Question 'bout charge rebate..?
Dumb question..The communication articles are saying you must report a 1040 or 1040EZ to get the rebate. Well, what just about the 1040A? Does that still qualify?
That would really suck if it doesn't!!
Answers: Thank you AP.
1040A counts.
Can I deduct the amount of time that i spent developing software for free for a non-profit organization?
Answers: No you can't.
Any time donated to a non-profit is not tax deductible, regardless if you developed something for them. Most non-profits have at least one sponsor that helps keep them going with monetary donations throughout the year, especially when people slow down their usual donations.
Unless you charged the organization for the software, you're out of luck.
You cannot deduct the value of your time. You can deduct any out-of-pocket costs you paid.
Will I be eligible for the $600 rates discount from the administration?
I am a college student, and I made $10,300 last year, and I compensated in both federal and state taxes. Does me getting this rebate depend on if my parents claim me as a dependent, or if I report myself. ThanksAnswers: If you are claimed as a dependent, your parents will be eligible for the additional $300 rebate for you as a dependent child.
Under the bill passed by the House, you also would be eligible to receive a rebate of up to $600 if you remunerated that much in Federal Income Tax. If you solely paid $350 surrounded by taxes (less than the $600 rebate limit), you only find back $350. Since you have earned income of at tiniest $3000, you would get at tiniest 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, contained by 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 similar to a one time tax cut for 2008, but you take the rebate now instead of waiting to folder your 2008 taxes. Because this is an advance salary on your 2008 taxes, your refund subsequent year could be more (or less!) depending on your 2008 income.
Nothing have passed Congress yet, so adjectives details are subject to change. Check out the referenced sites below for more info.