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Child tax credit
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∙ 12y ago
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What is considered a tax credit and what will reduce the taxes you owe?
When any one has a credit amount that you could possibly receive it could be a good thing for you. Tax credit is a possible amount that you could qualify for IF you meet all of the rules that have to be met for that purpose. You can have a refundable credit amount or a nonrefundable credit amount. And it could be possible that either one could reduce the amount of your federal income tax liability once your federal 1040 income tax return is completed correctly down to the last line on the 1040 income tax return.
What is outstandanding balance in a credit card?
The outstanding balance is very simply the amount of debt that you have charged on the credit card. You owe that amount to the credit card company.
How can you erase a repossession from credit report?
It can not be erased. If it has been paid, it will come off your credit in 7 - 10 years. If you still owe money on it and they report monthly that you owe an amount, it can stay indefinitely. If you owe money, but they are not reporting it monthly to the credit agencies, it i will come off in the 7 - 10 years.
How high credit cards affect your credit score?
High Credit card balance affect your credit score negatively. See, the debt to credit ratio makes up 10% of your credit score. This means the amount of money you owe on a credit line. The more you owe, the worse it hurts your credit (maxed out cards do the most damage). It is recommended to try to be below 30% of your line of credit.
How bad is a foreclosure on your credit and if you go into foreclosure do you still have to pay the 70000 you owe to the lender?
Foreclosure is very bad on your credit report. You should do what you can to avoid it. If the bank forecloses you do not pay back the $70,000. However, if they sell the house for less than owed you may be liable for the difference, unless you have mortgage insurance. You should note that any amount they forgive counts as income to you--you will owe taxes on that amount. Actually both are wrong. The credit score will drop anywhere from 50-200 pts depending on how much other debt you have. Additionally, each state has its own laws regarding paying back the difference. In Texas, you are responsible for the difference between what you owe and the fair market value. So if you owe 200K, the home is valued at 200K, and the bank sells for 190K, you do not owe anything. In some states, you might owe the 10K, but not all.
What's An amount you subtract from the amount of taxes you owe is called?
tax credit
Which of thr following is considered a tax credit which will directly reduce the taxes you owe?
Earned income credit
What is considered a tax credit and what will reduce the taxes you owe?
When any one has a credit amount that you could possibly receive it could be a good thing for you. Tax credit is a possible amount that you could qualify for IF you meet all of the rules that have to be met for that purpose. You can have a refundable credit amount or a nonrefundable credit amount. And it could be possible that either one could reduce the amount of your federal income tax liability once your federal 1040 income tax return is completed correctly down to the last line on the 1040 income tax return.
how can i find out what i owe taxes on for the year 2003?
Learning tax credit for which your family is eligible, you can only take the credit for the amount you owe in taxes.the following website gives more info abt www.nsuok.edu/finaid/incometaxcredit.html.
Can you get a passport card if you owe taxes?
No credit check for a passport.
Need to reduce to amount of back taxes that I owe. I owe too much.?
Owing back taxes is not very fun. To get rid of this debt, or reduce it (which is probably more likely), talk to a local tax professional. Many cities have debt specialists that offer free services too. Check one out.
Can you get a return if you owe back taxes?
If you owe back taxes, the IRS will automatically deduct that amount from your refund. Depending on that amount, you can only receive what is left from that deduction.
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.
What is a tax credit?
Tax CreditA dollar-for-dollar reduction in the tax payment required from a person.Investopedia Says:Deductions and exemptions only reduce the amount of your income that is taxable. Tax credits reduce the actual amount of tax owed.Above retrieved from Answers.comViper1Tax credits directly reduce the taxes you owe. The currently available credits include credits for foreign taxes paid, child and dependent care expenses, elderly and disabled status, education expenses, retirement contributions, dependent children, and adoption.
How much do i owe in taxes if i made 20000 for the year?
The amount of taxes you will owe if you made $20,000 will depend on your deductions. On average, expect to pay about 20 percent of your pay in federal taxes.
If you qualify for the first time homeowner credit and owe the department of revenue money will they take that refund?
Yes up to the amount of past due taxes, interest and penalties that are due.
If you owe taxes do you still get a rebate?
No. If you owe back taxes, the government will automatically take out what you owed last year from what you get refunded this year.
