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No, car loan interest cannot be claimed when filing personal income taxes.
One can, however, deduct some costs of upkeep (or mileage) if the individual can demonstrate that the car was used for business and that they were not reimbursed for such usage.
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Can you claim your wife as a dependent on your taxes if you file separately?
No. If you are Married Filing Separately, then you only can claim your personal exemption. Your wife's personal exemption only can be claimed by her if you're Married Filing Separately. Your spouse, whether filing jointly or separately, can't be considered your dependent.
Tell me the truth about interest payment deductions on filing taxes?
If you itemize, you can deduct mortgage interest and investment interest.
How much will you owe in taxes if made 56000 filing married filing jointly with no dependents in puerto rico?
I claimed 0 and made 56,000. Shoud I owe
Are you supposed to file your taxes as married if you live together and have 2 kids and have filed taxes together in the past?
You do not have to file a joint tax return if you are married. Each year you may elect to file separate or joint. If you file separate, the children you have can only be claimed by one spuse, but the children may be split between the two returns if you choose. Other things like mortgage interest paid can only be claimed by one spuuse. By filing separate you will generally owe and pay more taxes than filing Joint.
Not filing for income taxes?
Not filing your income taxes will have you facing a penalty by the IRS. According to legal zoom: "Well, you end up paying a penalty on the amount you owe at 5% per month (4.5 % for not filing and 0.5% for not paying). The total penalty for failure to file and pay can eventually add up to 47.5% (22.5% late filing, 25% late payment) of the tax owed. Interest, compounded daily, is also charged on any unpaid tax from the due date of the return until the date of payment" http://www.legalzoom.com/taxes/personal-taxes/what-are-penalties
When are taxes due?
April 15 is the usual deadline for filing personal income taxes. However, for 2010 taxes, the deadline has been extended to April 18, 2011.
Is interest paid IRS on delinquent taxes deductible?
No, personal interest is never deductible, regardless of who it is paid to.
Can payday loan interest be reported on your income taxes?
No. Deductible interest includes student loan, investment, and qualified residence interest. Payday loan interest is considered personal interest. Personal interest isn't deductible.
What are the consequences of not filing personal income taxes?
Paying large fines or even doing jail time.
File an Extension for State Taxes Too?
If you require an extension on the filing of your taxes, do not forget to file an extension for state taxes too. Of course, if you live in a state like Florida that does not have a personal income tax, then you will not need to worry about filing taxes at all. In a majority of other states filing an extension is essential. You may incur certain fees or expenses if you fail to file an extension for your state taxes. Be sure to research the requirements for your state on receiving an extension for the filing of state taxes.
You made 1400.00 in your personal business last year do you need to report it along with your regular earned income when filing taxes?
Yes, you need to include any income that you made on your taxes. You will pay more taxes on for personal business.
How do I get an extension on the deadline for filing my taxes?
The IRS website (irs.gov) can offer helpful information regarding all aspects of filing your taxes. Whether you need to know about filing status, who you can claim, or what income has to be claimed, you can find information on their site. http://www.irs.gov/taxtopics/tc304.html specifically deals with applying for an extension.
