Should I write rotten my babysitting expenses?
I pay my friend $75.00 per week for babysitting. She is married, but seperated, and is a moment ago getting by. I would like to be capable of claim my child care expenses, but I don't want to do anything to desecrate her already difficult financial situation. If I use her S.S. # in my file, am I going to be forcing her to file taxes on this income? This is her solely income for the entire year. From what I understand he is going next to married filing seperately.Answers: If the $75 you are paying her is the just income she has she will not be required to profile a return. You will need to provide her SS#, address and phone number to claim the expense. Without knowing her situation it is intricate to tell for sure what effect you may hold on her.
I think your friend have to make Six hunderd dollars or more within order for her to enjoy to pay within on her taxes. you might what to check on it.
If I earn extra money during the year do I need to claim it?
Answers: if you put the money in the bank you need to file it but if it was cash they will have to prove it.
yes unless it's cash
Any capitol gain export tax advantages for 2008?
my boss kept hounding me not to sell my house finishing year saying 2008 would be more favorable for capitol gain tax reason, any truth to it?Answers: If you have owned and lived within the house for 2 out of the last 5 years, you attain gains up to $250,000 if single, and $500,000 if married export tax free. Anything above that would be taxed as long-term means gains, which for 2008 is a maximum of 15%. The lone thing I can give attention to of that your boss is referring to is that your capital gain rate would be 0% if you were surrounded by the 10 or 15% brackets, but if you sell a house for any a $250,000 or $500,000 gain, you're more than likely within a higher import tax bracket than 10 or 15%.
I do not know of any changes contained by capital gain for housing in 2008. Essentially if its your primary residence, $500,000 surrounded by gains are shielded from taxes. tba