What are itemized deductions mean?
Answers: Look a Schedule A of Form 1040.
Here are some of them:
Medical Expense
Real Estate Taxes
State Income Taxes
Mortgage Interest
Charitable Contributions
If the total of these expenses exceed your standard deduction, it is of a benefit for you to itemize.
For most people, their biggest itemized deduction is their home mortgage interest so, unless you own a home and are paying on a mortgage, you probably won't have enough expenses to itemize.
Itemized deductions are deductions for certain expenses that are listed on Schedule A (Form 1040). It means "a detailed list", actually. A good example: you have no receipts nor bank mortgage statements. You have a statement from the church that you made 3000 in charitable contributions. The Internal Revenue Service will say you do not have enough to ITEMIZE. It means to give a detailed list of expenses you paid to knock your taxes down. You will hear "deduct on your taxes". Now, it is beyond the scope to go in to the best way to knock down your taxes. OK. You do not have enough to ITEMIZE your deductions. Why?
IF your filing status is...
single or married filing separately $5,350
THEN your standard deduction is...
IF your filing status is...
married filing jointly or qualifying widow(er) with dependent child,
THEN your standard deduction is... 10,700
IF your filing status is...
head of household,
THEN your standard deduction is...
7,850
You got 5350 for your charitable contributions instead of 3000 if you were single. So Congress gave a break in this hypothetical situation. However, let's suppose you had 50000 in itemized deductions, but you did not save your receipts. You've either got to do a lot of retracing; make a lot of phone calls, or give up what you legally could have deducted off of your taxes.
If you do not itemize deductions, you are entitled to a higher standard deduction if you are age 65 or older at the end of the year. You are considered 65 on the day before your 65th birthday. Therefore, you can take a higher standard deduction for 2007 if you were born before January 2, 1943.
Now, it gets a lot deeper than this. So I am going to attach a page from the website of the Internal Revenue Service, Department of the United States Treasury.
All of this sounds confusing. There are many in your situation. I'm thinking seriously to doing online courses. It really is quite simple, and I'm at the point where I can explain it to taxpayers and they will understand.
My friend deep chandra pandey has lost his pan number.please tell his pan number?
Answers: Sorry, I tried to know the PAN number. The web site is accepting the First name=deep, Middle Name=chandra, Surname= pandey and date of birth 05-04-1969. After that it is asking for fathers name. At this stage I tried twisting the father name in many ways, but it is not accepting the fathers name. That means there is some thing wrong in fathers name or in spelling or in First,Middle and Surname. Please try your self. The site address is given below. (Just click on the link)
http://incometaxindiaefiling.gov.in/know...
HOW TO TRACE OUT PAN NUMBER AND TO APPLY FOR A NEW PAN CARD.
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1. From your Income Tax returns which you have already filed.
2. Credit Card if any
3. From Demat account & Bank account
4. The covering letter that come along with the PAN card.
5. Through the PAN application counter foil numbers which you have obtained at the time of PAN application. If the slip contains acknoledgement No. in 15 digit, it is a NSDL application. If it contains 9 digits application number and 9 digit coupon number, then it is aUTITSL application. If you have those numbers then try from the following websites.
NSDL for 15 digit number:
https://tin.tin.nsdl.com/tan/StatusTrack...
UTIISL for 9 digit numbers.
http://myutitsl.co.in/intra/web/pantrack...
After obtaining the PAN number apply for a Duplicate PAN card in this way:
How to apply for a Duplicate PAN card ?
You need to fill a form named: "Request for new PAN card or/and changes or correction in PAN data". More details are in the below website:
http://www.tin-nsdl.com/faqPANreqfornewp...
Applying for a Dup.PAN card is almost like applying for a fresh card. The application form will cost Rs.5/- and you have to pay Rs.67 as fee. Produce address proof again, again a new photo etc. Do not change your name, your fathers name and your date of birth if the same is correct in the lost PAN card. Otherwise you can change them if they are not correct.
