What would you like to do?
Absolutely. depending on the filing and your income, deductions etc. It can become complicated. The safest route is to have your return(s) done by a professional tax preparer.
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If you filed Chapter 7 last year but were given a 10K exemption do you have to claim this on your income tax this year?
What does a person have to do if anything to file for American federal and state income taxes if there has been no income and the person has been unemployed for more than a year?
Answer Unless you owe money you don't have to file taxes. Ans Have to do and should do are 2 different things! General concept: When it's good for the gov…ernment and bad for you, you have to file. When it's good for you and bad for them, you don't have to do it. When you don't have to pay (or file) doing so may get you some $! Anyone may file a return. It is generally a good idea for many reasons. Many people who may not have to file a return (generally because their earings are too low), will benefit substantially by doing so...because of the many government programs that provide benefits to those same people. You must file a tax return if your income is above a certain level. The amount varies depending on filing status, age and the type of income you receive. Contrary to the above, you may have to file although you may not have to pay or owe anything because of deductions, exemptions and such. For example, a married couple under age 65 generally is not required to file until their joint income reaches $16,900. However self-employed individuals generally must file a tax return if their net income from self employment exceeds $400. HOWEVER - WHILE THEY MUST FILE, NEITHER WILL LIKELY ACTUALLY HAVE TO PAY ANYTHING. Check the individuals section of the IRS Web site at IRS.gov or consult the instructions for form 1040, 1040A or 1040EZ for specific details that may affect your need to file a tax return with IRS this year. Even if you do not have to file, you should file to get money back if Federal Income Tax was withheld from your pay, or you qualify for any of the following: Earned Income Tax Credit. The Earned Income Tax Credit is a federal income tax credit for eligible low-income workers. The credit reduces the amount of tax an individual owes, and may be returned in the form of a refund. Telephone Tax Refund. The telephone tax refund is a one-time payment available on your 2006 federal income tax return, designed to refund previously collected long-distance federal excise taxes. It is available to anyone who paid long-distance taxes on landline, cell phone or Voice over Internet Protocol (VoIP) service. Additional Child Tax Credit. This credit may be available to you if you have three or more qualifying children or if you have one or two qualifying children and earned income that exceeds $11,300. The Additional Child Tax Credit may give you a refund even if you do not owe any tax. Health Coverage Tax Credit. Limited to certain individuals who are receiving certain Trade Adjustment Assistance, Alternative Trade Adjustment Assistance, or pension benefit payments from the Pension Benefit Guaranty Corporation. For more information about filing requirements and your eligibility to receive tax credits, visit the IRS Web site at IRS.gov.
I am filing Chap 7 can a trustee take your income tax refund if you applied it to next years estimated tax payment liability?
Your question rightly presumes they can, normally, take the refund. How you were going to spend it doesn't make any difference. And in the method your suggesting, yo…u would be taking a pre-petition asset (the amount set aside before bankruptcy - now available to be used to pay any of those debts), and applying it to a post petition liability. That is a no-no.
There are separate calculations, but normally, the otherwise taxable cancellation of debt income (COI) doesn't happen if it was created as part of the BK process.
If a 14 year old child works babysitting afterschool and is paid cash 1500 or less per year does he have to file taxes does his parent have to claim his income on their taxes?
A child that has only earned income of less than $5350 for 2008 does not have a filing requirement nor do you have to report his or her income on your tax return and you… can still claim him or her as a dependant. If, however, your child has other sources of "unearned" income (such as interest on a savings account, dividends, etc.) then the child may have a filing requirement. To figure out if the child with earned and unearned income has a filing requirement follow these steps: # Add $300 to the child's earned income. _______ # Minimum amount. _$850__ # Compare both amounts and enter the larger amount. _______ # Maximum Amount. _$5350_ # Compare lines 3 and 4 and enter the smaller amount. _______ # Enter the child's combined income (earned & unearned)_______ # If line 6 is more than 5 then there is a filing requirement. Hope this helps. www.irs101.blogspot.com
Can you claim a chapter 13 bankruptcy in the same year as you filed for chapter 7 that has recently been discharged?
