I actually remembered correctly about you, I just didn't want to guess. It is $35,450 for either of you. Its hard for me to say just how you should handle it, between claiming your child, and who should claim HOH.
She would get the dependency exemption of $3,650. It really depends on what her tax bracket is at to how much that is worth. Guessing I would say you are best off claiming single and claiming your child, and having her claim Head of Household. Edit: You actually may not be better off doing that since the HOH gets the EIC. I'd just plug it in every which way to see which was the best.
I'm going by this right here: http://www.edwardjones.com/en_US/resources/tax_center/brackets/2009/index.html I'm in the 15% bracket for single. She would be in the 25% bracket for single but 15% for HOH. I'm 15% either way. She has other things such as mileage from work, housing costs since it is in her name only, etc. too. I basically have tuition costs and that's about it. Also, don't you have to spend a pretty significant portion of your income on medical bills before you can use that on your taxes?
Yes, we did/do. Also, don't you have to spend a pretty significant portion of your income on medical bills before you can use that on your taxes?
dude do i sound like a single mom to u? do i even sound like a woman to u? i did mention i have several businesses...but no im not in AMWAY....however, it is intriguing how a prymaid system modification works so well.....AMWAY Area ...shesshhhh they doing something right...tax business that for individuals ...small potatoes....business tax is much more complex...you cant trust regular CPAs with that man....You have kids coming out of school through PPA program that are CPAs w/o any expereince....i believe in 5 tool players like Carlos Beltran in the astro days....imagine an umbrella having different revenue streams. simple concept, but put it to use can be pretty rewarding.....BUT once launched and on its feet, it's time for a new stream.
So who posted this: http://bbs.clutchfans.net/showpost.php?p=2127049&postcount=1 Hey guys, Any good recommendations to go to such as recruiters who works with non-degree individuals, job search site such as monsters, careerbuilder, etc., or job postings......I am trying to get a full time position in the mortgage loan processing industry, but it seems like everywhere requires a few years of expereince. I would even settle for Office or Admin Assistant jobs right now....Any kind of heads up would be great....Thanks. No dumb comments please
Four years is a long time. Who knows what's he's done since then. Apparently start up multiple businesses. Good for him.
Yes on the medical. The person who claims HOH gets to take the Child Care Credit. The credit is based on a percentage, which is between 35% & 20% of what you paid. You would get a bigger benefit then she would from it, and you could qualify for EIC. You'll have to plug them into software each way to know for sure, or spend a while calculating yourself by hand.
hey bud....if you ever go to shrevport, LA....go to Kenny's Sport Bar....tell them its on steven. Pool and a beer or margarita on me cuz thas all we have ....there is a lil asian lady with 2 or 3 waitresses in really skippy outfits.....so yes greener pastures....just bc i ask questions in a forum to find out more information or see what ppl feel....u should knoe that since ure a CPA and ure an auditor....asking questions and getting a feel for how controls are handle are essential aint it Mr CPA.
What about this: [rquoter]I am thinking of getting into bartending in Houston to make some extra money. If anyone have bartended, I would love for you to give me some pointers. Do I need any licensing or certification and where? Where should I start looking for part time bartending (probably not in careerbuilder or monster)? How much should I expect in tips working at a bar or club? Thanks fellas.[/rQUOTEr] http://bbs.clutchfans.net/showthread.php?t=178955 or [rquoter]hey Fellas, I have a tax business and would like to add a fax line. I heard eFax used to be free, but not anymore. Does anyone know some other places? Thanks.[/rquoter] http://bbs.clutchfans.net/showthread.php?t=181100
so which firm have u work for? Big 4, middle mkt. local? I dont miss the crappy public days of working 60-80 hrs/wk
Tax geniuses - help a brother out... I sold some stock this year that was purchased though an ESPP. It's a qualifying disposition being sold through a brokerage account that I moved the stock to when I switched jobs. Accordingly, I should be taxed only on capital gains... The problem is the cost-basis. Through the ESPP I bought stock at regualr intervals for ~5 years. How the heck do I determine the cost basis for this stock? EDIT: I have the records to just "add up" what I paid for the stock - the trick is that I did not sell all of it - so what cost basis is correct?
Do one of two things, use the cost basis of your oldest stock first, considering capital gain rate is increasing after 2010, or add up all your stock purchases and reinvested dividends and divide by the number of shares to get an average cost basis(the most common way).
Don't forget to include the "benefit" of the ESPP shares you bought. I assume you got some sort of discount through your company. Whenever I bought shares via ESPP, I received a nice report from my company which included all of the necessary info. As I understand things, you always have to sell stock as "first in, first out".
Hi Bobrek - thanks for helping out. I don't think I have to count the 15% discount since this is a qualifying disposition (1 year+ after purcahse date). As for capital gains, I think juicystream's idea of using the older stock now to protect against rising capital gains tax is a good idea. Thanks to you both. (Damn taxes!!)
I had a few clients that got to take advantage of the 0% rate last year on some huge gains/qualified dividends. Its amazing to see a $50,000 gain go tax free.
