Change dependent status?
Question:
If I change my status from dependent to independent, does it cost me anything? ie, 2006 I'm dependent, 2007 independent. My parents hold never taken out a PLUS loan for me, although they did pay part of the pack of spring 07 tuition. I've made ~$12,000 this year, and that does not include the loans and scholarships that reward for my tuition. All my parents pay presently is the cell phone bill. I am soon to be 20.
Thank you!
Answers:
You don't get to pick and choose your status. The numbers determine if you are a dependent or not. How much of your support that YOU provide is what matter. Merely earning 'X' amount of dollars is meaningless contained by and of itself. Even if you spent all of the $12k towards your own support, if your folks compensated $12,001 for tuition, you would be providing less than partly of your support and they get to claim you as a dependent.
Without knowing ALL of the data it's not possible to influence if you are a dependent or not.
Go to this link on the IRS website
http://www.irs.gov/faqs/faq2.html...
Check IRS guidance to see impact on you.
It may impact your parents. Should not affect your financial aid status. They will still treat you as dependent.
I can't remember but if your parents reimburse a certain percentage of your living expenses, they may know how to claim you as a dependent. If you are still in college, I cogitate they can claim you as a dependent until you are 24. Claiming you as a dependent lowers your parent's taxes. If they claim you, you can't claim yourself and will pay more contained by taxes. I don't remember how much you can make. I guess I'm a short time ago not much help here. Go to irs.gov and everything you want to know is near.
You just show the unknown status on your 2007 tax return, and your parents won't show you any more on theirs. You don't folder any additional paperwork, and within is no charge for the change.
If you are providing most of your own support, and it sounds from your ask like you are, next you are no longer a dependent of your parents.
Do you have a sneaking suspicion that working individuals should reimburse adjectives the taxes and corporations should compensate nil?
Question:
Answers:
No - quite the differing
and for more clarity - I think any foreign corporation import products into this company should pay a lionshare of taxes through tariff, instead of our domestic companies paying out the butt to export something.
NO! I think that EVERYBODY should take-home pay their fare share. The more you make the more you clear.
Where is your data coming from? Corporations pay cheque plenty. Corporations create jobs. Without job people do not own income to be taxed. Start raise corporate taxes they will have to start adjectives jobs. And better taxes will likely prevent strange corporations from being formed or they will move to another country. This is not apt either, we involve job growth.
Corporations *cannot* pay envelope taxes.
If they can pass along the taxes contained by the form of higher prices, that's what happen. Since all corporations are assessed matching tax rate, they usually can do that.
If the added taxes eat up demand for their product, profits will drop - and that will eventually result within lower wages for the working people who are employed by the corporation, and urgently result in lower incomes for the race who own the corporations (which in most cases are the allowance funds owned by working people.)
Corporations are only legal fiction. When it stops being numbers record in computers, and turns into bread, peanut butter, and gasoline, it ends up mortal people who reward all taxes.
Working, and non-working, citizens end up paying the corporate charge now anyway, indirectly, when they buy products and services from the companies paying the taxes, since their expenses including taxes are rolled into the cost of what they trade.
On the other hand, I'm not unrealistic enough to muse that if their taxes were suddenly lowered or eliminate, companies would lower their prices by that amount.
From the details of your question, this is a short time ago a Missouri proposal that would affect only MO corporate taxes, not a federal proposal.
Claiming a child on taxes?
Question:
I just give birth to my son a month ago. My mother and I got into an argument this evening and she blurted out that she is claiming my child on her income tariff refund because I live near her. My boyfriend and I are moving out within the subsequent two months. We're not married but him and I are still together and we decided that he would claim our son.
My mom also say that she's claiming me. I'm 18 years old.
Can my mom claim my son? Can she claim me? I'm ruined at the moment so I cannot claim myself nor my son. What are the laws as far as her claiming my son is concerned?
Answers:
She cannot claim your son unless she can prove that she provided for him. If you're moving out, and you're 18, next I'd think you're contained by the clear.
Did your boyfriend work? Is he going to try to claim you too?
Did you pay rent to your mom?
Do you go and get county aid or anything?
If you can prove it, then report away.
Worse case scenario-you both receive audited.
So be careful.
Good luck!
Simple answer: Put your mother into a nursing home.
She can claim you if she provides over 50% of your expenses (food, clothes, rent...) and you are a full time student or incapacitated or disabled, after you turn 18. She can claim your son if she pays 50% of his expenses (remember he have some medical bills associated with his birth).
Here are the rules, I dream up I have covered adjectives the cases.
If you are age 18 or under as of December 31, 2007, or you are enrol as a full-time student during at least five months of 2007 (one semester contained by school qualifies), later your mother can claim you as a dependent even if you move out of her house.
