I am graduate student and able to claim myself. Do I qualify for the proposed tax rebate?
Answers: The House has passed a tax rebate bill currently being considered by the Senate.
Under the terms of the House bill, you would be eligible to receive a rebate of up to $600 if you paid that much in Federal Income Tax. If you only paid $350 in taxes (less than the $600 rebate limit), you only get back $350. If you had earned income of at least $3000, you would get at least the minimum rebate of $300.
While the rebate depends on your 2007 income, it is actually a rebate toward your 2008 taxes. According to the proposed plan, in 2008, taxes would be cut from 10 percent to zero percent on the first $6,000 dollars of taxable income for individual taxpayers.
It's like a one time tax cut for 2008, but you get the rebate now instead of waiting to file your 2008 taxes. Because this is an advance payment on your 2008 taxes, your refund next year could be more (or less!) depending on your 2008 income.
Nothing has passed Congress yet, so all details are subject to change. Check out the referenced site below for an automated estimate of your rebate.
There is no "rebate" yet so there is no way to answer any questions regarding it. It's still being debated in Congress and there's about an equal chance that it will never become law.
The "rebate" is nothing more than a budget-busting vote buy by Bush and Congress. Hopefully cooler heads will prevail and the whole thing will die off quietly.
From the Federal deficit perspective it's about the same thing as getting a $5 a week pay raise but having your credit card debt doubled in return. A good deal if you don't have any debt, but a crushing burden if you're already saddled with too much debt, and this country is already saddled with WAY too much debt -- about $40,000 worth for every man, woman, and child in the country.
I own to database a 1099-misc for my husband can he subtract tools that he bought out of pocket?
the whole 1099 blows my mind on how much they import tax. he was told adjectives along anyhting he bougth he could deduct at the wrap up of the year. but i can't seem to find that info or anywhere to reduce by that from his taxes. what do i do?Answers: Any expenses related to that business are deductible. The IRS has a publication that go over this. Take a look at irs.gov.
Reasonable and necessary expenses to earn the income can be deduct. Tools should qualify.
A friend and I did work. The company 1099 him for the full amount. How do we reconcile it on our taxes?
The amount puts him in a differnet import tax bracket. Do I owe him a standard rate or the rate that puts him over?Answers: If your half is smaller quantity than 600., then he can of late write you off as "Cost of Labor" $600 is the artifice number to have to make a contribution someone a 1099.
Otherwise, yes, he will have to endow with you a 1099 and send a copy of the 1099 along beside the 1096 cover sheet to the governement.
he can issue you a 1099 that way he can expense your segment and you can file your element