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Can credit card companies submit your debt to the IRS as income and make you pay taxes?
Wiki User
∙ 16y ago
They can, and are actually required, to submit your debt to the IRS. If they have written the debt off, it is essentially income to you. It is as if they gave you the amount of the debt. Which means that you have to pay income tax on that income.
Wiki User
∙ 16y ago
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Do big companies have to pay income taxes?
Yes everyone has to pay income taxes no matter what even the president.
How do you get earned income credit on taxes?
if u carry a dependent
Can you claim your son on your taxes if you didn't work this year?
Yes... for the earned income credit and such. It makes no difference for your income taxes really, as your not paying any.
Which of thr following is considered a tax credit which will directly reduce the taxes you owe?
Earned income credit
Can unemployed mom get tax refund?
Unless you paid federal and state taxes you cannot get a refund. Many people make the mistake of thinking they can file taxes simply to get the earned income credit. They are wrong. It is called the earned income credit because they earned an income. So unless you worked at some point over the prior year you cannot get the earned income credit. And unless you paid taxes in then you have nothing to file or claim.
An excess of income taxes expense over income taxes payable for a period is associated with?
a credit to deferred income taxes payable
Do you have to have an income to claim the education credit for taxes?
YES
Do big companies have to pay income taxes?
Yes everyone has to pay income taxes no matter what even the president.
How do you get earned income credit on taxes?
if u carry a dependent
Can you claim your son on your taxes if you didn't work this year?
Yes... for the earned income credit and such. It makes no difference for your income taxes really, as your not paying any.
Which of thr following is considered a tax credit which will directly reduce the taxes you owe?
Earned income credit
Can unemployed mom get tax refund?
Unless you paid federal and state taxes you cannot get a refund. Many people make the mistake of thinking they can file taxes simply to get the earned income credit. They are wrong. It is called the earned income credit because they earned an income. So unless you worked at some point over the prior year you cannot get the earned income credit. And unless you paid taxes in then you have nothing to file or claim.
Is deferred income taxes debit or credit?
It's a debit... since - once the income tax is confirmed, it will be taken from the account.
If you earned income for the whole year while in a penal institution do you still file income taxes?
Sure. The fact that you were incarcerated does not exempt you from filing income taxes and paying tax on your income. It does prevent you from claiming many of the tax credits such as Earned Income Credit, Child Tax Credit as you cannot claim that you supported your children or that they lived with you during this time.
Can you claim eic if you do not claim income?
No. You must report income to receive the Earned Income Credit. You must file a tax return to receive the credit, even if you otherwise would not have to. Any amount of the credit over the amount of taxes you owe will be refunded to you.
Can car loans submit your debt to IRS as income and make you pay taxes?
They must submit the amount of cancelled debt...outstanding debt they claim as still due, they could not report.
How can someone legally not pay taxes?
If they have tax exempt income for items such as a Roth IRA, then they do not have a tax burden. Also, it possible with low income and tax credits such as the child tax credit, Hope credit, and earned income credit, so have your total income tax reduced to zero.
