Posts Tagged ‘list’
Tax Deduction Kids
August 11th, 2008
Question: Really straightforward tax filings, wife and I both claim only one deduction, why do we still owe so much?
My wife and I moved to California three years ago. In our first year of filing taxes out west we received a significant refund check, largely due to being able to deduct significant moving expenses.
But the last two years we’ve owed both state and federal income taxes. This year is even worse than last year — $450 federal; $880 state.
We have no kids, no unusual deductions or financial conditions; no kids. We both only claim one standard deduction respectively from our payroll tax withholding.
Why do we owe so much? Shouldn’t that be much closer to covering our taxes at year’s end?
Yes, I’m aware we can claim zero deductions. We likely will this year. That doesn’t answer my question. Why does claiming one deduction each still leave us in such a significant hole?
The human resources department at my employer, as they are on most things, has been useless to me in answering this question. I appreciate any insights you can provide.
Answer: there is a difference in how much they subtract when you are single than when married. When you are married there is a different tax level as opposed to single. it is unfair, but that is how it is. go to the human resources office and tell them you want to fill out a new w-4. Claim 0, and also tell them you want to file married filing jointly but both working. do this for both federal and state. this will hold a bit more from your check and should cover you. i suggest your wife do the same. After about 3 months, use your pay stub and guestimate whether enough is being taken from your check. If not, you can ask them to withhold an extra amount each week, say $20. This should help you break even.
Items on Amazon Right Now for Tax Deduction Kids:
Man with H1N1 spends 65 days in Portland hospital
John Chapman was connected to at least 13 intravenous tubes at a time, his lung collapsed, his blood pressure nose-dived, his kidneys quit, and his digestive system shut down and he developed blood clots after his H1N1 diagnosis turned nearly fatal.
Kids Are Props
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Clothing Donations Tax Deduction Value
August 3rd, 2008
Question: How much value can be placed on donated items (for income tax purposes)?
I am going to donate a lot of clothes, books, toys, games, movies and appliances today.
In previous years I have only donated about $300 worth of belongings and the homeowners income tax deduction was straight forward. What are the rules and conventions for larger donations?
How much value can I place on items such as books, Playstation 2 games, and DVDs?
What are the limits/rules that apply? Thanks
Michael – Is it less than $500 or less than $250?
Answer: Basically if the individual items are not valued over $500 they do not need an appraisal. If they are valued more than $500 then you will need an appraiser to sign your form 8283.
Also in both cases you need the charitable organization to sign your form 8283.
You do not need to fill out a 8283 form if your total donations are less than $250 total.
Items on Amazon Right Now for Clothing Donations Tax Deduction Value:
Goodwill happy to take unwanted gifts
We’ve all received a present that we’ve not really liked, so we “regifted” it to someone else. Yes, it’s true. Admit it. You’ve done it, too.
Tax Deduction Items
May 19th, 2008
Question: Why do most People tend to believe Illegals do not pay Tax?
Why is it Most people tend to believe illegals do not pay tax? I have never received a paycheck without Tax Deductions on it, All items I buy at Walmart, McDonalds, Fiesta, KMart always have tax amount on them, My car was bought in USA so my profit counts in that company and gas stations that I visit daily, it had tax on it.
I did not steal anybody’s SSC. I got my ssc, but later overstayed my visa..
I believe we pay taxes equally with us nationals.
Answer: Because you need a visa to work here legally if you are not a citizen, in which case you will pay tax. I don’t know how you are legally working at a job where you pay your taxes if you do not have a Visa or a social security number. Most illegal immigrants cannot work anywhere without these documents, and so they get cash-paying jobs… and don’t have to pay taxes obviously.
Items on Amazon Right Now for Tax Deduction Items:
Goodwill donations can ease your tax bill
Southland. Did the holiday season leave your wallet a bit lighter? Get a little money back from Uncle Sam by donating gently used clothing and other unwanted items to Goodwill Serving the People of Southern Los Angeles County for an end-of-year tax write-off.
How To Deduct Items You Donate to Charity on your Tax Return