Tax exemption?
Q. I switched my tax papers at work so I was exempt. I needed the extra money for tuition. At the time, I was told I could switch it back for the following paycheck. I went to switch it back today and the lady in charge said that from now on they can only change it twice a year, July and January. I don't want to have to pay a lot in taxes, is there any law or anything about this? And if it really isnt possible to change, if I take the money that would have been taken out and save it in an account, will that be about how much I will owe in taxes??? I can't afford to pay a ton in taxes, please help! I am only 19, this is the first year I have to do taxes. The $200 extra made it so I had enough to pay tution without loans. I was told by a… [cont.]
Asked by Grotto Girl - Tue Aug 21 20:30:21 2007 - - 3 Answers - 0 Comments

A. I believe that you can change withholding any time you want. Just a note. you can only claim exempt if you had no tax liability in the previous year and expect to have no tax liability this year. (read the statement above your signature) If you don't meet these qualifications, you committed perjury.
Answered by Mark S - Tue Aug 21 20:53:50 2007

Is it better to claim one tax exemption during the year ?
Q. My husband carries one exemption during the year but claims four tax time? Which is better to do claim one or four during the year? What's the best way to get most of your money back when you file taxes?
Asked by djahnee@verizon.net - Mon May 21 09:00:04 2007 - - 3 Answers - 0 Comments

A. The total taxes you pay will be the same either way. You can get the money through the year by claiming more exemptions, or you can give the government an interest-free loan through the year, and get your overpayment back as a refund, by claiming fewer exemptions than you're entitled to. It's your call, but neither saves you any taxes - it just depends on whether you want your own money sooner, or later. If you requested that your employer take out an extra $500 each month, then your refund would go up $6000, and you'd get the $500 times 12 months back.
Answered by Judy - Mon May 21 09:06:21 2007

Is there a federal income tax exemption for living organ donors?
Q. I donated my kidney to my father this past year, I know that some states offer a tax exemption for organ donors. I live in a state that doesn't have state tax and was wondering if anyone knows if there is a federal exemption?
Asked by heyjude110 - Sun Nov 25 03:30:56 2007 - - 2 Answers - 0 Comments

A. There are no federal tax benefits. It may not be up to the standard of a kidney, but I am a 17 gallon blood donor and all I have to show for it is heavy orange juice consumption and a lot of holes in my arms.
Answered by wartz - Sun Nov 25 09:51:10 2007

Does one get tax exemption for a mortgage on a home owned abroad?
Q. Hi, I am a "resident alien". My home country is India. Do I get an exemption or tax credit for the mortgage I pay on my home in India? Indian tax laws gave me an exemption. US tax laws do so if I had a home here. But its not clear whether I can get an exemption if the home is in India. Thanks Ankush
Asked by rock7565 - Thu Feb 14 22:41:47 2008 - - 1 Answers - 0 Comments

A. You may include the interest you paid on Form Schedule A, Itemized deductions. The mortgage interest is deductible if it is secured by your main home, or your second home. It must be a mortgage in your name. Only the interest paid is deductible. There is no requirement that the home must be in the USA. If you do not own a home in the US, then there is no mortgage interest on your main home. Your second home would be in India, and your mortgage interest is deductible. If your home in India, is rented to others, then you need to follow other rules. It is considered business property if you are renting it to others while you live here in the US. The real estate taxes that you paid are generally also deductible on Schedule A Be sure… [cont.]
Answered by AngeloElectro - Fri Feb 15 02:02:35 2008

Can i avail tax exemption for paying house loan in my mother's name when she is a dependent of me?
Q. I planning to take a house loan in my mother's name and i ll repay it.. Want to know whether i ll get tax exemption for the loan amount.My mother is a dependent of me.
Asked by gopi n - Tue May 5 04:31:01 2009 - - 0 Answers - 0 Comments

A. Hi Dear No you cannot claim exemption. You can take a home loan in your name and claim exemption The house has to be in your name
Answered by Dragon - Tue May 5 06:07:24 2009

What is the exemption in Income Tax for repayment of Education Loan taken for Higher Studies of my son?
Q. I have repaid Education Loan taken from a Bank for higher eduction of my son. How much tax exemption can I get this year and under which section ?
Asked by vijendra k - Sun Sep 7 03:47:36 2008 - - 4 Answers - 0 Comments

