Is the interest I payment on tardy child support payments deductible from my federal taxes?
Although I've long since paid my child support within was a time that those payments be late. The State of California have charged a interest rate of 8-10% on those late payments. Every year they charge me the interest on the interest [compounded interest] for those payments that happen over 12 years ago. I have long since remunerated off my child support, my children are surrounded by their twenties and no longer attend school, but my payments verbs due to this interest. So, is any of that interest deductable?Thanks for your help
Answers: No. It's not deductible on your taxes.
Good luck.
You can step to www.irs.gov and click on the "contact us" button to see several different ways you can ask them tax question. This sounds like a honest one for them.
My opinion is, since child support payments aren't deductible, the interest on them probably isn't any. But check with the IRS to be sure.
no! but it should be. Really they should abolish the IRS and federal reserve they are stealing from America. The charging of interest is an abomination. The borrower is servant to the lender. no man should be servant to his country this is slavery.
Yes you should pay cheque for your family but senate should stay out of it as far as I'm concerned.
I don't think so. It is not approaching you are paying interest on a house or a student loan, you are paying interest as a penalty for anyone late. The gov't isn't credible to give up 'their' money.. not that I chew over they are right in this shield. Paid is paid..
NOPE. Won't impart you any advantage for not paying on the dot.
No, it isn't deductible.
You really think you should go and get a break on a FINE applied to neglecting your respopnsability as a parent?
Wow - i.e. a new one.
Is nearby a simple track to know what percent of my wages I'll reward within charge as an Independent Contractor?
Roughly what percentage? I'm new to this and I'm not sure how much to preserve for taxes.Answers: Figure 15% for Self-Employment taxes right off the top. Then travel to http://www.paycheckcity.com for some handy estimators and add the Federal tariff withholdings to the self-employment taxes to get your total Federal liability. The site handle state taxes as well so those numbers will be right for your state as well.
Plan on making quarterly estimated payments to the IRS using Form 1040-ES. Here's a cooperation: http://www.irs.gov/pub/irs-pdf/f1040es.p... You can also use the worksheets there to assist contained by estimating your total taxes and payments. Payments are due on 4/15, 6/15, 9/15 and 1/15/2009. You can skip the 1/15/2009 payment if you wallet your 2008 tax return and repay any balance due by 1/15/2009
You read out "wages".. Did you sign an agreement as an independent contractor?
Are you paid by respectively "contracted" job when the available job is completed?
If you receive wages, e.g., a salary or an hourly rate, you could by considered a common-law hand by the IRS..
Some employers prefer the 1099-MISC to the W2 statement..
That frees them of withholding income taxes. social payment taxes, unemployment taxes. minimum wage requirements etc.. and puts the burden on you..
If you perceive that you are an "employee", being taken dominance of, you can file an SS-8 next to the feds, and create a problem for the employer..
FW (DTP)
Whatever your income tax is, plus around 14% for self employment. Without knowing your total income for the year and a great deal about your personal situation, no instrument to tell what the income levy part is.
Can I do my taxs without my W2 form?
Answers: Yes. Turbo Tax software allows you to download the information and file electronically; completely paperless. I would recommend though that if it is lost, you request a copy for your own records.
Do you have your last check stub? this is acceptable just keep your records together for at least 7 years.