federal tax credits
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Income Tax Prep...Help!
Asked by E. from Phoenix
on March 22, 2012
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Hi All! We have been having our taxes prepared for us for the last five years at least. The CPA does federal and state, we have a W-2's, own our home, rental property ...
Answers
- We pay less then $200 to have our taxes done. Unless you have special circumstances that require him, I would shop around or consider TurboTax. We file the long form...
- I started using Turbo Tax because my dad would let me use his CD. He has rental properties, various LLCs, multiple streams of income, plus additional deductions for cl...
- We used to use a CPA at a rate of $650(!!). Our taxes got a whole lot simpler when my husband stopped doing sales work and getting some 1099's as well. We started us...
Should I File an Income Tax Return?
Asked by M.M. from Detroit
on February 11, 2008
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I haven't filed a return since I've been single and on SS disability. I met with a CPA and was told it wasn't necessary to file since the only income I have is non-ta...
Answers
- At the very least you may be eligible for the Michigan State Homestead Property Tax Refund; if you rent or are in a mobile home park, you may still be eligible. You s...
- Hi M., I'm a tax preparer working on my Master's Degree in Accounting. The best rule of thumb is if you made ANY taxable income and you paid in ANY income taxes, y...
- I encourage you to contact the Accounting Aid Society. They provide free tax return and can give you good advice. They have sites throughout Metro Detroit.
W4 Tax Question????
Asked by M.. from Appleton
on April 18, 2012
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We receive a huge refund each year and someone told us that we should change our W4 so that we can get the money now vs. the government having it. Has anyone ever done...
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- We claim zero on our w4, that way you get more money on your paycheck and you can save or do with it what you want. If you have to pay a little or break even, it's a ...
- You have options. You can check the box for 1 dependent, 2 dependents, 3 dependents, etc..it all depends on what you want out of the tax situation. I wanted to have...
- All you have to do is ask your employer for another W-4 form to fill out. Once your turn in the the new W-4, your employer should start withholding taxes based on you...
Other Tax Filing Moms
Asked by W.O. from Portland
on February 9, 2008
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Hi,
I have a simple question that my (soon to be) husband and I are having a disagreement over. It is simple, but we can't find an answer for it.
Our daughter was ...
Answers
- W., I'm not sure what either of you made for 2007, but I know if either of you made less than $32,000 then you qualify for EIC (earned income credit) which is like ...
- i agree. run both of your taxes with the dependent claimed to see who benefits the most. either can claim her despite any marriage or last names etc... just as long a...
- I hate to say this, but the best way to do it is to prepare four tax returns. One set with him claiming her, one set with you claiming her, file with the set that wor...
Income Tax Refund Question
Asked by D.P. from Pittsburgh
on January 6, 2011
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A previous question got me thinking...
Seems like some people think that by tweaking their exemptions one way, they can be "lucky" enough to get "one HECK of a refund...
Answers
- I like getting a refund because I am not very good at savings right now... working on it, but still haven't mastered it. And bank's interest sucks anyways so not a who...
- I'd rather get a refund than owe, so we try to break even, but dont mind if we end up getting a refund instead.
- We claim more dependents than we should (on the W4) so that they keep less money.. and we still usually get a large refund. But I'd rather get a large refund than try...
Do You Get a Tax Return?
Asked by J.J. from Toledo
on March 8, 2011
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I'm just curious how many people actually receive money back when they file taxes. If you do get a return, do you save it? Splurge?
This sparked my interest a w...
Answers
- I prefer not to give the government a free loan and so we get a small return. It usually goes toward home improvement needs and some splurge. We are good at saving a...
- I think most people blow it! And I think that's silly. We don't get a lot back, a decent amount that we could blow, but typically do not. We usually put ours into s...
- I'm on the side of those who don't 'want' a huge return because of loaning the gov $, interest free. As for how much we get back and what we do with it... Even...
Why Doesn't This Make You Angry?
Asked by K.F. from Salinas
on November 23, 2011
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I so enjoyed all the responses to my last question and in thinking about it I have a few more. We are out the door for a trip right now and if my husband catches me on...
Answers
- It burns my toast. I am sick of hearing that we are punishing thier hard work. The road crew outside my office works much much harder and they do it sun up to sundo...
- All this talk, all this human intellect, its BUNK. There's not one of us that is smart enough to fix any of this apart from God. The problems we face today are stemm...
- You don't change anything by simply arguing or pointing things out and complaining about them or "occupying" parks in cities. You accommodate change by doing what the...
REALLY Nervous, Just Did My Taxes...
Asked by R.D. from Richmond
on April 11, 2011
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I did my taxes, and maybe I shouldn't be complaining, but I'm supposed to get a lot of money back in my refund this year. I used turbo tax online and have never had a ...
Answers
- I got alot back too, this year....I know I pay almost double into my taxes (of what they originally take out) because I got tired of owing money, and this is they firs...
- I have no stories. I always use a tax preparer (for over 12 years) and things have always gone very well sticking with him. Perhaps if you are worried, you might w...
- Well, if you did a simple form then you should be ok. A lot of people are getting a lot more back this year than they have in the past because of changes to the tax la...
Newborn and EIC
Asked by L.H. from Phoenix
on March 19, 2009
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we had a baby in aug 2008. does he qualify as a resident for the year even though he was with us less than half the year? can we claim the child tax credit, dependant ...
Answers
- Yes you can claim him. I have a little girl who is 15mo. I had her on 12/12/07, and because I had her before midnight of the 31st of December 2007 my husband and I got...
- Yes, you can claim him on taxes. Sorry, I don't know what EIC is.
- Yes, as long as the child was born before 12/31 you can claim them for the tax year. Make sure you bring the baby's social security card and any daycare info. You will...
Fair Share
Asked by J.C. from Philadelphia
on September 29, 2011
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I sense from reading many post on here that there is quite a bit of animosity towards the so called rich. People think and say that the rich should pay their fair sha...
Answers
- This is an interesting question, but most people (my self included) just don't have the information to answer it. Which is why we elect a government to deal with thes...
- Hi, J.C. I was wondering how many people on this conversation line go to their City Council meetings, their School Board meetings, their Party's (Democrat, Republica...
- A person making $250K with 6 kids in a high cost of living area is not the same as someone making $250K with no kids in a low cost of living area. A person on disab...