If your age or student status qualifies as above, consequently you are a "qualifying child" of your mother. Your mother will claim you on her levy return. No one else can claim you on a tax return (in focused, the child's father cannot claim you.) Since you are a "qualifying child" yourself, you cannot claim your child.
If you are not a student contained by 2007, since you have no income, you mother can still claim you as a "qualify relative." So, in any grip, your mother can claim you as a dependent.
If your child moves out of the grandmother's home, then the child will not be a qualify child of the grandmother. I assume you are moving out as you stated.
If the father has lived beside the child since birth, the child is his qualifying child and he can claim the child as a dependent. He can receive the Earned Income Credit and the Child Tax Credit for the child.
If the father have not lived with the child since birth, consequently the child is not a qualifying child of anyone. In this crust, between the father and the grandmother, whoever has provided over partly of the child's support can claim the child as a qualifying relative. This will not allow the Earned Income Credit or the Child Tax Credit to be taken, it will allow with the sole purpose a dependency exemption.
Prior answers have advisable info. Keep track of your travels--dates of moving in and out. Since you will enjoy custody for more than you lived in your mother's house, later either you or your boyfriend can claim your son. I would suggest you seize back to work very soon that the baby is born to label you claiming yourself and your son more solid. Good luck to you.
A grandson can be a qualifying child for the grandparent on their levy return if they meet the recommendation. Since you are all living together, he could be the qualify child of any of you - either parent, or the grandparent. Only one of you can claim the child, and if a parent qualify, the parent has first right to the claim the child over the grandparent. So your boyfriend can claim the child, and if he does, after your mom can't. If he doesn't, then she could.
Your mother can claim you, though, if you don't provide over partially of your own support, and if you aren't working, then it doesn't nouns like you are. This is unless you turn 19 contained by 2007, and were not within school for at lowest five months of 2007. If you are 19 by the end of the year and be not in academy, then your mom can't claim you.
If you are an American citizen near an outstanding export tax liability, will a passport application be rejected?
Question:
Answers:
Only in an extreme shield.
no this has happen to someone i know and they had no problem beside obtaining a passport
Not usually. When you apply for a passport, a framework check is done.
If you have are on probation for crimes and the residence of your probation prohibits you from leaving the country, your passport application may be rejected.
If you owe final child support in excess of a reliable amount then your passport application may be rejected.
But a export tax liability alone would not be sufficient to reject your application.
How can i surrender the current tub card and win a alien one? possible?
Question:
i want to surrender my existing pan card and want to take a new one.is it possible?
Answers:
You may apply for a hot PAN card only if here are any mistakes in your existing card. Also, you may apply for the fresh colourful looking card if you think your existing card looks weak and bland. Whatever the case may be, holding more than one PAN card is illegitimate.
For more information on PAN related issues visit:
http://www.incometaxindia.gov.surrounded by...
For applying for a new PAN card online pop in:
http://www.tin-nsdl.com
it is not permitted. why do you want to surrender the original card? if you apply for other card or try to hold more than one card... it is punishable under income-tax conduct yourself.
u cant do that that unless there is something wrong within the pan card and u a vastly very strong valid cause.
may be you can get suggestion from NSDL so that they are the people who verify all the Income Tax Forms etc so i hope you can budge and check it out.
You can do that but why?
Contact any consultant.
There is no provision of surrender of existing PAN Card and obtaining trial one under any circumstances
You can surrender your PAN CARD but 'not' the IDENTIFICATION NUMBER' allotted to you. You can surrender the card if it is deface or unusable. You can surrender the card to get tentative colour card. In next 1-2 years the Income due people will be issuing bio metric cards.
If you own any mistake in heading or address or you want colourful photo in your container you change your vessel card but your pan no. is same. your own just apply like detail for new tub. & destroyed your exishting pan card.
Does anyone know if I can claim Jobseekers allowance if we are unloading working family export tax credit ?
Question:
If I can claim it would the amount of working tax credits I get hold of be affected ?
Answers:
ask them! they will maintain changing!
Filing Income levy returns : 2006-07 :Insurance Agent / Post organization agent?
Question:
I earn comission income as an Insurance agent as well as Post organization agent.
I have be told to file my Income excise returns for financial year 2006-07 in Form ITR-4, as agency is considered as a profession.
Some agents are using ITR-2 ? please throw desk light on which is the correct form for me.
Secondly, if I am using ITR-4 , then on the 2nd page of the form , I own to mention the Nature of Business along with the code by referring to instruction 9(ii). Here also I am confused wether to mention code 0301 ( General Comission Agents) or should I mention code 0714 ( Others -service sector)
Can anybody clarify wether Insurance/ post bureau agents are coming under General Comission agents?
An rash reply will be appreciated.
