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The number of exemptions you should take on your tax return depends on your personal situation, such as your income, marital status, and number of dependents. It's important to consider factors like deductions and credits to determine the right number of exemptions for you. Consulting with a tax professional can help you make an informed decision.

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4mo ago

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What would be considered a decent return interest rate on auto loans?

How decent a return interest rate is on an loan is dependent on the individual person's idea of decent. One should also take into consideration personal factors that weigh into that return interest rate. What one may consider decent, may not be possible for him or her to receive.


What actions can the creditor take if you can't pay your debt?

They can initiate a lawsuit. If the creditor wins the suit, they will then petition for a writ of judgment and proceed to execute it. That can be in the form of wage garnishment, bank account levy, liquidation of nonexempt assets. Every state has a set of exemptions that the debtor can use to protect specific property. These exemptions are the same ones that are used in bankruptcy.


Can you take both the standard deduction and personal exemption on your tax return?

No, as of 2018, the personal exemption has been suspended, so you can only take the standard deduction on your tax return.


What is my rate of return to retirement?

The rate of return is how much you will be making after you take the money out of your retirement plan. Typically the taxes will be around 40% so if you have 1 million, then you will get 600 k. Check the rate of return for your retirement fund.


If your car gets repossessed and you choose not to pay for it can they take your tax return?

If the lender has placed a judgment against you for the deficit balance (balance left after the car is auctioned/sold), then yes in most states, they can take the tax return and apply it to the balance owing.

Related Questions

Where can you learn which exemptions are legal to take on your taxes?

The best way to learn which exemptions are legal to take on your taxes is to speak with a CPA. If this is not available to you there are several online sources including Turbo Tax and the IRS Government website.


Why function should return a value?

Not all functions return values. If you take a function which is of type void, you get a function which is does not return anything. The only functions which should return values are those which are used as a right side of expressions (so called rvalues).


When can i have my menstruation after i take cytotek?

The menstruation should return within 8 weeks from the abortion.


Can you return enfamil milk powder?

If it is unopened and you have the receipt, the store should take it back.


If you file chapter 7 bankruptcy can they take the equipment you use for work?

It depends on the exemptions. If you have to use your state exemptions, you will have to ask a local bankruptcy lawyer. If you can use the federal exemptions, you are able to exempt up to $2,025 in work-related property. You may also apply other exemptions, such as the motor vehicle exemption, the wildcard exemption and half of the unused portion of the homestead exemption.


Will bankruptcy take your bank account funds?

If the funds cannot be exempted, they will have to be turned over to the trustee. Certain kinds of accounts may be exempt, and you may have enough "wild card" exemptions to exempt the full amount. It will also depend on whether you can use the federal exemptions or, if you have to use them, what the state exemptions are.


How long does it take for your period to return after missing a pill?

Your period should not be delayed from missing a single pill.


How does the body return to its normal state of the heartbeat?

you should rest or take a certain blood pressure medication


How long did it take to have full return of investment?

It depends on what you are investing in. If you're not a professional investor it should take about 5 years to double your investment in stocks.


What can you lose in bankruptcy?

This is largely dependent on the chapter of bankruptcy that you're filing under. Is it for an individual? Is it for a business or a corporation. I will take the most common type of bankruptcy-Chapter 7-for an example. Under Chapter 7, the bank is technically allowed to take personal assets and property and liquidate it/them in an attempt to pay back debtors. But there are a number of exemptions and for many people, they do not lost personal items after filing for Chapter 7. Common exemptions when filing for bankruptcy include tools of the trade-such as a car that is used to commute to and from work-and clothing under a certain dollar amount. The article below lists many of the possible exemptions for different chapters.


How long does it take to get your Indiana state tax return?

It depends on whether you efiled or mailed your return. If you efiled, you should have your refund (I assume you meant refund and not return) within two weeks at the latest. If you mailed your return, you can expect your refund within 6 weeks.


Can the New York homestead exemption be waived?

Why on Earth would you want to waive it?You can choose to use the federal exemption instead, but you don't get to pick and choose, you have to take either all state exemptions or all federal exemptions. The federal homestead exemption is (much) lower, but I suppose that it might be possible that you could make up the difference in other exemptions.