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I chose to go exempt on my taxes for the year because I did not expect to owe any taxes due to my financial situation and deductions.

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AnswerBot

5mo ago

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Related Questions

Did you file exempt all year on your taxes?

No, I did not file as exempt on my taxes for the entire year.


How can I rectify accidentally claiming exempt all year on my taxes?

To rectify accidentally claiming exempt all year on your taxes, you should file an amended tax return with the correct information and pay any taxes owed. It's important to be honest and proactive in correcting the mistake to avoid penalties or further issues with the IRS.


If you claim your sixteenyear old on your taxes can she file exempt on her part time job?

There is no exemption from income taxes because of age. Being claimed as a dependent does not make your child exempt from taxes. Regardless of age or dependent status, if your child has sufficient income she must file her own tax return.To claim "exempt" on her W-4 at work, BOTH of the following statements must be true:1) She owed no taxes last year. All taxes that were withheld (if any) were refunded.2) She reasonably expects to owe no taxes this year.


Is the interest on New York City municipal bonds exempt from all the possible income taxes for a New York City resident?

Yes. For a NYC resident, municipal bond interest is exempt from all three possible income taxes.


All propety owners must pay taxes exept?

Property owners that are exempt from some of the property taxes in some states.


What is a 1096 form for?

A 1096 form can only be used by an organization that is filing tax-exempt. This means that the organization did not pay in any taxes at all throughout the tax year.


How do you get all your taxes back if you claim 1?

By making an amount so low that you're exempt from taxation.


Are municipal bonds exempt from all taxes including capital gains taxes?

No they are not. Municipal Bonds are generally tax exempt for interest paid on them on Federal Income taxes. Sale of Municipal Bonds are reported on your personal tax return and therefore any gain on the sale will be reported on Schedule D.


Under what circumstances is a bond exempt from all taxes?

If the municipal bond is issued by the jurisdiction in which the bondholder resides, the interest is tax-exempt from both the federal government and the state government. If there is a local income tax, the interest is tax-exempt at this level, too.


Does the catholic church pay property taxes?

No. In most sates in the United State religious organizations are exempt from real and personal property taxes. Each state has their own tax laws that describe which properties are tax exempt. Such laws are uniformly applied, that is all religious organizations that qualify for exemption (not just the Catholic Church in this example) are therefore exempt.


In french revolution which estate carried the heaviest burden of taxation?

The Third. The nobility were exempt from most taxes, the clergy from nearly all.


Why some bonds are taxable in Federal as well State?

Nearly all bonds are taxable both federal and state. To be exact, the interest the bonds pay is taxable (as well as any capital gain resulting from trading bonds). The reason is that the tax code taxes interest. Bonds are a way of borrowing money and paying interest to the lender. Bonds issued by the federal government are exempt from state taxes. Bonds issued by states and municipalities are mostly exempt from federal taxes (and exempt from taxes in the state that issued them in some states).