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What else can I help you with?
How can your tax return exceed tax paid?
Your tax return can exceed the tax paid due to various factors, such as refundable tax credits, which provide refunds even if you owe no taxes. Additionally, if you had excessive withholding from your paycheck throughout the year, this can lead to a larger refund when you file your return. Deductions and credits related to education, healthcare, or childcare can also significantly reduce your taxable income, resulting in a refund that exceeds the amount originally paid in taxes.
Can you still get a refund even if you did not earn an ioncome?
No unless you have earned income you can not receive a refund.
How many kids do you have to have to not have to pay taxes?
=== === Children may be dependents. Each dependent is a deduction to your taxable income. If you have low income, you don't need ANY children to no pay taxes. If you have taxable income, each deduction is worth somewhere around $3400 off of taxable income (reducing tax at 25% if your in that bracket..by $850)...so it depends. If you have 10 kids 10 x 3400 is $34,000 taxable income reduction....so if you had even only 75,000 of income before dependent deductions...you would still have 31,000 of taxable income. Of course other deductions, and possibly tax credits (if the dependents are children, which they aren't always), can provide additional benefits
Are estimated tax payments deductible?
No - even taxes actually paid aren't deductible from determining taxable income - from which your tax is due. (That would be completely circular). If estimates were deductible..I'd make an estimate of enough to lower my taxable income to 0 - or low enough to not pay tax at least....and get a refund of all my overpaid estimate.
How does someone on welfare get a tax return?
Individuals on welfare can receive a tax return by filing their income tax return with the IRS, reporting any income they earned during the year, including income from welfare programs. If they qualify for refundable tax credits, such as the Earned Income Tax Credit (EITC) or the Child Tax Credit, they may receive a refund even if their taxable income is low or nonexistent. It's important for them to keep records of their income and any other relevant financial information to ensure accurate reporting. Additionally, some states may have their own tax credits or benefits that could affect their tax return.
Can a college student that is claimed as a dependent on parents tax form get a refund?
Yes, a college student who is claimed as a dependent on their parents' tax return can still receive a refund if they have earned income and file their own tax return. If their income is below the taxable threshold or if they qualify for tax credits like the Earned Income Tax Credit, they may receive a refund even though they are a dependent. However, the dependent status affects their eligibility for certain tax credits.
What happens if you have more deductions than income on your tax return?
If you have more deductions than income on your tax return, you may end up with a negative taxable income. This means you won't owe any taxes and may even receive a refund for the excess deductions.
Can you still get a refund even if you did not earn an ioncome?
No unless you have earned income you can not receive a refund.
How many kids do you have to have to not have to pay taxes?
=== === Children may be dependents. Each dependent is a deduction to your taxable income. If you have low income, you don't need ANY children to no pay taxes. If you have taxable income, each deduction is worth somewhere around $3400 off of taxable income (reducing tax at 25% if your in that bracket..by $850)...so it depends. If you have 10 kids 10 x 3400 is $34,000 taxable income reduction....so if you had even only 75,000 of income before dependent deductions...you would still have 31,000 of taxable income. Of course other deductions, and possibly tax credits (if the dependents are children, which they aren't always), can provide additional benefits
Are estimated tax payments deductible?
No - even taxes actually paid aren't deductible from determining taxable income - from which your tax is due. (That would be completely circular). If estimates were deductible..I'd make an estimate of enough to lower my taxable income to 0 - or low enough to not pay tax at least....and get a refund of all my overpaid estimate.
How does someone on welfare get a tax return?
Individuals on welfare can receive a tax return by filing their income tax return with the IRS, reporting any income they earned during the year, including income from welfare programs. If they qualify for refundable tax credits, such as the Earned Income Tax Credit (EITC) or the Child Tax Credit, they may receive a refund even if their taxable income is low or nonexistent. It's important for them to keep records of their income and any other relevant financial information to ensure accurate reporting. Additionally, some states may have their own tax credits or benefits that could affect their tax return.
What happens to a income tax refund if you do not file?
You cannot get a refund if you don't file. But even if you are years late, you can still file and apply for your refund. It does not expire.
How much income do you need to make to have to pay New Jersey state income tax?
Taxable from the first dollar. And even if you weren't, you would still want to file as it is the only way to get the crazy and large property tax refund they send to all (renters and owners) every year.
Is corporation tax payable on foreign exchange gains?
Of course. Even income from business deals occuring entirely out of the country are taxable income. Forreign source, but taxable here (and maybe there).
How much income outside of social security is taxable?
Income outside of Social Security is taxable based on several factors, including the type of income earned, deductions taken, and individual tax filing status. Common types of taxable income include wages, salaries, self-employment income, rental income, investment income, and retirement account distributions. It is important to consult with a tax professional or use tax software to accurately determine the taxable portion of your income outside of Social Security.
Is depreciation beneficial if income is non taxable If not is it appropriate to remove it from the financial statements?
Depreciation doesnot have any effect when income is non taxable but even then depreciation is shown to reduce the cost of asset and allocate it to income statement of fiscal year.
What would offset your tax liability in a direct dollar for dollar manner and could actually increase your tax refund beyond the amount paid during the tax year?
Tax credits directly offset your tax liability on a dollar-for-dollar basis, which can significantly reduce the amount you owe. Certain refundable tax credits, such as the Earned Income Tax Credit (EITC) or the Child Tax Credit (CTC), can even result in a tax refund that exceeds the amount of taxes you paid throughout the year. This means that if your tax credits surpass your tax liability, you could receive a refund for the difference, effectively increasing your overall refund.
