The IRS Deductions Blog

Posts Tagged ‘deduction’

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Question: IRS Form 8379 (Injured Spouse) How to maximize my return? Help!?

I am filling out IRS form 8379 (Injured spouse). My husband owes back child support so they are gonna take any refund he gets. We have 4 children. I am claiming them on this form as well as myself but not sure how to break down the standard deduction between the two of us to get back the most. Same thing with the credits (Line 17). Please help!!

Answer: The standard deduction would be $5450 for each of you. As for the credits, if you are claiming all the children, then you will allocate the credits under you unless they are specifically for your husband. This will not include the earned income credit. In the long run the IRS will take the information you are submitting and allocate the income, deductions and credits based on how you file the 8379.

It could take 11-14 weeks for the IRS to process the claim.

Laura H – H&R Block – Senior Tax Advisor 5
**This advice was prepared based on our understanding of the tax law in effect at the time it was written as it applies to the facts that you provided.

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New Tax Changes : 2011 standard deduction

Question: How do I deduct Tax and NI from my wages?

I applied for a job on www.write4money.co.uk, but in the terms and conditions it says

■You will be personally liable for your own Tax Deductions and all National Insurance contributions

Since employers have always done this for me, I have no idea where to start. What do I do? How much do I subtract? Who do I pay it to?

Answer: It’s not a “job” – your employers are avoiding their resposibilities by hiring you as a self employed contractor rather than as an employee. You will need to register with the Tax Office as self employed and you will have to pay a flat rate NI contribution monthly or quarterly and complete a tax return annually to establish your liability to income tax and a profit related NI contribution. Depending upon your level of income these liabilities will be paid annually (if low) or six monthly (if higher). Bear in mind also that as a self employed contractor your employer is also avoiding most of their responsibilities under the employment legislation so you won’t get paid holidays, sick pay, etc

Items on Amazon Right Now for Tax Deduction Uk:

Tax Deductible Theatre Co at the Branch and Root

Question: Can the standard mileage deduction save me from taxes this year?

I receive a 1099- misc. I use my own vehicle and log about 30,000 business miles a year. My gross income is 17,500 a year. Will that save me from paying taxes? I used Turbo Tax and when I entered that figure the calculation went from owing 1,385 to a refund of 10.00. Can that be right? I have always used my actual expenses before and this year I purchased a new vehicle and was eligible for the standard mileage deduction. I have always had to pay about 1,000 each year and this was a shock. I re-did it several times and it came up the same each time. Can that really be correct. I do not want to mess up my taxes.

Answer: The mileage deduction for 17,500 miles is $8,489. If you are in the 15% tax bracket, this is a tax savings of $1,273. Plus, you will have reduced your income subject to self-employment taxes, for an additional savings of up to another $1,273.

So, your figures are very possible. With this much mileage, the per mile deduction is usually more advantageous than actual expenses.

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Question: How much is the standard tax deduction in the state of Florida?

How much do I need to spend to receive more than the standard deduction and itemize every purchase.

Answer: sky–you know there is no income tax in Florida
on the Federal return, as a single person your standard is $5700
when are you going to request pub 17 from IRS to help you?

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