sun Feb 18 08:08:53 2007 - United States - 6 Answers - Comments
A. Deductions are subtracted from your total income to lower it. what you have left after your deductions is considered to be your taxable income, Your taxable income is what you pay taxes on. If you have 10,150.00 in income minus your standard deduction of 5,150.00 less your exemption (if qualified) 3,300.00 Your taxable income would be 1,700.00 So instead of paying tax on 10,150.00 you are only paying tax on 1,700.00 With your income of 2,000.00 your standard deduction would be 2,250.00 ( based on the worksheet on the 1040EZ) you would have no taxable income and would get all of your Federal Tax withheld back as a refund
Answered by Rob - Sun Feb 18 08:45:36 2007
Q. Ok so I know I just asked a question just a few moments ago asking if I should Itemize or standardize...and everyone says standardize. In the tax world what does "deduction" mean anyways?? Is that how much I would get back or how much the IRS gets from me?? because my standard is 5150 and my itemized is 28. So if I went with standard, I'd only get 28 bucks back?? Reason why I ask is because the 5150 is more than I've made all year, its way more than my income of 2000. How I make that little is I work a job thats 5.15 an hour, have no car, no house payements since I live with my mom and am attending college. (Nope can't claim college expenses since its all through finacial aid.)
Asked by misscountrylover777 - Sun Feb 18 08:08:53 2007 - United States - 6 Answers - Comments
A. Deductions are subtracted from your total income to lower it. what you have left after your deductions is considered to be your taxable income, Your taxable income is what you pay taxes on. If you have 10,150.00 in income minus your standard deduction of 5,150.00 less your exemption (if qualified) 3,300.00 Your taxable income would be 1,700.00 So instead of paying tax on 10,150.00 you are only paying tax on 1,700.00 With your income of 2,000.00 your standard deduction would be 2,250.00 ( based on the worksheet on the 1040EZ) you would have no taxable income and would get all of your Federal Tax withheld back as a refund
Answered by Rob - Sun Feb 18 08:45:36 2007
Can you report a tax deduction (tuition payment made in 2006) on next year's (2008) tax return?
Q. I made a tuition payment in 2006. Unfortunately, I am unable to receive a "tuition deduction" or any sort of credit on this year's tax return because my income was too small. I was thinking of not reporting the tuition this year, and instead carrying it over to next year's return, since my income will be signnificantly higher next year. Are you allowed to wait and report a tuition payment made last year on a future tax return?
Asked by Gene - Thu Mar 20 18:41:11 2008 - United States - 5 Answers - Comments
A. You can only claim a deduction or credit for tuition paid in the year it was paid. However, if your parents or someone else can claim you as a dependent (e.g., if someone provided your food, your housing, or even paid your tuition, then you might be a dependent), THEY can claim the deduction or the credit on their tax return. They would also claim your exemption, and you would not. In this case, have your parents figure their taxes with and without you as a dependent. How much do they save if they claim you? Then, figure your own taxes claiming yourself and not claiming yourself. How much more does it cost you if you don't claim yourself? Make a deal with your parents (or whoever else can claim you) that you'll let them claim you if they… [cont.]
Answered by SteveCPA - Thu Mar 20 19:19:33 2008
Q. I made a tuition payment in 2006. Unfortunately, I am unable to receive a "tuition deduction" or any sort of credit on this year's tax return because my income was too small. I was thinking of not reporting the tuition this year, and instead carrying it over to next year's return, since my income will be signnificantly higher next year. Are you allowed to wait and report a tuition payment made last year on a future tax return?
Asked by Gene - Thu Mar 20 18:41:11 2008 - United States - 5 Answers - Comments
A. You can only claim a deduction or credit for tuition paid in the year it was paid. However, if your parents or someone else can claim you as a dependent (e.g., if someone provided your food, your housing, or even paid your tuition, then you might be a dependent), THEY can claim the deduction or the credit on their tax return. They would also claim your exemption, and you would not. In this case, have your parents figure their taxes with and without you as a dependent. How much do they save if they claim you? Then, figure your own taxes claiming yourself and not claiming yourself. How much more does it cost you if you don't claim yourself? Make a deal with your parents (or whoever else can claim you) that you'll let them claim you if they… [cont.]
Answered by SteveCPA - Thu Mar 20 19:19:33 2008
Can you claim "personal deduction" on any kind of taxable income?
Q. Mark S was right, I mean "personal exemption", and what is it this year? Were can you find a listing of previous years?
Asked by mau - Fri May 11 20:07:17 2007 - United States - 3 Answers - Comments
A. Personal exemptions 2004 = $3,100 , 2005 = $3,200 , 2006 = $3,300 , 2007 = $3,400 You get one exemption per person claimed on the tax return.
Answered by - Sat May 12 12:39:58 2007
Q. Mark S was right, I mean "personal exemption", and what is it this year? Were can you find a listing of previous years?
