Am I eligible for a import tax rebate?
I am a 21-year-old college student. My parents claim me as a dependant, however I grossed $11,000 last year. I have the full amount of federal income taxes taken out of my checks ($1,200).Answers: If your parents claim you as a dependent, you will be ineligible for the rebate, but you may still benefit under the plan.
While the rebate depends on your 2007 status and income, it is in reality a rebate toward your 2008 taxes. According to the proposed plan, in 2008, taxes would be cut from 10 percent to zilch percent on the first $6,000 dollars of taxable income for individual taxpayers.
So if you have taxable income surrounded by 2008, you will see a tax cut when you wallet in 2009.
Unsure. The issue of dependents next to taxable income has not be discussed much (though I'd tend to doubt it) and I don't have a copy of the legislation as in fact passed by Congress to refer to. Stand by for further information once Bush signs it into law, hopefully inside a day or two.
Can I claim the Motor Vehicle Excise Tax (MVET) as an itemized estimate?
Doing my taxes for 2007 like the rest of us. I'm confused on what I MAY be capable of claim for a new truck I purchased within 2007. On the receipt, I enjoy the MVET at $217 and the flat-rate truck (7,000) fee of $29.75. I live contained by Indiana. What can I claim, if anything?Answers: If the excise tax is a property import tax based upon the VALUE of the vehicle after it's deductible. If it's based upon ANY other factor -- taxable horsepower, size, immensity, load dimensions, engine size, etc. -- then it's not deductible. The truck excise is not deductible.
This assumes that the truck is for personal use. If it's a business vehicle used exclusively for business then adjectives of the fees are deductible as business expenses.
I enjoy 2 Form 1098 Statements and working near TaxCut Software?
My mortgage was sold from one lender to the other within 2007, so I was mail Form 1098 mortgage interest statements from both lenders. The second lender's 1098 picked up where the first lender vanished off.Anyway, on Taxcut, when you grasp to this section, you enter the info from the first 1098 and click Finished, after you have the preference of "Add a mortgage." Is this where I should click to affix the second lender's 1098 info? Thanks in credit.
Answers: Yep, that's exactly what you do.
Exactly.