Posts Tagged ‘Deduction’
how much of a federal tax deduction do you get from local city income tax, and property taxes?
01
Aug
The bottom line is I’m looking to buy a house soon, and I’ve found a really nice one in e neighborhood that’s a little more expensive tax wise. combining the city income tax, and the county property tax yearly, it’s about $1400 more per year ($4500 total taxes for this city) than some other nearby cities with comparable school systems, recreation, low crime rate, etc….so my question is….and I know this is hard to really put any solid numbers to, but about how much of that extra $1400 would I get back on my federal return. Looking for real rough estimates here. anything would help. Thanks
US Federal Income Tax tuition deduction for daughter?
26
Jul
My daughter graduated from College in May 2007 and moved out in June 2007. I paid tuition for her school totaling $4,000 (for her spring semester Jan-May 2007).
I have not claimed her as a dependent since she lives in another state and has been full time from June to December 2007.
As she is not a dependent and is going to file her taxes separately, can I claim the $4,000 in tuition I paid ? Or can she claim the $4000 cost on her own taxes ?
Is the deduction from our paycheck for state income tax made BEFORE or AFTER the federal income tax?
27
Jun
Why do we have to claim refunds from states as “income? Dont we pay enough?????? When does it stop???
My question is this:
Is the amount of federal tax determined BEFORE or AFTER the state tax is deducted? The IRS treats refunds of state tax as INCOME and I’d like to know IF this was already taxed.
What do i multiply my gross income by to get my federal tax deduction?
21
Jun
Im trying to make an excel sheet that will come up with the right figures, i get it to work with one check stub, but not the other 2 i got, i did the current amount from this check, divided by my gross pay and got “0.13084965673615922403476727341437″ I’m in the 10% bracket if that makes a difference. I also claim 0 allowances.
Federal Income Tax question – Car donation for charitable deduction?
09
Jun
I am a 21 yr old full time college student who is still a dependent on my mom’s tax return (she itemizes). I would like to donate my car which has a Fair Market Value of $5,000, to take advantage of the charitable deduction on my taxes. I currently have $300 in deductions without the charitable deduction.
What do you recommend I do to take advantage of the charitable deduction. Should I have my mom donate the car for me if I don’t itemize my deductions?
Thanks in advance
Tax question: Lawyer Fee Deduction?
06
Jun
I had to pay a lawyer to help me get an Inheretance IRA, the lawyer obtained that i was a benificiary and handled getting me the money.
I understand that legal fees paid to obtain taxable income are deductable. Can you tell me if this is correct and explain.
Thanks
Can I claim my traditional IRA contributions as a deduction on my taxes?
05
Jun
Can I use this as a deduction
IRA Deduction from my taxes?
03
Jun
It is said that opening an IRA account at the beggining of the year before reporting taxes it would help me to lower my taxable income. Is that true? and any idea for how much? And what exactky should I do?
Note: I’m not enrolled in any program with any employee.
Thanks in advance.
Is there any tax deduction for home loan in other countries ?
29
May
If a person carries a home loan in other country (other than US) is there any tax deduction(relief) given by IRS ? A part of his earning in US is being used to pay home loan EMI in other country.
IRA deduction if a plan at former job?
29
May
The situation is that the job I held during most of 2009 had a retirement plan. I did contribute to the plan, but far less than my maximum contributions. I have seperated from that employer and no longer have a work related retirement plan. I want to know if I can make tax deductible contributions to an IRA for 2009.
My income is under the requirements. The question is related to whether or not I am eligible based on the law disallowing because there was an employer plan.