Asked by mau - Fri May 11 20:07:17 2007 - United States - 3 Answers - Comments
A. Personal exemptions 2004 = $3,100 , 2005 = $3,200 , 2006 = $3,300 , 2007 = $3,400 You get one exemption per person claimed on the tax return.
Answered by - Sat May 12 12:39:58 2007
Casualty and Theft Losses Tax Deduction?
Q. I wrote a person a check as a down-payment for a car. He kept delaying the delivery of the car. I tried several time to get my money back but no luck. I have the cancelled check which was cashed by this person and on the memo line I wrote "car". I am in the process of filing a police report. A friend of mine told me, I can count this transaction as lost money and file for "Casualty and Theft Losses Tax Deduction". Please let me know if this is possible. Thanks.
Asked by MGUIDIBH - Mon Jul 14 11:28:57 2008 - United States - 3 Answers - Comments
A. Excellent responses from both Bob and Matthew. Should you want more info the Legal Match Law Library has a very good article about this exact topic = see the source link below.
Answered by chasmo - Wed Jul 16 12:53:09 2008
Q. I wrote a person a check as a down-payment for a car. He kept delaying the delivery of the car. I tried several time to get my money back but no luck. I have the cancelled check which was cashed by this person and on the memo line I wrote "car". I am in the process of filing a police report. A friend of mine told me, I can count this transaction as lost money and file for "Casualty and Theft Losses Tax Deduction". Please let me know if this is possible. Thanks.
Asked by MGUIDIBH - Mon Jul 14 11:28:57 2008 - United States - 3 Answers - Comments
A. Excellent responses from both Bob and Matthew. Should you want more info the Legal Match Law Library has a very good article about this exact topic = see the source link below.
Answered by chasmo - Wed Jul 16 12:53:09 2008
How do I claim the out-of-state sales tax on a new car purchase on my taxes?
Q. I bought a new car in Florida but transferred a plate for Michigan. I had to pay sales tax for BOTH states at the time of purchase. I was told I would get the FL tax $ back when I filed for 2008. Can I only get it back if I have enough in itemized tax deductions??"
Asked by irishcocop - Mon Feb 16 14:45:27 2009 - United States - Answers - Comments
A. Unfortunately, this is an addon to the sales tax deduction--which only helps you if you itemize for 2008.
Answered by Quick Answers - Mon Feb 16 14:48:37 2009
Q. I bought a new car in Florida but transferred a plate for Michigan. I had to pay sales tax for BOTH states at the time of purchase. I was told I would get the FL tax $ back when I filed for 2008. Can I only get it back if I have enough in itemized tax deductions??"
Asked by irishcocop - Mon Feb 16 14:45:27 2009 - United States - Answers - Comments
A. Unfortunately, this is an addon to the sales tax deduction--which only helps you if you itemize for 2008.
Answered by Quick Answers - Mon Feb 16 14:48:37 2009
Why does 0bama continue lying about oil companies getting "subsidies" ?
Q. When all corporations that purchase new equipment get a tax "deduction" . While oil companies pay approximately 10% more in taxes than other corporations on average 40%. Take for instance, GE that paid 0% in taxes.
Asked by - Fri Mar 30 11:39:07 2012 - Politics - 10 Answers - Comments
A. Obama used the term "tax breaks," which is accurate.
Answered by - Fri Mar 30 11:41:02 2012
Q. When all corporations that purchase new equipment get a tax "deduction" . While oil companies pay approximately 10% more in taxes than other corporations on average 40%. Take for instance, GE that paid 0% in taxes.
Asked by - Fri Mar 30 11:39:07 2012 - Politics - 10 Answers - Comments
A. Obama used the term "tax breaks," which is accurate.
Answered by - Fri Mar 30 11:41:02 2012
can I take the "14 cent fuel deduction" if I volunteer at my wife's work each day?
Q. I pick up and drop her off each day as I am on social security disability. would me volunteering cause problems in my taxes?
Asked by Colorado - Thu Oct 14 16:52:04 2010 - United States - 6 Answers - Comments
A. No, you can not claim mileage to a non-profit site to volunteer, only mileage done after you arrive doing volunteer work for them. Taking your wife to work is not deductable and is not even volunteering, even if she works for a non-profit.
Answered by Landlord - Thu Oct 14 17:14:17 2010
Q. I pick up and drop her off each day as I am on social security disability. would me volunteering cause problems in my taxes?
Asked by Colorado - Thu Oct 14 16:52:04 2010 - United States - 6 Answers - Comments
A. No, you can not claim mileage to a non-profit site to volunteer, only mileage done after you arrive doing volunteer work for them. Taking your wife to work is not deductable and is not even volunteering, even if she works for a non-profit.
Answered by Landlord - Thu Oct 14 17:14:17 2010
From Yahoo Answer Search: 'claim a capital loss'
Sun May 13 04:59:56 2012