Earned Income Tax Credit: Investment Income?
I realize that my investment income has to be smaller quantity than $2,900 to file for EITC.My investment is a rental property. If I profited something like 6k but have around 5k in deduction, (interest paid on mtg. and improvements made to the house) do I still qualify?
ie: Do I claim $6k as my investment income or do I claim $1k?
Answers: You use the network amount. Use the worksheet in IRS Pub 596 to numeral if you have too much investment income to qualify. I believe it's on page 8.
You investment income is the network amount - not the gross ($6k). That magic number is calculated on your Schedule E for the rental property. You mention "improvements" made to the rental. All improvements must be depreciated, not expensed. Meaning the amount you spent on improvements is spread out over a particular number of years. Repairs are expensed. So if you repaired the fridge for the tenant it's an expense. If you bought a new one it's depreciated. If you are not comfortable with this I suggest you hold a tax pro do this for you. This will effect your actual lattice income to determine if you'll still qualify for the EIC.
I was wondering if anyone was expecting tax refund on 1/25/08...if so what was the outcome??
Answers: Yes I was and I didnt receive it yeet. I called the IRS and they said it is still being processed and I should receive it by January 29, 2008 on their automated system. When I called and spoke to a live person they indicated they say a delay but it shouldt take long and they just havent got to my return yet. I am hoping to receive my refund next week. at least they deposit weekly but still i needed the money yesterday!. Good Luck to all with the same problem.
Yes, I was supposed to receive my tax refund as well on 1/25 but nothing showed up. I called my bank to see if they saw a pending deposit they said they didn't..BUT he said this happened a lot last year where the IRS is actually processing it on the 25th which means that is when it is sent out to thier banks ..then it has to go to our banks.he said it usually will take another day or so after the 25th to have it in our banks...I HOPE SOON!!
An hand over the age of 21 IN THE UK?
if you work for 6 hours a day are you entitled to 1/2 break and if so should you win paid for the break??please I requirement to know this answer! asap
Answers: If you are paid hourly later you get no take-home pay for lunch. If you are paid a fixed afternoon or month wage then you will be required to work x number of hours per hours of daylight; however you cannot be required to work long hours without a break, see below for your rights within the UK.
Employee Working Hours & Break Entitlement
Employee Working Hours
Employee working hours cover the time that the employee is at the disposal of the employer. Travelling to/from work is not classed as 'working hours' unless it forms subdivision of business travel for business activities.
Lunch breaks are also not counted as working hours unless it is a 'working lunch'.
Employees over 18 years out-of-date are liable to work no more than a 48 hour week. This is calculated as an average over a 17 week reference extent.
Employees that work night shifts must work no longer than 8 hour shifts within any 24 hour period: a dark shift would involve an employee to own worked at least three hours between 11pm and 6am.
Employee Entitlement to Breaks
An hand aged 18 years or over is entitled to a 20 minute undisturbed break for every 6 hour shift they work.
They are also entitled to 11 hours rest between respectively work day and are further entitled to one full afternoon off respectively week.
An employee aged smaller quantity than 18 years old (from the minimum age of going away school) is entitled to a 30 minute undisturbed break for every 4.5 hour shift they work. They are also entitled to 12 hours rest between respectively work day and are further entitled to two full days rotten each week.
Employees are not liable to own toilet breaks without the consent of their employer. However, for the sake of your employees' strength, it is better for them to use the toilet freely.
you are entiltled to a break but i dont think it will be partially an hour
and the company dont have to foot for your breaks, it varies from company to company
but no company pays for your lunch
dance to direct.gov.uk
you can find out all your rights as an hand on there
xxx
I'm sorry but no, you boss does not own to pay you for break or dinner time, singular the time you are working.
but your boss can not deduct your break time from paying you overtime.
most firms will lone pay you over time rate that's time and a partly once you have done 40 hours so if you enjoy a 10 minuet break in the morning and again surrounded by the afternoon your boss can not make you work 41 hours and 40 minuets previously he pays you over time, hope that helps..xx