Answers:
Insurance commission is deemed to be Income from other sources, which can also be judge from the fact that the Adhoc deduction allowable from Insurance Commission @ 50%, 15% or 33% for different categories are defined u/s 57 of the I Tax Act, 1961, which specifies deduction available from Income from Other Sources and hence ou need to profile ITR 2 as it would be the correct form
Service import tax and modvat facility for possessions equipment?
Question:
basicially we do labour Job(Electronics Assembly) our customer will contribute all the components we do the processing and return spinal column.
we are getting a capital equipment and we want to use it for electronics assembly,Please agree to me know can we take the Modvat facility if we use Service charge. please mail me at sri393@yahoo.com
Answers:
Nobody on the other hand knows the answer, because is a really difficult question!
Unforunately I cant’t relieve you but I hope that you’ll find soon the answer, good luck!
Kiss of Rome!
Are short occupancy and long occupancy possessions losses treated one and the same ?
Question:
from a tax perspective can I transport forward both short and long ? and is it $3,000 year ?
Answers:
You net out your short and long occupancy gains/losses for the year, and can take $3000 loss against other income surrounded by that year. If you have more that $3000 web loss, you carry the extra over to the following year. There is a worksheet surrounded by the instructions for schedule D to figure your short-term and long-term carryover. The following year you'd show your st and lt carryover on schedule D near any capital gain and loss from that year - then if you again hold a net loss is over $3000, you can transport the excess into the next year.
Note that if within any year you don't have $3000 contained by other income to be offset by your losses, you still enjoy to subtract $3000 from the carryover for that year.
They are treated differently from a tax standpoint. Most relations will pay smaller number taxes on long-term gains than short-term gain.
If the money is in a tax-deferred narrative like an IRA or 401(k), it doesn't business.
you can carryover both types of losses, and the $3000 loss is the limit you can embezzle in one toll year over your short term and long permanent status capital gain.
Technically no they aren't. But, in a practical deportment yes they are.
And yes it is limited to $3000 a year.
And once you convey over a loss there is no difference between them.
The simply difference between the two is in the year they are realize, a long term loss go against long term gain first...thus lessen the capital gain ascendancy. Generally, that is the single difference between the two.
Can anyone comfort me find my tfn, i be within australia surrounded by 2003 and dont knowmy number.?
Question:
i worked in australia for a few weeks within 2003 on a working visa, i left minus paying my tax, i didnt realise you have to do it yourself, i want to go subsidise to australia this year and dont know if i will be stopped going into the country because of this, any help would be appriciated.
Answers:
It's especially confidential so you will need to contact the ATO instinctively to get it.
individuals living outside of Australia travel here:
http://www.ato.gov.au/individuals/conten...
Or if you're living in Australia you move about here:
http://www.ato.gov.au/individuals/conten...
Can moving out of state be a rates write rotten?
Question:
If so how
Answers:
If you move due to a job metamorphose and the distance to your new chore is more than 50 miles farther than your old commuting distance afterwards yes you can claim a deduction for moving expenses. File Form 3903 http://www.irs.gov/pub/irs-pdf/f3903.pdf... beside your Form 1040 tax return. See IRS Pub 521 http://www.irs.gov/pub/irs-pdf/p521.pdf... for further information.
yes you can write sour the moving expenses-- i moved from indiana to georgia and the H&R block people caught that when i have w2's from both states.
keep your receipts from the moving truck/movers/packing supplies/etc your accountant can amount out the rest.
If your move is related to a job relocation, later you can itemize costs of the move and per mile fee.
But if it is freshly a move to avoid creditors - not going to happen
Income Tax Question?
Question:
Please explain the difference between payment of Advance Tax and wage of self-assessment tax contained by respect of Income Tax-India
Answers:
Advance tax is the estimated duty that is salaried during the course of the financial year
In case of Non Corporates 30% of Total Estimated Tax by 15th Sep, 60% by 15th Dec and 100% by 15th Mar
In overnight case your estimates above fall short from the actual tariff payable then you requirement to pay Self Assessment due at the time of filing your Return of Income
the best answer you will gain try and G00GLE it sure there be lots information on here gd luck
Accounting Question : Provision for bleak debts : doomed to failure debts : income duty?
Question:
Provision for bad debts have been created at 50% of the outstanding debtors by debit the Bad Debt A/c ( expense) and crediting Provsion for bad debt a/c. (liablilty) during 2006-07.
Is the above expense of Bad-debt allowable as a conclusion from Business Income , while computing Income for Income tax purposes.
I await a prompt answer. gratitude....
Answers:
Mere provision for bad debts is not deductable while computing the income as per the income rates Act.It has to be written stale from the books of explanation to claim deduction.
Since the allowance is made at 50% of trade debtors, this is a nonspecific allowance and is not allowed as a import tax deduction. In your rates computation you have to add on this amount back to taxable income. Btw, file the preferred a/cg nomenclature - you make an allowance for a doubtful debt but you write past its sell-by date a bad debt. You don't receive an allowance for a bad debt because the moment you know it's unpromising, it's to be written off.
