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How can a retired person reduce taxable income before April 15 2014?
Wiki User
∙ 10y ago
It varies with the country of residence and/or taxation.
UK works on the principle of tax credits and has no provision for reducing taxable income.
In India, one can subscribe to certain types of investments like, PPF, ELSS mutual funds, etc.
Really it is a complex system and can only be properly answered based on individual situations.
Wiki User
∙ 10y ago
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If you have a joint bank account and one person dies is the money taxable as income?
No, the money isn't taxed because it is already in the hands of the people on the account. As a person on the account you only need to withdraw the money.
What are the eligibility rules for a Roth IRA?
Any person who has self-employment income or has taxable compensation for the year can have and fund a Roth IRA. In order to be eligible for a participant contribution a person need to have a modified adjusted gross income less than a specific amount, as dictated bye the tax-filing status of that person.
Can you get a home equity loan if you are out of work?
Lenders require steady income with a history that can be documented and a future that can be reasonably assumed. So a non-working retired person with a pension sufficient to meet the income requirements may qualify. A person who was terminated from work and has no income will not qualify. Someone who has unemployment benefits will not qualify, because both the history (usually 2 years) and reliable future are not there.
Is insurance cash value paid to insured taxable?
are paid up insurance proceeds paid to the living person insured taxable
Are the proceeds of an endowment policy taxable?
Proceeds of an endowment policy is not taxable. Regardless of a person's tax rate, proceeds of an endowment policy is tax free. ?æ
What is based on a person's taxable income?
A. chicken nuggets
Is income from a garnishment taxable?
Income from a garnishment is just as taxable as the same income would be if the person had paid the bill in the first place without the need for garnishment.
An exclusion affects a person's taxes by?
reducing the amount of taxable income.
Who are the taxable persons?
In the Internal Revenue Code there is a tax imposed upon taxable income and that is defined as gross income or adjusted gross income which amounts to income earned in a taxable year by a taxpayer. A taxpayer is any person subject to any revenue laws. Is that clear? It isn't to me, and I remain astounded that so many people will claim that such circumlocution is clear to them. A tax imposed upon taxable income does not answer what the subject of the tax is. Is taxable income the same as income? If it is then why is taxable income defined as gross income or adjusted gross income but income itself never defined? Is income the subject of the Personal Income Tax Law? Who are the taxable persons? Those persons made liable for a tax are. How do we know who has been made liable to a tax by understanding that a tax was imposed upon taxable income?
What form lists the standard deductions that can be subtracted from a person taxable income?
1040EZ
Why do people have tax returns?
A tax return is a report of taxable income, taxes paid, deductions and credits. Law requires that a person with taxable income file a tax return with the IRS.
What is taxable income?
Taxable income is the portion of income that is the subject of taxation according to the laws that determine what is income and the taxation rate for that income. Generally, taxable income refers to an individual's (or corporation's) gross income, adjusted for various deductions allowable by statute. The main questions put by most individuals in any jurisdiction are "what makes up my taxable income" and what tax rates should be applied such that I can work out my tax liability to the state. For example, suppose within a year, one person earned $100,000 from work, made $50,000 profit from selling stock, and won the lottery for $1,000,000. This person has, prima facie, an income of $1,150,000. However, some of this income may be taxed at a lower rate or perhaps not taxable at all. In most western countries, 100% of regular salary (above a certain threshold) is taxable and a portion of Capital Gain (ie profit from selling stock or real estate) is taxable.
What other kinds of deductions might a person have to choose to have taken out of the pay?
Deferred compensation to be contributed to a retirement plan before being subject to federal income tax for the year. This would reduce your gross taxable wages on the W-2 form that would be in box 1 taxable income for the year.
What is the taxable income max on a 1040?
There is no maximum income amount on a 1040 personal income tax return. The form will incorporate whatever amount of income a person has to report on their personal income.
Which of the following is based on a person's taxable income?
You do not have any following information enclosed with the above question.
Taxable income is used to compute a person's?
Taxable income is the amount on your 1040 federal income tax return page 2 Line 43 and is used to determine the correct amount of your federal income tax liability for the tax year 2010 after your income tax has been completed correctly to line 44 $$$$????
How much can a married man earn before paying tax if his wife is not earning?
0$. Section 61 of the IRS Code defines gross income as any accession to wealth. All money earned, in which a person is petter off than they were before, is considered taxable income.
