TAX Questions?
TAX Questions?
I need to find a list online that will help me figure out my taxes for 2007 and refile my state from 2006,a chart possibly that will help me figure out what I will be getting back based on my income.
Do i need to make the maximum income guidelines to get the maximum EIC back?And if so what is that if Im filing single,head of household and self employed?
I donated a lot 2 charity last year,how does that help me on what I owe and have to pay back in for last year being that I am self-employed?
I am e-filing so where is the best place to file online and get the maximum deductions?
I also worked and lived in several different states so will I have to file a state tax in ever state and is that good?
Will I get a state return from each state?
What are other deductions I should be looking to file for my daughter and I?
If anyone can help me with these questions please email me asap...thanx.
Answers:
Chosen Answer
mgtenter95: Hi. OK. First, you asked about a chart. You have to actually do the math first before you can look at the tax table to see what your income tax liability is. Second, something must have happened that you feel you need to reFile your State. You would fill out a 1040X. Third, for the earned income credit, you need your income to be a precise amount and to have two dependents to get the most advantageous tax position. You really cannot do it since 2007 has passed and you earned what you earned. Plus, none of us knew for sure what the new exemption and standard deduction amounts would be, so you can't really "aim" to obtain the maximum earned income credit. You also qualify for the earned income credit if you have one or no children, depending upon your income, whether you have previously been denied, etc. If you have 3 or more children, it is the same as having 2 for purposes of the earned income credit and the Child Care Credit. You can take deductions for charity if you are self-employed. It gets complicated if you donate appreciated investments. When you say "pay back in for last year", you may mean that you owed in tax year 2006. Now, the only way you can get some refunded is if you fill out an Amended IRS form called the 1040X. You may have overlooked a deduction, found receipts, or discovered that your previous preparer made a mistake somewhere. EFiling, you have to be careful: It is easy but you have to check it. When you click "Transmit/ Receive", you have to make sure it went through. Even though it may say it went through, it may not have been accepted by the IRS. They have code numbers that you click on in the event the IRS rejects the return. So you have to click on "EF" or a facsimile on the menu and look for a title {"check" or "confirm" to click on that has to do with whether your eFile went through when the menu "scrolls" down. Make sure the software that you buy has a toll free number. I found out the hard way that you have to call to see if it really went through. Another thing you have to watch out for is if your State has tax. Even though some tax software companies advertise that the State and Federal are "bundled", it may not be. I found this out the hard way. The Federal wired refund is always slower than the State wired refund. So if you receive your Federal refund first, you better find out if the State went through. I found that you can buy software for $100 or less. It doesn't do you any good to buy really expensive software. I found all this out the hard way. One more thing: the IRS says that the eFile has improved this year. You may be able to do it online for free if you make less than 52000 or are in the military. But beware: it may be like previous years. You go through doing it only to find that they want money. The software companies have a vested interest in you buying their tax programs. So trying to eFile for no fee has resulted in frustration in the past. Hopefully not this year. I experimented with one. The thing I don't like is you cannot see the Forms being populated as you go along nor can you see if you owe or do not owe as you go along. You worked and lived in several States? Did you work your business or were you working for someone else? If you lived in several States, the chances are that is very bad taxwise. It's possible that seven different States withheld tax from you. You will have to input your 1099s and W-2s in to the software very, very carefully. 41 States have income tax. You have to prorate the days you lived in each State. It is best to use software but you do not need to buy the really expensive programs. "Cheap" tax software will do the job. Will you receive a refund in each State? That is impossible to answer for certain as I cannot tell if you had your business or whether you worked for someone else or was a statutory employee. Since you are self-employed, I hope your accountant reminded you to send in estimated tax to the Treasury and to the States that had income tax. As far as other deductions, turbotax home and business will ask you those questions. However, in your situation, you may need to purchase software that is a little more expensive in order to pay the least amount of tax. I know; I 've used turbotax before. I had 60 questions and inaccuracies that turbotax didn't ask/address. But my computer crashed and I lost those questions. In your situation, you should shop around and ask your friends. I know of tax softwar that "populates" when you type in the Employer Identification number correctly. This would really help you as you well may have 7 State income taxes to to. However, it costs 1400; I do not recommend it as I found inadequacies in that software, and you should be able to find tax software that does the job for less than that.