A. Under section 80E, If you are an Individual, for the assessment year 2008-09 and subsequent years, you can get deduction from your Gross total income, for all the interest paid on such loan (100%). But you cannot get any deduction for repayment of principal. The interest can be deducted for the initial assessment year and for seven successive years, or until the interest is paid in full, which ever is earlier.
Answered by rajagopalan a - Sun Sep 7 10:45:09 2008

how do i file for a Texas sales tax exemption?
Q. I just started my own business and I am buying and exporting products, thus none of the stuff I sell stays in the country let alone the state, how do i get a resellers certificate or a Tax exemption id for me to give my suppliers? once i fill it out, where do i send it 2?
Asked by Bernanke - Mon Jun 8 17:18:27 2009 - - 1 Answers - 0 Comments

A.
Answered by 123456789 - Mon Jun 8 17:32:10 2009

What States accept the home state rule for sales tax exemption?
Q. We are a CA LLC dropping shipping to a customer in Kansas and we have a tax exemption certificate from the customer. Can I use our CA sales tax number on our Multi-jurisdicational sales tax form to avoid being charged sales tax by the distributor shipping the goods? Thanks, Phil Ross
Asked by PhilipR - Wed Oct 7 10:56:23 2009 - - 2 Answers - 0 Comments

A. I belive Jersey and Conn
Answered by suzonka - Wed Oct 7 11:24:32 2009

What should I do about this tax exemption?
Q. I have applied for the financial aid and I got the letter from my school saying that I claimed myself and my parent also claimed me as a tax exemption. We have never claimed a tax exemption or how can I know whether we claimed or not. Any idea please?
Asked by darayx0x - Wed May 6 11:55:30 2009 - - 3 Answers - 0 Comments

A. YOU are the exemption. This reduces your parent taxable income by $3,500 on their 2008 tax return..
Answered by Max Hoopla - Wed May 6 12:01:13 2009

I provide housing for homeless for very little money. How can I get a Property tax exemption in California???
Q. What would qualify for a property tax exemption? I do have a non-profit org and I am a pastor in a Christien ministry. Would really appreciate any credible input. Thanks.
Asked by nagaloan - Tue May 16 04:11:01 2006 - - 4 Answers - 0 Comments

A. You should read the IRC about 501 c 3 non-profit corps. If you qualify as one of those non-profits you can find your exemption
Answered by sb_bowler - Tue May 16 04:17:23 2006

Should churches that espouse hateful and prejudice rhetoric lose their tax exemption?
Q. Personally I think all churches should lose tax exemption, but there's something particularly offensive about a church preaching hatred against gays or nonbelievers, and then getting to skimp out on taxes as if what they're doing is somehow charitable.
Asked by [O]peration [I]raqi [L]iberation - Thu Dec 24 16:04:08 2009 - - 14 Answers - 0 Comments

A. I agree, what is happening in Uganda is inexcusable! The evil permeates the church! Make churches and other nonprofits prove they are a charity and make them show their books on finances too. If they cannot show they use the money for the reason it is collected, make them pay taxes. All they are are tax exemption mills.
Answered by HereticZero - Thu Dec 24 16:11:22 2009

Can I buy one flat with proceeds of sale of two flats and still get capital gains tax exemption?
Q. I have two small flats. I wish to sell them and buy one property. Can I get capital gains tax exemption for both these flats?
Asked by Ashwin Baindur - Sun Oct 4 12:14:02 2009 - - 2 Answers - 0 Comments

A. You can get exemption to the extent of the purchase value of the new flat or sale proceeds of the old flats which ever is less
Answered by overweight junkie - Tue Oct 6 09:34:20 2009

Can I send my EIN application with the 1023 application for tax exemption?
Q. I was wondering if I could send my EIN (employee id number) with the 1023 application for tax exemption together in the mail. I ask this because i have filled out the EIN application and have started on the 1023 but the 1023 asks for the EIN number which I do not yet have. Can I send it in anyway?
Asked by No pseudonym - Fri Feb 19 13:21:08 2010 - - 1 Answers - 0 Comments

Our company employees work from home, is there a tax exemption on any maintenance allowance for home office ?
Q. Our company employees work from home, is there a tax exemption on any maintenance allowance for home office ? we are into software and we depend on phone, net etc.
Asked by ramesh_kripa - Thu May 3 23:42:49 2007 - - 3 Answers - 0 Comments

