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What is the maximum amount that can be deducted for California property taxes on federal income tax returns?
The maximum amount that can be deducted for California property taxes on federal income tax returns is 10,000.
Can NYC tax withholding be claimed on my tax returns?
If you itemize on your federal income tax return, City and State income taxes paid are deductible on your return.
What is the difference between state and federal taxes?
You will want to consult with your tax specialist for each state you need to file your taxes with. Filing multi state returns can get very complicated, as each state has different rules. The only states that do not have state income tax is florida, Alaska and Nevada and New Hampshire and 5 others. If you live in a state which imposes tax you must file both federal and state tax returns each year.
Are widows who reside in Oklahoma tax exempt?
No. Not on federal taxes. Marital status nor age will exempt anyone from filing requirements for federal tax returns. I don't know about your state return.
What is the standard deduction for children on federal tax returns?
The standard deduction for children on federal tax returns is 1,100 for the 2021 tax year.
Can you deduct IL property tax on both federal and state returns?
Yes, sort of: property taxes are a federal tax deduction and an IL tax CREDIT (up to 5 percent of property taxes paid). Your tax professional will assist you with your particular situation and will know of any changes to the law that might affect you.
What types of taxes are federal taxes?
Federal taxes are paid to the federal government. There are many different ones; in the transportation business income tax, Social Security tax, unemployment tax, fuel tax, road tax and federal excise tax are the most important.
What agency collects the federal taxes?
The Internal Revenue Service (IRS) is the agency responsible for collecting federal taxes in the United States. It administers the nation's tax laws, processes tax returns, and enforces tax regulations. The IRS also provides taxpayer assistance and conducts audits to ensure compliance with tax laws.
Can federal taxes withheld be tax deductible?
You cannot deduct withheld federal taxes on your federal income tax return. There are some states that allow the deduction of withheld federal taxes on the state income tax return.
Are social security taxes state taxes?
Social Security is a federal program. It is a federal "tax" not a state tax.
Can I prepare state and federal tax returns online?
You can prepare federal tax returns online. However, some states require that you file state tax returns through the mail. You will have to file them separately.
Where can I learn about federal tax returns?
You can go to the official Internal Revenue Service website which is www.irs.gov There you will find information on federal tax returns.