Under the bankruptcy laws effective on October 17, 2005, Chapter 7 cannot be filed unless the debtor was discharged from the previous Chapter 7 or bankruptcy more than e…ight years ago. The debtor cannot file a Chapter 13 unless: (1) the debtor received a discharge under Chapter 7, 11 or 12 more than four years ago; or (2) the debtor received a discharge under Chapter 13 more than two years ago.
First it all depends on how much you may have owed. And, realistically, how well the current situation can be resolved. Now the funny thing is, to many of us in the… tax profession, in many, many non-filer cases...it actually turns out that the taxpayer had money and benefits due them for several years had they filed! Frequently much more than they may have had an obligation to pay in other years. They just didn't understand. Unfortunately, the way the law works is the time limit for claiming the refund for many of the years may have expired...but as the time limit for being assessed doesn't start to run until a return is filed, any tax owed is still owed. (Obviously old and non existant records can make things even more difficult to support). Squaring up with the IRS in thesecircumstances is not for the inexperienced or faintof heart. There are options and processes that can limit the amount you eventually owe...and in most cases the IRS is most interested in getting you back in taxpayer status. Make sure you don't forget your State will be interested too. I suggest employing a well experienced pro in this...CPA, Tax Lawyers are good choices, but my favorite is someone called/titled an "enrolled agent", or EA. These are frequently ex-IRS officers and have a very good understanding of how and what flies with the IRS the best.
Just filed? Just like always, except one would expect that it would be something the administrator will want, along with confirming the status of the account with the IR…S. The business last filing should be after it dissolves.
What amendment states that the deadline to file your federal income tax return for the previous year is April 15?
That like most things, would be found in the US Laws, not an amendment to the Constitution. The laws of the land, which like any, are found within a general area of similar la…ws...here the Internal Revenue Code - which has many, many levels and parts...Statutes being another...and case law from the whole division of courts that cases involving these laws are heard at...Tax Court (like criminal court hears criminal cases and traffic court hears traffic ones), all of whihc are passed by vote by the elected members of Congress and signed inot law by the President. The "new" economic recovery package is part of that law...it changes how the Code reads...it could have changed when returns are due...and for some types of returns in fact it did! Obviously, no amendment, or even law says that federal income tax returns are due by 4/15...because...in many, many, many cases, they aren't! They are due 3.5 months after the end of the fiscal year for a individual taxpayer (and most, but not all have a calendar same as fiscal year end), other (non-individuals, like Corporations) are due 2.5 months after year end (so even those with a calendar equal to fiscal (most don't) would be due 3/15). Death and many other circumstances make the dates for filing different yet. Etc. The 16th amendment to the constituton deals with allowing income taxes, it reads: Amendment XVI The Congress shall have power to lay and collect taxes on incomes, from whatever source derived, without apportionment among the several states, and without regard to any census or enumeration.
Yes, or else you'd be commiting tax evasion.
Yes, Each year has a different form, different tax rates, and different laws. You must file each year on its own form. You cannot wait and combine two years together.
Yes. If a qualifying child dependent of another taxpayer the child will have to check the box on the 1040 income tax return that they are using indicating that they are being …claimed as a dependent and would have to use the worksheet that is provided in the instruction book for the 1040 tax form that they are using. The QC would not be able to claim the exemption amount on child's own income tax return
You filed your 2006 federal income tax return in April 2010 Will the IRS still pay you your refund after 4 years?
Yes if this was Before April 15, 2010. Three year from the due date of the 2006 income tax return which was due by April 15 2007. After April 15 2010 any refund that may have …been due you was no longer available to you after that date.
That depends on what it is for. Meal and expense for business related activities are tax deductible. If they are not, they are not tax deductabile. But if you have a depen…dent, the amount paid for care (food included) are use to determine if the dependent is eligible to be claimed.
Generally no, unless the 17 year old is earning a great deal of income (i.e. actor). Usually a minor is not making enough money to support a sibling and/or parent. The parent …is usually getting income from other sources (Social Security benefits, welfare, child support, etc), so they don't qualify as the child's dependent because they are providing more than half of their own support through these other funds. Often, the same goes for claiming the sister, who would be mostly supported by those same funds the parent is receiving. Since there are different rules for claiming a sibling versus a parent, I suggest reading IRS Publication 501 first. Then see a tax professional if you think she qualifies as her brother's dependent.