Is there a way to get like money off for like books and college stuff on the income tax?
Answers: Audrey is mistaken. Anybody's college tuition expenses can now be (partially) written off on their taxes, via the Hope Scholarship or the Lifetime Learning Credit. The education does not have to be required by your employer or job-related at all.
The Hope Scholarship provides credits only for those in their first two years of post-secondary education. The Lifetime Learning Credit can be used after that. Note that these credits are for tuition, books, fees, and other educational related expenses only. You cannot deduct things like room and board, medical insurance, etc., even if they are required by the school. You cannot deduct expenses that are paid for you by scholarships.
Here's the IRS overview of the two programs:
http://www.irs.gov/taxtopics/tc605.html
Educational expenses are only deductible if the eduction is in direct connection or to enhance a current job.
Whoever paid the tuition for your schooling will receive a tuition credit 1098-T, which is a subtraction from your income for tuition and qualified fees paid.
For tuition and fees, yes they are most likely eligible expenses for an education credit, but not for books, laptops, supplies, or other school-related items.
If you are a dependent. your parents get the credit, you don't.
As usual, the student asked about BOOKS and books aren't deductable...yet 3 people said no problem.
Only Judy seems to have actually read publication 970.
For Canadians, If my income for 2007 be $32,353.91?
How much tax should I enjoy paid?Answers: The amount vary by province, because your income taxes also include Provincial income taxes. The exact amount will also depend on whether you can claim any tax credits (children, RRSP, etc)
For example, surrounded by Quebec you could have remunerated $6200, but in Ontario it could be $4853
Ernst & Young, a voluminous multinational accounting firm, has a charge calculator that will give you an estimate of what you should hold paid:
http://www.ey.com/global/Content.nsf/Can...
You can also stir to ufile.ca, or one of the other tax preparation software sites, and cram in your info. It's free to do your return and see the taxes owed/refund amount because you with the sole purpose pay when you database. So you'll get an *exact* amount that route
Do Unemployed Americans receive 2008 Tax Rebate?
I was out of work in 2007 the entire year because I enjoy been contained by Canada awaiting immigration. I did file a return contained by 2007 though, do I qualify to receive the Tax Rebate check?Answers: What kind of income did you database on? If you didn't have at leat $3000 of earn income, you aren't eligible.
There are two ways to qualify for the "rebate" (as currently being discussed):
1. Have at least possible $3000 of earned income. Earned income is a W-2, social surety benefits (not SSI) and veterans benefits. It doesn't even include self-employment income for the purposes of the $300 advance check.
2. Have a guestimated import tax bill for 2008 (using the 2007 income) of at least $300 formerly the rebate was ever whispered.