TAX HOMEWORK, PLEASE HELP !?
Norma, who uses the cash method of accounting, lives in a state that imposes an income tax. In April 2013, she files her state income tax return for 2012 and pays an additional $1,000 in state income taxes. During 2013, her withholdings for state income tax purposes amount to $7,400, and she pays estimated state income tax of $700. In April 2014, she files her state income tax return for 2013, claiming a refund of $1,800. Norma receives the refund in August 2014. If an amount is zero, enter "0". a. Assuming that Norma itemized deductions in 2013, how much may she claim as a deduction for state income taxes on her Federal return for calendar year 2013 (filed April 2014)? b. Assuming that Norma itemized deductions in 2013, how will the refund of $1,800 that she received in 2014 be treated for Federal income tax purposes? c. Assume that Norma itemized deductions in 2013 and that she elects to have the $1,800 refund applied toward her 2014 state income tax liability. How will the $1,800 be treated for Federal income tax purposes? d. Assuming that Norma did not itemize deductions in 2013, how will the refund of $1,800 received in 2014 be treated for Federal income tax purposes?
I work only for 5 months can I still file my taxes?
Make sure that your employer does have your correct mailing address address before the end of the 2013 tax year so that they will be able to send you your W-2 by the end of January 2014 during the 2014 tax filing season for the 2013 1040 FIT return. W-2 Box 1 $$$ gross wages for the 2013 tax year and the Box 2 FIT $$ amount that might have been withheld as advance estimated tax payments to be used as a TAX CREDIT during the 2014 tax year and a possible REFUND amount when that amount is MORE than your FIT might be at that time during the 2014 tax filing season. Hope that you find the above enclosed information useful. 10/19/2013
How can you file taxes for previous years?
Income Tax Returns for a financial year must be filed by the 31st of July of the next financial year. For example, Income Tax Returns of FY 2015-16 that end on 31st March 2016 will be due on 31st July 2016. In one financial year you can file your IT Returns for previous 2 financial years. For example – in the FY 2015-16, up till 31st March 2016, you can file return for the previous 2 financial years 2014-15 and 2013-14.Read here, Tax Consultants Bangalore, Tax Auditors, Income Tax Returns Filing, Accountants in Bangalore
How far back can I file taxes?
as far back as possible.even if you have no filing requirement, it is a good idea ot file your taxes.it protects you from IRS ID theft [someone else filing a fraudulent return using yoru social] and it starts the statute of limitations running.once you file a return, the IRS has only so many years to audit that return [unless there is actual criminal intent. some situations have NO time limit for prosecution]. you want that clock to run out.also, as some of the other answers pointed out, IF you are eligible for a rfund, you only have 3 years from the due date of the return to claim it.
Homework help please?
At December 31, 2013, Marquis Corporation had 100,000 shares of common stock issued and outstanding, 60,000 of which had been issued and outstanding throughout the year and 40,000 of which had been issued on October 1, 2013. Income before income taxes for the year ended December 31, 2013, was $636,400. In 2013 and 2014, a dividend of $70,000 was paid on 70,000 shares of 10% cumulative preferred stock, $10 par. On May 1, 2014, there were 20,000 additional shares issued. Total income before income taxes for 2014 was $461,000, which included an extraordinary gain before income taxes of $42,000. Assuming a 30% tax rate, what is Marquis's basic earnings per common share for 2013 and for 2014? In your computations, round all weighted-average number of shares to the nearest whole number. Round the earnings per share to the nearest cent. 2013: $ per share? 2014: $ per share?
When do taxes stop counting income for the year?
Cash basis yearly January 1 2013 through December 31 for the 2013 tax year and that 1040 FIT will be filled out and filed During the 2014 tax filing season for the 2013 tax year.. Current tax year that we are in now January 1 2014 through December 31 2014 and the 2014 1040 FIT will be filled out and filed during the 2015 tax filing season for the 2014 tax year. Hope that you find the above enclosed information useful. 01/10/2014
What happens if I file my taxes but don't work anymore?
Ok here's the deal, I live with my parents. I had a job and my job recently fired me. I haven't told my parents for personal reasons and now it just happens that they're talking about making me file my taxes. The thing is they're crazy and are going to insist on helping me do my taxes and sending it for me and hovering over my shoulder while I do it etc. My question is if I put down the information for the job I just got fired from what will happen? I'm moving in a couple weeks and I have a personal hair styling business where I'm making the same amount of money.. and I don't know if it's possible to put the down and in a couple of weeks refile them. (As you can tell this is my first time filing taxes)
Who are the highest tax payers from the financial year 2013-2014 from India? How much tax has been paid by each of them?
Few are here:http://wap.business-standard.com...http://business.mapsofindia.com/...http://m.sportskeeda.com/cricket...
First job/first time filing taxes, what do I do/need to bring at H&R block?
Your W-2s and your social security card and picture ID should be enough information for the 2014 tax filing season for the 2013 1040 FIT return to be correctly filled out filed after you do sign the 1040 income tax return. Print a copy for your records in case you should need it at some future time in your life and then send the other signed copy on the IS for processing starting January 31 2014 when the IRS does start accepting the efiled online 1040 FIT returns. Go to the www.irs.gov website and on the right side of the page scroll down and choose Efile or use the search box for VITA at that time and for the 2014 tax filing season may NOT be ready until the first week of February during the 2014 tax filing season for the 2013 tax year. Return Preparation and Filing Options Everyone can e-file, and everyone can e-file Individual tax returns for free Last year, nearly 100 million taxpayers opted for the safest, fastest and easiest way to submit their individual tax returns — IRS e-file. Since 1990, taxpayers have e-filed nearly 1 billion Form 1040 series tax returns safely and securely. E-file is the norm. And now, with Free File, everyone can file Form 1040 series tax returns for free! http://www.irs.gov/Filing Free Tax Return Preparation for You by Volunteers The IRS Volunteer Income Tax Assistance (VITA) and the Tax Counseling for the Elderly (TCE) Programs offer free tax help for taxpayers who qualify. VITA The VITA Program generally offers free tax help to people who make $51,000 or less and need assistance in preparing their own tax returns. IRS-certified volunteers provide free basic income tax return preparation with electronic filing to qualified individuals in local communities. They can inform taxpayers about special tax credits for which they may qualify such as Earned Income Tax Credit, Child Tax Credit, and Credit for the Elderly or the Disabled. VITA sites are generally located at community and neighborhood centers, libraries, schools, shopping malls, and other convenient locations. http://www.irs.gov/Individuals/Free-Tax-... Hope that you find the above enclosed information useful. 12/25/2013