Tax Refund Estimator For 2009
Question: Tax question, please help!?
Last year when we filed my fiance’s taxes, he was only working for 6 months at the job he is at now & he got a little over $4,000 back. We just started the filing process through TurboTax last night & the refund came to a little over $3,000! How is this possible?! If he only worked 6 months out of the year in 2008, but worked the full year in 2009, why are we getting back so little this time? Shouldnt we be getting more than that? We are super bummed, I even tried the tax estimator through H&R block online & said the same =[. Can someone please explain to me as to why we arent getting back as much (or more) than we did last year?! TIA!
i havent read all the answers yet but i should have added this: we have a baby together, who was born in 08.Answer: Okay you should know it depends on the amount of money he made not how long he worked. A lot of credits phase up and down depending on the amount you make so its hard to say without more info
How to Estimate Your Tax Refund – TaxCaster by TurboTax
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Question: Need help with tax questions?
Wife and I decided to buy house in Sept. We close Feb. 16 2009 can we claim it on our taxes? What about the earnest money paid already paid? She works full time and goes to school at night, we have always claimed her tuition at tax time but have never claimed the books, can we claim from previous years, we changed banks so is there any way of proving that we paid for the books. Some were on amazon, some were at school. We pay about 400 semester on books, and have never claimed them. She has been in school for 5 semesters now. i know about the first time home buyer tax credit interest fee loan, I just need to know bc Hr Block has an estimator calculator and asked if were first time home buyer. Not referring to the interest on house, first time is separate box to check. We have not paid any interest just earnest money. And last question why does hr block ask about stimulus check I thought that was not taxable. It changes our refund by the whole amount
Answer: Books are not deductible.
The rebate is a one time rebate on 2008 income tax. It was estimated on the basis of your 2007 tax return. They ask how much you received because if you are entitled to more based on your 2008 information, you will receive the difference. If you are entitled to less, you don’t have to pay back the extra you received.
The problem is the program they use assumes you got nothing and therefore are entitled to the full amount now. If they assumed you got the full amount already, they would show no change unless you got less than you were entitled to.
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Tax Refund Calculator
Recently, the National Tax Administration announced increase of the textile, clothing export Tax refundrate is from 11 percent to 13 percent; the export Tax refundrate of some of the bamboo products will be to 11 percent, the new tax refundrate will be implement .
In accordance with the export tax refundpolicy, non-tax-rebate part will be directly included in the cost of production. Theoretically speaking, the profit increasing rate will be up with the increasing rate of the export Tax Refund. Based on 2007 data, the export Tax refundrate increased 2 %, in 2008 textile and apparel industry-wide increase in pre-tax profit of 19.2 billion yuan.
Himfr.com, the leading third generation of online business-to-business (B2B) platforms, consider that the real situation of enterprises are not so optimistic, view from the historical experience of the past few years, the changes of the export Tax refundrate is not entirely born by the exporters. At the circumstances of increasing export Tax refundrate, foreign investors will inevitably reduce product pricing. We estimate that the 50% changes in the Tax refundrate can pass on price adjustments. The export Tax refundrate increased 2%, the pre-tax profits of textile can relatively increased 10.8 %.
Chinese chemical fiber enterprises are big but relatively weak; they can not easily climbed out of a slump. In 2008, China’s chemical fiber industry overall capacity reached 25.72 million tons, the output reached 23.9 million tons, production capacity and output has exceeded more than 50 % of the world. Since the second half of 2007, chemical fiber industry -china.com/manufacturer- sales and marketing margins fell significantly. After Guangzhou Trade Fair 2008, the textile industry saw a decrease in order.
The statistics of Chemical fiber industry sales in June this year show that sales revenue growth rate dropped 2.6 percent compare to the same period last year, reaching 14.03 percent, the lowest for the past five years. Chemical fiber industry, as a whole, benefit a lot from the adjustment of textile Tax refund. Since the second half of 2008, the cold wave of Chinese textile comes, we believe that declining buying demands of Europe and the United States market is the main reason for the economic downturn. And the following factors: accelerate the appreciation of the RMB, the increased cost leaded by rising prices of production factors, the same capacity for rapid expansion, low product differentiation and excessive competition, all are the causes. The export Tax refund rate is not the main factor affecting exports.
The industry experts of Himfr.com said 2009 will be a hard year for textile and garment As an export-oriented industries, textile and garment industry bears heavy pressure, including raw material prices, the appreciation of the RMB, and the rising labor costs. From the industry supply and demand situation, despite the export tax refund rate to stimulate the increase, but the overall situation is still not optimistic, we expect that industry structure adjustment is the substantive profit growth.
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Free Federal Online Income Tax Refund & Return Calculator 2009, 2010
2009 Tax Refund Estimate
Question: Do I have to pay estimated taxes?
I’m self employed, my total tax for 2008 (1040 line 44) was $0, and while I did have to pay self employment tax, various after tax credits added to more than I owed (ie. I got a refund). In that case, am I required to pay estimated taxes for 2009? If I don’t and credits don’t happen to exceed my self employment tax, will I have to pay a penalty?
Answer: I had this happen once. If your estimated payments equal or exceed your previous year liability then there is not suppose to be a penalty BUT if your previous year liability or estimated payments was $0 then they don’t honor that rule.
It would be better to play it safe and pay in something every quarter or at least during the first quarter to cover what you estimate.
Also IF you paid self employment taxes, those taxes ARE part of your tax liability and unless they are covered by taxes withheld from an employer on another job, you could be penalized for not making quarterly payments to cover the self employment taxes.
I had over $8000 in self employment earnings last year but I also had a job that payed $30,000. At my job I claim zero dependents and single status but on my return I file as married Filing Jointly with 2 dependents so the extra taxes withheld from my pay at my job are more than enough to pay my income and self-employment taxes from my sideline businesses. In fact I expect a sizable refund.
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