Questions tagged [income-tax]

This tag is to be used for any question pertaining to an individual's income taxes. If this tag is used, ideally a country-specific tag should also be specified, to indicate which region a question belongs to, as the answer may differ based on the country.

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6
votes
1answer
310 views

If you owe tax, how does the IRS failure-to-file penalty work?

If you owe tax, how does the IRS failure-to-file penalty work?
5
votes
1answer
1k views

Is mortgage interest tax deductible for not only federal but state income taxes?

Does anyone know if mortgage interest, mortgage insurance and property taxes are deductible for not only federal but state income taxes? This may be a state-by-state issue, but if anyone has ...
6
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1answer
1k views
4
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1answer
297 views

Can you claim child care expenses on your tax return in the UK?

Can you claim child care expenses on your tax return in the UK?
7
votes
1answer
205 views

How can I fix a mistake I made on my income tax filing? [US]

How can I fix a mistake I made on my income tax filing?
12
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1answer
891 views

How to claim a minor's income?

When a child earns money babysitting or doing yardwork for neighbors, it's common to ignore claiming the income, as income earned by the minor has its own deduction, and would likely not generate any ...
11
votes
1answer
547 views

What are the consequences of filing personal income tax return past the deadline of April 15th (i.e. filing late)? [US]

Today – April 15th – is the income tax filing deadline in the U.S. Here in Canada, we still have until the end of the month. Perhaps we get a little longer to figure things out because ...
2
votes
1answer
411 views

Which investment option provides the best income tax benefit? [Canada]

If I have $100 to invest and I have the ability to choose from the following: GIC at 3% interest Shares that I might later sell at $105 Shares that pay a dividend of $3 Assuming that the period is ...
3
votes
3answers
374 views

How do I use investments to lower my taxes [US]?

I'm not sure how this works. Do you just report on your taxes which investments you contributed to during that year, and then get a deduction? I want to pay less taxes, and put my income in some ...
5
votes
1answer
331 views

How much tax can you save in a UK ISA?

How much tax can you save if you invest £5100 in a UK ISA?
4
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1answer
318 views

Where can I find a list of common US income tax deductions?

Where can I find a list of common tax deductions in the US? I'd like to know so I can keep more receipts and pay less tax.
7
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1answer
9k views

My daughter got married last year in late August, can I still claim her part year?

If my 21-yr-old daughter lived at home (and I provided more than half of her support) until her wedding in late August of last year, can't I still claim her as a dependent of some sort?
8
votes
2answers
489 views

Married during the tax year, how does that work

I got married this last year in December. I had done my taxes as if I was not married and had no dependents, which was correct in January. My wife currently does not have a job. Should this effect ...
6
votes
2answers
819 views

What can I deduct while assisting in caring for elderly relatives that do not live with me?

I provide all transportation to medical appointments, do their shopping, drive them to church, do their foot care, provide some meals -weekly, assist with ecercising, house cleaning. I do not want ...
80
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22answers
24k views

Why would you ever turn down a raise in salary?

Related to a comment on this question: Is it true that Income Tax was created to finance troops for World War I? Does it ever make financial sense to turn down a raise at your job? It was mentioned ...
6
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5answers
2k views

Is it true that Income Tax was created to finance troops for World War I?

I remember hearing that income tax was specifically created to finance the war effort during World War I. Is this true? If so was it originally intended to be a temporary measure?
8
votes
3answers
433 views

If I volunteer to give back to my community, is there a monetary amount assigned to my time, to act as an Income Tax Deduction?

Is there a value that can be assigned to my time, i.e. an hourly rate, so that I can be given a receipt to remit to CRA come Income Tax Filing time? I live in Canada.
3
votes
2answers
5k views

Can vet / veterinary bills be considered deductions (tax-deductible) for Income Tax purposes [Canada]?

When I gathered all my 2009 receipts in preparation for my Income Tax filing, I came across a large number of expenses incurred for my pets. Are these expenses tax-deductible?
1
vote
1answer
6k views

Child care expenses: How much deduction can be claimed on tax return? [Canada]

How much deduction can be claimed for child care expenses on a Canadian income tax return, for 2009? Does it vary by province? Are receipts required to claim a child care expenses deduction?
8
votes
2answers
17k views

How do you calculate pretax deduction savings?

