What Are The Big Questions Regarding Taxation For 2011?

If you’re looking for the big questions that you need to be asking yourself for the taxation year 2011, then you’ve come to the right place! All the questions have been outlined below with a snippet of info regarding each one.

How can I be sure that I qualify for Earned Income Tax Credit (EITC)?

If you’re on a limited income, then the EITC (or EIC) helps you out financially with a refundable tax credit. An EIC will reduce your payroll taxes. There are certain criteria that must be met, however, in order to be eligible.

Is it possible for me to claim the homebuyer tax credit on my recently purchased home?

There’s a first time homebuyer credit that you may be able to take advantage of if you purchased the home in 2008 through 2010. However, you must be using it as your principle residence. Your tax bill will be reduced or credited accordingly, and is fully refundable as a result. You need to claim is with a Form 5405.

Do I really have to file a tax return if I’m in a job that pays me a salary of less than $16’000?

Your filing status, gross income and age all play a major part in determining what your return status would be. There are too many options to consider here, although the general advice given would be just to file one anyway!

How is a tax refund estimation, for myself, made?

You have to make an estimation based on how many dependents you have and also what your income is. This will derive what your refund will ultimately be, or if you’re eligible for a refund instead.

Will my child support payments affect my taxes?

Child support is not able to be claimed on a tax return by either one of the parents. You may be able to claim exemption for the child, however, if you’re the custodial parent.

Does internet phishing affect tax returns?

There are many copycat IRS schemes online created by scammers. Always make sure you verify the website you’re using regarding taxation.

Am I still eligible for a tax refund on my money owed from last year’s income tax?

As long as you have been making payments that are in line with any deadlines you have and that they’re on time, you should still get a tax refund. It’s also good to bear in mind that your account has to be current too.

Should I get my tax refund in savings bonds or in cash?

SAVE SAVE SAVE! You should always try to invest with savings, as your long term returns will be far greater. However, it may be more useful to request a cash refund if you have a high-interest credit loan to pay off.

If my son/daughter is in their twenties has just finished community college but is living at home until they get a job, am I still able to claim them as dependent?

There are lots of requirements and regulations regarding dependent status. Check with a tax advisor where you stand specifically, however the general rule is that unemployed children won’t initially qualify for dependent status.

 



 

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