A. Company can buy computers, laptops, furnitures etc.. and give it or use it in the residence of employees for the office use, company can claim the depreciation on those assets. At the same time revenue expenses like telephone bill, electricity bill also can be claimed by the company as the substance of the expenses is relating to the company. it is to be noted that, any thing which is not specifically prohibited is permitted.
Answered by suresh j - Fri May 4 07:10:37 2007

Income Tax India -When is the new basic income tax exemption limit going to come in effect?
Q. As per Chidambarams new basic income tax exemption limit when is it going to come into effect? Will the the new government if changed from existing one will have any problem in continuing with the chidambarams budget? I would like to know when or from which month onwards does this gets effective..
Asked by Biju - Thu Jul 3 04:13:49 2008 - - 1 Answers - 0 Comments

A. For financial year 2008-09, read this For FY 2007-08 (return due on 31st July 2008), read this
Answered by Jss - Thu Jul 3 04:55:57 2008

Federal tax exemption for health insurance?
Q. What does it mean when there is "federal tax exemption for health insurance".. in simple words so i can understand clearly.. thank you.
Asked by Christina D - Thu Nov 8 01:20:53 2007 - - 2 Answers - 0 Comments

A. Health insurance premiums are not taxed at all under the following situations: 1. The taxpayer is employed and pays his health insurance premiums out of his pay before he pays taxes on his pay. This is "pre-tax". 2. The taxpayer is self-employed and pays health insurance out of his net profits. But there is no general exemption from federal tax for health insurance premiums.
Answered by ninasgramma - Thu Nov 8 04:53:33 2007

Why are churches given tax exemption - why should atheists have to pay through taxation?
Q. If we give one type of business a discount (churches) on their taxes then we have to make up for that revenue by taxing people in other ways. Why does an atheist have to pay for religiosity? I think we'd all agree giving organizations that do ONLY charitable things should have exemption but why should others have to suffer through taxation for your religiosity?
Asked by Rev. Aaron - Thu Apr 9 12:19:11 2009 - - 5 Answers - 0 Comments

A. Churches operate as charities on a not for profit basis. I haven't checked, but suspect you will find that organizations like American Atheists also have tax exemptions as educational organizations so the godless and the believers are treated equally.
Answered by mercedes - Thu Apr 9 13:42:31 2009

what is the new computation for tax exemption this 2009?
Q. our professor told us that there is a new computation for tax exemption. I've been trying really hard to find it but i just couldn't. can u please tell me how to compute for tax exemption this 2009. please help and thanks.
Asked by LiL_sherry - Tue Jan 20 10:23:58 2009 - - 2 Answers - 0 Comments

A. If you know how to compute using the old exemptions and old tax table, you just need to update your tax table and the amount deducted to gross income for the personal exemption. Here's the link for the updated Revenue Regulation and tables. Look for RR 10-2008
Answered by Cute Mama - Thu Jan 22 23:11:13 2009

Not-profit hospitals receive a substantial tax exemption that is often attacked in state legislatures & in U.S?
Q. Not-for-profit hospitals receive a substantial tax exemption that is often attacked in state legislatures and occasionally in the U. S. Congress. What justifies tax-exemptions, based on the assumptions about mission, goals and operations?
Asked by Ginger - Sun Feb 28 20:19:06 2010 - - 2 Answers - 0 Comments

A. It depends upon how the organization is structured. In Non-profits, their top priority or mission is not profits. With all companies listed on the stock market, profits are the top priority. One thing to note is, although organizations may be designated as non-profit, they are allowed to make a profit. I know people that work for hospitals, and their hospitals have been profitable for years.
Answered by JcL - Sun Feb 28 20:39:44 2010

Claim for Homeowners' Property Tax Exemption Card?
Q. I'm a new homeowner and I received a "Claim for Homeowners' Property Tax Exemption Card" that says I have to submit in order to file for Homeowners exemption for the Assessment Roll and the Supplemental Assessment Roll. I live in California and have no idea what this is. Can anyone help?
Asked by soccer_superman_13 - Thu Jan 17 01:25:15 2008 - - 2 Answers - 0 Comments

A. If you reside in the property as a main home, and fill out the app., you get a $7000 reduction in the assessed value of your home. At approximately 1.25% tax rate this is worth about $100. Caution: depending on timing of purchase you may no longer be eligible for the renter's credit. Read the instructions for the credit very carefully and look up the applicable dates. Congratulations on being a new homwowner! (Now go mow the lawn...lol)
Answered by Hank Roitman, EA - Thu Jan 17 02:36:19 2008