And we don't say-so provision for doubtful debts anymore, we say allowance for doubtful debts because the word provision is defined contained by IAS 37 "Provisions, Contingent Liabilities and Contingent Assets" and such provisions have a different significance from an allowance.
You may get your doubts markedly well clarified from http://moneytips.bestmoneymatters.info... . Best wishes!
High doomed to failure debts can only be allowed if you areable to prove that they are legal bad debts and mere provisioning will not give a hand ur case to claim such illustrious bad debts
Is near a alien Tax Law for CA property seller?
Question:
selling a piece of land and be just told by realtor that i am anyone taxed on the proceeds of the Dutch auction. and that this is a NEW state law.
when did this jump into effect and at what %??
thanks so much
Answers:
Really fruitless answer by MEOW above, sorry.
Nothing to do with IRS or wherewithal gains.
You didn't utter whether you even have a profit
It's not a up to date state law, it's be in place a few years.
It's not exactly a "tax".. It's an amount individual withheld until you file STATE income charge.
IF you live out of state and sell property contained by CA
OR live in CA and are selling investment property and taking the dosh, the escrow company MUST collect a % and remit to the state of CA for STATE income tax purposes. (I have an idea that that it is 3.33% of the selling price)
You will need to record a CA state tax return for 2007.
If you don't owe any levy due to a loss, you will get the money support. If you have a profit, the state wishes their share.
It can get complicated, because if you hold a profit, the federal wants their share, and New Jersey may want something too. You entail a good CPA, and may have need of one in CA to pedal your CA state return.
Hope that this helps.
******************************
I don't estimate it's the agents responsibility to give you any due advice, any state or federal. It's really none of their business whether you have a profit or loss any.
Their job is to return with the property listed and sold for you, and not try and influence you to lower your price if you own a huge gain...
Unfortunately many agents aren't even aware of adjectives the rules and regulations. I'd give relatives too much information, so they would understand thier option.
So now we know that you made a profit contained by CA, and the state will want some of that gain, unless you have other losses to possibly compensate the gain ?
Do you hold any stocks that aren't worth what you paid for them ?
From your put somebody through the mill, I'm reading that it is just unprepared land, not a house that you have lived in lately ??
it's not new...it wherewithal gains...infirm as the hills.
he probably told you it be new...'cause he forgot to transmit you about it upfront.
budge to IRS.gov and read up on it.
good luck
NOTE---Thanks CommonSense...He have it right...sorry about that. :)
What are the disadvantage of fringe benefit excise contained by india?
Question:
Answers:
It means smaller amount people obtain fridge benefits, and more money goes to backbone to the politicans
The 'dream team' unveiled a new Budget on Monday. And while it have generally be acclaimed, there are a few deficiency as well.
In tune near Kelkar panel recommendations, the first step of reducing corporate export tax rate from 35% to 30% has be taken for domestic companies. However, the surcharge has be increased from 2.5% to 10%, leading to powerful reduction of single 3% in rates rate. One would have thought this will affix to corporate bottomlines. However, drastic reduction contained by general depreciation rate of plant and machinery from 25% to 15% erodes this benefit substantially. The move will benefit service sector but burden work, unless the latter invests in plant and machinery regularly and avails of initial depreciation benefit.
The FM have thankfully not withdrawn any leading tax holiday provisions approaching Section 10A/10B or provisions like Section 80IB extending rates holiday to research firms.
The credit for tax compensation under minimum alternate excise (MAT) is being re-introduced. It will presently be available for set-off against normal rates payment computed even below the Act.
This is a good rationalisation test as tax on book profits/taxed firms who invested surrounded by additional capacity. In a welcome move, the FM have proposed that trading in derivative products on a recognised stock exchange would not be treated as speculative but will result surrounded by normal business profits. Consequently, losses incurred within derivative transactions will be available for set-off against other taxable income in one and the same year.
In a positive move to encourage introduction of know-how (non-resident companies), the FM have reduced withholding tax rate on royalties and fees for systematic services from 20% to 10%. This lower rate will apply to agreements made after May 31, 2005. This will bring down costs of importing nous and availing of technical services. The service rates rate of 10% has also not be changed
The major disadvantage of Fringe benefit rates in India is that the export tax payer can easily Cheat the political affairs and they can easily escape as the politicians are other supporting the the tax defaulters because they too the toll defaulters so they are always supporting these nation. Because like the other expenses the fringe benifits cannot be documented.
I dont find any advantages within Fringe Benefit Tax except that it fills the coffers of the Government
The Biggest disadvantage is that it reduce the cost competitiveness of Indian Companies in Global Markets as it increases the cost of working
It is one of the contributors to the rise of inflation
It wastelands productive time of companies to calculate and remuneration taxes and also to file Fringe Benefit Tax Returns