What on-line programs do you recommend?
This will be my first time filing taxes this year. H & R Block kept costing more and more every year to do mine and my husband's taxes. We hold 3 different W2s and we normally file jointly. I want to find a suitable program that is glib and cheap to use to file our taxes near. Any recomendations? Thanks!Answers: Turbo Tax is a really straightforward program that I've had nouns with. And it's not too expensive.
I similar to TurboTax and TaxAct. Check out this website for comparisons.
http://tax-software-review.toptenreviews...
Tax Act at taxact.com worked for us.
Turbotax beats them adjectives i am very satified and i hold complicated returns
http://www.jdoqocy.com/1n104wktqks79H8D8...
What is income tax? who and all are supposed to pay? what are the main criteria for this?
Answers: what is income tax?
Income Tax is a tax charged by the Govt. on the money you earn.
who and all are supposed to pay ?
The Govt. have fixed some amount as tax free. Over and above that amount, the tax has to be paid. For example for this Financial Year 2007-08, the tax free and tax payable is given below.
7. Tax slabs for F.Y: 2007-08
•The basic tax exemptions for this running financial year 07-08 are as follows:
Rs.1,10,000 for HUF or Male <65 years
Rs.1,45,000 for Femala <65 years
Rs.1,95,000 for Seniour Citizens >65 years (Male or Female)
Tax Slabs for FY: 07-08 are as follows:
Male/HUF
00% Up to 1.1 lakhs
10% Tax between 1.1 lakhs to 1.5 lakhs
20% Tax between 1.5 lakhs to 2.5 Lakhs
30% tax after 2.5 lakhs
Female:
00% Up to 1.45 lakhs
10% Tax between 1.45 lakhs to 1.5 lakhs
20% Tax between 1.5 lakhs to 2.5 Lakhs
30% tax after 2.5 lakhs
Seniour Citizens:
00% Up to 1.95 lakhs
20% Tax between 1.95 lakhs to 2.5 Lakhs
30% tax after 2.5 lakhs
Tax Savings: (under section 80C)
All of the above can invest up to 1 lakh in tax deduction investments like LIC premium, PPF, NSC, 5 years Bank Deposit & ELSS etc. These are called 80C deductions. More clearly written in the below website.
http://www.rediff.com/getahead/2005/dec/...
If you invest in the above said tax savings 80c investments, your income will be directly reduced up to a max. investment of Rs.1 lakh.
what are the main criteria for this?
The Govt. wants to make some money from those who are earning income.
Person defined under section 2(31) earning an income above a specified limit should pay tax. A resident earning income in India & abroad and a Non-resident earning income in India above the specified limit should pay tax.
My parents want to claim me as a dependent on there taxes is their any way I can get my income taxes back?
Answers: I assume you filed your Federal Income taxes claiming yourself as a personal exemption, so now your parents can't claim you.
You need to file an amended return (Form 1040X), which unfortunately, needs to be done by paper.
Forms and instructions at the links below.
I'm assuming you mean pay only the taxes that you would have if you were independent?
If so, I don't think so.
However, the taxes are a lot less than it would cost to support yourself.
You might still get some money back, depending on how much was withheld, how much you gave to charity, etc.
File your taxes without claiming yourself. Claim zero personal exemptions because your parents claim you.