Where to get forms & apply: (Find your nearest agent)
http://www.tin-nsdl.com/TINFaciliCenter.
http://www.utitsl.co.in/pan/search.php
In the rules it is written to obtain a Police FIR for obtaining a duplicate PAN card. But it is not necessary. Do not take the risk of obtaining Police FIR.
i have seen in a pawn shop, the number is 6789
I hold an IRS press...?
I worked 4 months for a guy in 2007. I made lower than $2000. He hasnt payed me all the money he owes, he say I stole from him. He also told me when I started that it wouldnt be income he said to cheat on my taxes and just to write down the mileage. Ive already file my taxes and didnt show anything about this post. He is harrassing me now, wanting my SS#, I dont trust him next to my number and I want the rest of my money first. Is there anything the IRS can do against me? Am I contained by trouble? Can I get surrounded by trouble?Serious answers only...thank you:)
Answers: Well if he desires your Social Security # he probably wants to cram out a 1099-MISC form for non-employee compensation, if you were a contractor.
Technically if he doesn't record with the IRS, the IRS doesn't hold any documentation that he paid you or you recieved any money.
I'm sure the IRS would approaching to hear about this guy who's encouraging you to cheat on your taxes, and thus isn't paying the proper taxes to the state and federal for your labor. And is trying to capture away with it by trying to put it lower than the table and not declaring it properly, which is easily illegal. I'm sure the IRS will be more concerned next to him than they will be with you if you tip them past its sell-by date.
As for the unpaid amount? If you can prove the labor done, take it to small claims court.
If he did not/does not enjoy your SSN, then he cannot report any income to the IRS surrounded by your name.
If he by break has or can land your SSN, he could issue a 1099 claiming you to be a sub contractor.
If he should issue a W2, then he is required to deposit the excise and social security, as in good health as medicare, into the bank.
If by any long shot, you receive any of those, you will need to record an amended return and will have a rates liability. In that case, you can claim that you be not paid and he did not submit your papers by the deadline Jan. 31, 2008, for 2007.
It appears to be a moot cross-examine at this time.
If you receive your pay contained by 2008, then it should be claimed on the 2008 return.
If he shows it as 2007, posterior to an amended return.
Tell him that he gets your SSN when you attain your money. Also tell him that you're file a Form SS-8 http://www.irs.gov/pub/irs-pdf/fss8.pdf with the IRS to bring a ruling that you're an employee and not an Independent Contractor and forcing him to wages his payroll taxes and give you a W-2.
Once you bring your W-2 you'll have to report an amended return using Form 1040-X and pay the income taxes and Social Security taxes on the money you earn so do NOT spend any refund that you're getting from the return you already file. You'll attach Form 8919 and a copy of the W-2 to the Form 1040-X and enclose a check for the income and Social Security taxes due.
You've BOTH be trying to cheat the system and now it's time for BOTH of you to step up and do the right item. Filing the Form SS-8 will save you partially of the SS taxes due on the income you earned and force him to money them as he should have surrounded by the first place.
BTW, he's legally entitled to your SSN so you can't deny him that information but you CAN staple him to the cross for evading payment of payroll taxes. In the conclude you'll BOTH have to settle for your sins and that's how it SHOULD be.
If he's asking for your social security number he's planning on reporting your income. In any case you should enjoy put it on your tax return. but if he reports it there's 100% accident you'll get caught by the IRS for not reporting it - if he didn't report it afterwards you still might have gotten caught or might not hold.
You won't exactly get surrounded by trouble for not reporting it, like going to put in prison or something. But the IRS will eventually send you a bill for the due you owe on it, plus interest and penalties, and minus subtracting any expenses because they won't know what deductible expenses you might have. This could bring a year or more for them to send you the bill, and by after, interest and penalties will enjoy added up.
The fact that he told you to cheat on your taxes doesn't breed it OK that you did.