0
Maximizing deductions is a way to get a large refund but can also raise red flags with the IRS, if the deductions dont make sense for the filer. Careful documentation is also needed.
The previous answer is NOT up to the normal sytandards of the submitter!
In US income tax, there is no such thing as "maximum" deductions. in fact there ia one base amount - frequently called trhe minimum deduction - allowed everyone, regardless of their income or position otherwise.
If your certified and supported tax deductible expenses add up to be GREATER than that (no maximum), then those may be used instead of the base amount.
THIS IS CALLED "ITEMIZING DEDUCTIONS".
Note, some deductions/expenses are different than others - and may only be allowed to offset that same or similar type of income.
What else can I help you with?
Do I send a copy of my federal tax returns to the state if I live in Wisconsin?
If you have filed itemized deductions, it may call for a copy of your federal tax returns.
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.
When can you file your itemitized 2010 tax returns?
The IRS has said that the forms will be ready to file by the end of February for those who itemize deductions.
Are there stories about people cheating on their corporate tax returns?
Are you kidding? There are tons of stories. When I worked at the IRS as a teenager during tax season I worked in the fraud department. People would invent phantom employees, take deductions that they are not entitled to and try and pay employees under the table to lessen their tax burden.
What is the difference between gross pay and net after tax incomes?
The difference between gross pay and net pay is that gross pay is the amount that you receive before tax deductions and pay net is the money you take home after all the tax deductions
Do I send a copy of my federal tax returns to the state if I live in Wisconsin?
If you have filed itemized deductions, it may call for a copy of your federal tax returns.
How can one get deductions tax returns after self filling the forms?
When you file your taxes there is a line on the form for your standard deductions or on a different form you can itimize your deduction if that would give you more deductions
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.
How much of your taxes will you get back at the end of the year?
Your tax refund - if you get one! - depends on how much you have paid out and what deductions you take on your returns. See your tax preparer to find out specific information about your taxes, as WikiAnswers cannot do taxes for you.
What can one find on the website irs gov?
On the Internal Revenue Service website, one can find information about personal tax returns, business tax returns, claimable tax return deductions and tax return refunds.
What online tax software can get me the most tax deductions?
You can use Turbo Tax Software to get the best tax deductions. TurboTax Deluxe is well-ranked among the Online Tax Software thanks to its many types of filers to use, comes with great help features and has many ways to ensure that your returns are accurate.
Can you recommend a good computer program for preparation of my 1040 tax returns?
There are computer programs that can help you do itemized deductions on you 1040 tax returns. One such product is Turbo Tax and HR Block. However, it is best to double check your forms with an accountant.
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.
How can I get the best federal tax returns?
You can try TurboTax Online to file your taxes and get the most back on your federal tax return. TurboTax will error check and make sure you take all the appropriate deductions to help maximize your refund amount.
When can you file your itemitized 2010 tax returns?
The IRS has said that the forms will be ready to file by the end of February for those who itemize deductions.
What is the net income of a postdoc after tax deductions?
The net income of a postdoc after tax deductions is the amount of money they take home after taxes have been subtracted from their gross income.
What are some deductions that people take on their tax returns?
Some deductions would be if you make donations to charities you can include the receipt. Also you can deduct some medical expenses. I am in Canada and so this information may only apply to people in Canada so you should check the rules for your area.