2008-01-18 02:51:39
mgtenter95: Hi. OK. First, you asked about a chart. You have to actually do the math first before you can look at the tax table to see what your income tax liability is. Second, something must have happened that you feel you need to reFile your State. You would fill out a 1040X. Third, for the earned income credit, you need your income to be a precise amount and to have two dependents to get the most advantageous tax position. You really cannot do it since 2007 has passed and you earned what you earned. Plus, none of us knew for sure what the new exemption and standard deduction amounts would be, so you can't really "aim" to obtain the maximum earned income credit. You also qualify for the earned income credit if you have one or no children, depending upon your income, whether you have previously been denied, etc. If you have 3 or more children, it is the same as having 2 for purposes of the earned income credit and the Child Care Credit. You can take deductions for charity if you are self-employed. It gets complicated if you donate appreciated investments. When you say "pay back in for last year", you may mean that you owed in tax year 2006. Now, the only way you can get some refunded is if you fill out an Amended IRS form called the 1040X. You may have overlooked a deduction, found receipts, or discovered that your previous preparer made a mistake somewhere. EFiling, you have to be careful: It is easy but you have to check it. When you click "Transmit/ Receive", you have to make sure it went through. Even though it may say it went through, it may not have been accepted by the IRS. They have code numbers that you click on in the event the IRS rejects the return. So you have to click on "EF" or a facsimile on the menu and look for a title {"check" or "confirm" to click on that has to do with whether your eFile went through when the menu "scrolls" down. Make sure the software that you buy has a toll free number. I found out the hard way that you have to call to see if it really went through. Another thing you have to watch out for is if your State has tax. Even though some tax software companies advertise that the State and Federal are "bundled", it may not be. I found this out the hard way. The Federal wired refund is always slower than the State wired refund. So if you receive your Federal refund first, you better find out if the State went through. I found that you can buy software for $100 or less. It doesn't do you any good to buy really expensive software. I found all this out the hard way. One more thing: the IRS says that the eFile has improved this year. You may be able to do it online for free if you make less than 52000 or are in the military. But beware: it may be like previous years. You go through doing it only to find that they want money. The software companies have a vested interest in you buying their tax programs. So trying to eFile for no fee has resulted in frustration in the past. Hopefully not this year. I experimented with one. The thing I don't like is you cannot see the Forms being populated as you go along nor can you see if you owe or do not owe as you go along. You worked and lived in several States? Did you work your business or were you working for someone else? If you lived in several States, the chances are that is very bad taxwise. It's possible that seven different States withheld tax from you. You will have to input your 1099s and W-2s in to the software very, very carefully. 41 States have income tax. You have to prorate the days you lived in each State. It is best to use software but you do not need to buy the really expensive programs. "Cheap" tax software will do the job. Will you receive a refund in each State? That is impossible to answer for certain as I cannot tell if you had your business or whether you worked for someone else or was a statutory employee. Since you are self-employed, I hope your accountant reminded you to send in estimated tax to the Treasury and to the States that had income tax. As far as other deductions, turbotax home and business will ask you those questions. However, in your situation, you may need to purchase software that is a little more expensive in order to pay the least amount of tax. I know; I 've used turbotax before. I had 60 questions and inaccuracies that turbotax didn't ask/address. But my computer crashed and I lost those questions. In your situation, you should shop around and ask your friends. I know of tax softwar that "populates" when you type in the Employer Identification number correctly. This would really help you as you well may have 7 State income taxes to to. However, it costs 1400; I do not recommend it as I found inadequacies in that software, and you should be able to find tax software that does the job for less than that.
2008-01-18 02:51:39