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What Is the Minimum Income to Pay Taxes? | Pocketsense

What Is the Minimum Income to Pay Taxes?

By: Tara Thomas

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How much money can you make without having to pay taxes, on the surface, seems like a pretty straightforward question. But reality is, the answer isn't nearly as clear-cut as it appears it should be. Because the IRS uses several factors to determine the minimum income to pay taxes based on criteria such as your age, filing...

What Is State Withholding Tax? | Pocketsense

The rules regarding withholding taxes on a local level vary by jurisdiction. Seven states don't have income tax: Alaska, Florida, Nevada, South Dakota, Texas, Washington and Wyoming, so if you live in one of those states, you won't have to worry about state withholdings, but you'll still see federal taxes withheld from your paycheck. However, each state has its own laws as to whether a person...

How to Amend a Michigan Tax Return | Pocketsense

You can amend your Michigan tax return only after your original return has been filed and processed. You have three years to file an amended return, unless you are claiming a refund. If you're claiming a refund on an amended return, it must be filed within four years of the due date of your original return. For instance, if you're amending a 2006 return, your amendment must be postmarked by April...

How Can I Get My IRS PIN From Last Year's Taxes?

By: LD Withaar

Reviewed by: Ryan Cockerham, CISI Capital Markets and Corporate Finance

Updated November 21, 2018

Reviewed by: Ryan Cockerham, CISI Capital Markets and Corporate Finance

Updated November 21, 2018

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When you e-file your tax return, an IRS PIN takes the place of your pen and ink signature, and verifies your identity to the...

When Are Trust Tax Returns Due? | Pocketsense

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When someone dies, he often leaves at least a little money behind, whether in cash or in the form of worldly possessions. If there's a will, money is distributed as stipulated in that will. If not, sorting it all out can be tricky. One way to make that whole process easier is to have the money shifted into an estate, where it becomes its own entity for tax purposes. Then a person...

Can I Claim Rent Payments on My Taxes? | Pocketsense

There's No Federal Rent Tax Credit or Deduction

Taxpayers who take a standard deduction cannot claim rent payments on their federal tax return.Renters can't deduct mortgage interest or property taxes on their rental like homeowners, because they do not own the property.

The only exception would be if your lease agreement states that some of your rent goes towards property taxes, in which case you...

Father's Rights to Claim Child on a Tax Return | Pocketsense

The IRS has very straightforward rules on claiming a child on tax returns. A qualifying child is typically claimed on only one parent's return per tax year - unless special circumstances are met - and the IRS uses several factors to determine which parent that is. A father's right to claim a child on a tax return is just as valid as a mother's right to do so; the IRS is unbiased in this regard....

Federal Income Tax Rules on Babysitting Income | Pocketsense

Whether you have to file a federal income tax return on your babysitting earnings depends on a number of factors, including your filing status, your dependency status, and the total amount of your earned and unearned income from all sources. For example, if you are single, your parents claim you as a dependent and you have only earned income, your income is non taxable until your income reaches...

How to Calculate an RRSP Refund | Pocketsense

How to Calculate an RRSP Refund

By: James Rutter

TAX TIME image by brelsbil from Fotolia.com

By: James Rutter

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While the prospect of preparing for retirement might seem challenging, Canadian tax law provides an incentive-based program that encourages that nation's citizens to start saving early. This program, called the Registered Retirement Savings Plan (RRSP), gives Canadians two...

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