0
What else can I help you with?
Do you qualify for the standard deduction and personal exemption on your taxes?
As of 2021, the standard deduction has replaced the personal exemption on federal tax returns. Taxpayers can claim the standard deduction, which is a set amount based on filing status, instead of itemizing 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 bank destory money?
The bank returns it to the federal reserve for destruction.
Can you write off a home equity line-of-credit like you would a first or second mortgage on your tax returns?
You may write off up to 100,000 dollars. Also, the interest expenses you pay on a home equity loan may be deductible no matter what you use the money for. The deduction can save you money on your taxes on your return as long as you itemize your deductions on Schedule A of Form 1040. If you claim your standard deduction, then you can never deduct the interest expenses that you paid on your home equity loan.
How can I look up a federal tax ID number?
To look up a federal tax ID number, you can contact the Internal Revenue Service (IRS) or check official documents such as tax returns or correspondence from the organization.
Do you qualify for the standard deduction and personal exemption on your taxes?
As of 2021, the standard deduction has replaced the personal exemption on federal tax returns. Taxpayers can claim the standard deduction, which is a set amount based on filing status, instead of itemizing deductions.
What is the maximum standard deduction this year for a person who is not claimed as a dependent by another person?
The standard deduction for the Single filing status for a person not claimed as a dependent by another person is $5,450 for 2008 tax returns. This deduction increases to $5,700 for 2009 tax returns. This is in addition to the personal exemption amount of $3,500 for 2008 tax returns [$3,650 for 2009].
What is the 2008 standard deduction if you're over age 65?
If you're over age 65, you should fill out the Standard Deduction Worksheet for Line 40 of Form 1040 for 2008 returns. It's on page 35. The standard deduction for Single for 2008 is $5,450 ($5,700 for 2009). Add $1,350 for Single over 65 (same amount for 2009). Your total standard deduction for 2008 is $6,800 ($7,050 for 2009). For more information, go to www.irs.gov/formspubs for Publication 501 (Exemptions, Standard Deduction, and Filing Information) and Publication 554 (Tax Guide for Seniors).
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
Can itemized deductions on federal tax returns be taken for sales tax paid by Florida residents?
Yes. As an itemized deduction, you can claim either your state income tax withholding or claim a deduction for sales taxes paid. In states such as Florida which have no income tax, obviously your only option is to take a sales tax deduction. See the link below.
Is it good to itemise deductions on tax returns and when can an individual itemise the deductions?
ON a federal return the standard deduction for 2005 is $ 5,000.00 and single, $10,000 married filing joint and $7,300.00 for head of household. You would have to have more this for it to help. State vary by states. So, if your intemized deductions are more than the base amount for the year given to anyone, it is better to do so.
Can medical bills be taken out of Federal Income tax returns in the state of South Carolina?
Yes and the state doesn't matter on federal income tax returns. Federal is federal and state is state.
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.
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.
Do I include copies of 1099's with paper returns?
As to federal returns: Only include Form 1099-R if it shows federal withholding. As to state returns: See the instructions for your specific state.
Are federal tax returns open record?
No.
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.