I am trying to determine how much money I will save by participating in the TransitChek program. The way the program works is I can set aside a certain amount of money from my pay check before taxes ...
4
votes
3answers
746 views

Is there a legal deadline for when your bank/brokerage has to send your tax forms to you?

It is mid February and I still haven't received my 1099-div forms from my stock broker. Should I be concerned yet? Is there any regulatory requirement for them to send tax forms out to account holders ...
3
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2answers
7k views

What's the maximum income one can have and not have to file a tax return? [Canada]

I'm starting a home-based business and make very little. Do I have to worry about income tax?
7
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2answers
1k views

I rent out a room in my house, do I have to report the rent as income?

Title says it all. Let me know if you need more details! Thanks!
6
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2answers
192 views

How do I find a tax advisor or “tax man”?

Since I graduated college a few years ago, I've been giving a lot of thought to getting a "tax man" instead of doing taxes myself through TaxCut or TaxAct.com. I'm not so much interested in having ...
5
votes
1answer
239 views

Home Renovation Tax Credit (HRTC) - Can I still claim it even if I pay cash?

Can I still claim the Home Renovation Tax Credit even if I pay cash?
29
votes
5answers
2k views

Are credit card rewards taxable?

There have been several questions about reward point/loyalty programs offered by credit cards Best Travel Point Credit Cards Best Reward Benefit Credit Cards Easy Comparison of Reward Benefit Cards ...
10
votes
2answers
530 views

What is Alternative Minimum Tax (AMT) and how does AMT get calculated? [U.S.]

What is Alternative Minimum Tax (AMT) in the U.S.? How does Alternative Minimum Tax get calculated? What conditions are likely to trigger an AMT assessment versus a regular tax assessment? Are ...
5
votes
2answers
3k views

UK income tax & charitable donations: How much is income tax reduced by donations?

To continue the theme... In the UK, how much is income tax reduced by charitable donations? When filing, are there any special requirements to qualify for the deduction or credit?
5
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2answers
566 views

U.S. income tax & charitable donations: How much is income tax reduced by donations?

In the U.S., how much is income tax reduced by charitable donations? When filing, are there any special requirements to qualify for the deduction or credit?
4
votes
1answer
2k views

Canadian income tax & charitable donations: How much is income tax reduced by donations?

In Canada, how much is income tax reduced by charitable donations? When filing, are there any special requirements to qualify for the deduction or credit?
3
votes
2answers
391 views

How is the Home Renovation Tax Credit (HRTC) supposed to be claimed? How does the credit work?

We built a new deck this year and we're expecting to take advantage of the Home Renovation Tax Credit (HRTC). How is it supposed to be claimed? How does the credit work? Would it be claimed on the ...
6
votes
1answer
926 views

Are insurance payouts taxable in Canada?

This is in reference to this question about life insurance but can apply to other insurance payouts. This would definitely affect how much to plan for.
5
votes
1answer
1k views

How long do I have to make an adjustment to my income tax filing?

For instance, if one were to find receipts between 2-3 years old, are they still useable? Is there a fee for a re-assessment?
4
votes
2answers
594 views

Is it financially-beneficial (tax-wise) for couples to be married, or to remain common-law, in Canada?

Which is more beneficial to your bottom-line (disregarding the cost associated with actually getting married, and assuming no children are involved).
4
votes
2answers
845 views

If I buy a property in an underage dependent's name am I exempt from capital gains (losses) on my income tax?

If I purchase a property in an underage dependent's name (son or daughter), and then sell it before they reach the age of majority, do I need to claim the capital gains (losses) on income tax if I ...
5
votes
1answer
471 views

We get receipts from our child care provider. Can we still claim a tax benefit even though they're not licensed?

We get receipts from our child care provider. Can we still claim a tax benefit even though they're not licensed? [Note: This is my paraphrased version of a similar question I answered at moms4mom.com....
9
votes
6answers
4k views

If I have no exemptions or deductions, just a simple paycheck, do I HAVE to file taxes?

My company holds back tax from each of my pay checks. I have no other sources of income. I don't expect I owe anything more on my pay. Do I really need to file an income tax return? I live in ...

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