I did not work in 2007, but i will pay taxes(interest income, capital gains). Will i receive any rebate?
Answers: The answer, as of now is, you might. The rebates would phase out gradually for individuals whose adjusted gross income exceeds $75,000 and for couples with incomes above $150,000. Contributions to IRA and 401(k) retirement accounts and health savings accounts would not count toward the income limit.
The interest income and capital gains could well count as taxable income for purposes of the rebate. I checked the IRS and National Association of Enrolled Agents websites: nothing yet. So far, what I found is below.
Did you have scholarships last year? If you didn't use some of it, that is taxable income. Also, you can check the IRS definition for "taxable earned income":
Wages, salaries, and tips;
Union strike benefits;
Long-term disability benefits received prior to minimum retirement age;
Net earnings from self-employment.
Combat Pay (Nontaxable combat pay election. You can elect to have your nontaxable combat pay included in earned income for the earned income credit. The amount of your nontaxable combat pay should be shown on your Form W-2, in box 12, with code Q. Electing to include nontaxable combat pay in earned income may increase or decrease your EITC) See Publication 3. Armed Forces Tax Guide, for more information.
We wont know until the law is enacted. I did see where they said you would need earned income. Wait and see.
I did not work within 2007, 16 yr mature daughter did?
Can I file as boss of household with her income and grasp the earned income credit and investigational tax credits on her income?She is below 18 and is my dependant, so usually you add the childs income to your own but since I do not own any what do I do?Answers: No, you can't, but she can.
NO, No, no.
If you have no income, you do not database.
You cannot file your child's income as your own. This is your child's income and it be reported under her SSN.
If your child supported *you* she might be capable of claim you as a dependent, but in no circumstances could she ever claim you as her qualify child for EIC purposes.
No! YOU had no income and accordingly are not eligible for the EIC.
You do NOT add a child's earn income to the parents' income. No idea where on earth you heard that but nearby is NO truth to that at all. Your daughter files her own charge return if her income is high ample to be required to do so or if she wishes to receive a refund of any taxes withheld from her payment.
That would be best answered by a tax professional.
I file once when I'd had no income, but be on AFDC. I got the EIC but no excise refund as I'd not rewarded any taxes.
Who is supporting you and your daughter? May be you are drawing a pension or lived stale investments? You cannot draw the earned income credit because, from what you are clich¨¦, none of your income was "earn income", but you may be able to database as head of household if you have SSI, disability, pension, investment income, sold some stock - approaching that. In any event, your daughter MAY have contributed more than 50% of your support. She could record head of household {HOH} and claim you. It depends upon whether she needed two exemptions to lower or smooth away her income tax liability. Do not know how much she grossed. She cannot receive the earn income credit {EIC} because she is not between ages 25 and 60.
Did you possible receive nontaxable combat pay? If so, you may be eligible for the Child Tax Credit if your daughter be still 16 as of 12-31-2007.
Limit & prceedure of service taxon rent?
Answers: what?
Service Tax on Commercial Renting has come into force with effect from 1st June 2007 vide Notification No 23/2007-Service Tax dated 22nd May 2007. However, Property Tax amount has been exempted while calculating service tax on commercial renting vide Service Tax Notification No. 24. Further, those landlords whose rent receipts are below Rs 8 Lakh from 1st June 2007 to 31st March 2008 will also be exempt from service tax vide Notification No. 6/2005-Service Tax as amended by Notification No.4/2007-Service Tax subject to the conditions of Notification. Even those whose rental receipts are above Rs 8 lakh will be required to pay service tax only after crossing receipts of Rs 8 Lakh.
The scope of “renting of immovable property” under the Finance Act 1994 as amended by the Finance act 2007 ; includes renting, letting, leasing, licensing or other similar arrangements of immovable property for use in the course or furtherance of business or commerce but does not include-
(i) renting of immovable property by a religious body or to a religious body; or
(ii) renting of immovable property to an educational body, imparting skill or knowledge or lessons on any subject or field, other than a commercial training or coaching centre;
The term“for use in the course or furtherance of business or commerce” includes use of immovable property as factories, office buildings,warehouses, theatres, exhibition halls and multiple-use buildings
"taxable service" means any service provided or to be provided to any person, by any other person in relation to renting of immovable property for use in the course or furtherance of business or commerce.
“immovable property” includes—
(i) building and part of a building, and the land appurtenant thereto;
(ii) land incidental to the use of such building or part of a building;
(iii) the common or shared areas and facilities relating thereto; and
(iv) in case of a building located in a complex or an industrial estate, all common areas and facilities relating thereto, within such complex or estate,
but does not include-
(a) vacant land solely used for agriculture, aquaculture, farming, forestry, animal husbandry, mining purposes;
(b) vacant land, whether or not having facilities clearly incidental to the use of such vacant land;
(c) land used for educational, sports, circus, entertainment and parking purposes; and
(d) building used solely for residential purposes and buildings used for the purposes of accommodation, including hotels, hostels, boarding houses, holiday accommodation, tents, camping facilities.
An immovable property partly for use in the course or furtherance of business or commerce and partly for residential or any other purposes shall be deemed to be immovable property for use in the course or furtherance of business or commerce(Vide Finance Act 2007)