If you need help in submitting your tax returns for 2004, this article will give you some tips that will help you to prepare before filing for free IRS efile.
In case you are not aware some taxes were affected by the new federal tax bills and you need to take this into account.
The following list will highlight some of these changes to some extent: Deductions for teacher's credit and expenditure In the state of California the credit for teachers had been revoked, but they can still get $250 deductions designed for classroom supplies and expenditures towards earnings.
Tax deduction on sales With this tax it is possible for you to choose between tax deduction on sales and an income deduction based on the state legislation.
You can include any substantial purchases, like boats or motor vehicles.
The final decision will take some investigation, but remember that if deductions for state earnings tax bring about a refund, this refund will become taxable earnings the following year for federal returns.
Selling primary home When you are selling your primary home that you own for the minimum of 2 years as a married couple, you are not required to pay any capital gains taxes for the first $500,000; if you are single this amount would be $250,000.
There are new IRS guidelines which enable some form of exemption for unexpected circumstances, such as divorce, death, loss of employment, destruction of house, giving birth to more than one baby at one time and more.
Standard deductions The amount for this was increase to: $4,850 to be paid if you are single or if you are married and filing separate returns $9,700 if you are filing as a married couple $7,150 when filing as the head of the household Individual exemption This exemption was increased to roughly $3,100, along with the thresholds for AGI phase-out, which requires payment of $214,050 if you filing as a married couple and $142,700 when you are single.
Children income If you are parent with children below fourteen this income could range from $800 to $8,000.
In 2004 the exemption from children tax was increased to $1,600.
In conclusion, I would point that you can get assistance with every aspect of taxes easily these days.
So, if you need to file your 2004 Tax Return go to: FileLate.
com
In case you are not aware some taxes were affected by the new federal tax bills and you need to take this into account.
The following list will highlight some of these changes to some extent: Deductions for teacher's credit and expenditure In the state of California the credit for teachers had been revoked, but they can still get $250 deductions designed for classroom supplies and expenditures towards earnings.
Tax deduction on sales With this tax it is possible for you to choose between tax deduction on sales and an income deduction based on the state legislation.
You can include any substantial purchases, like boats or motor vehicles.
The final decision will take some investigation, but remember that if deductions for state earnings tax bring about a refund, this refund will become taxable earnings the following year for federal returns.
Selling primary home When you are selling your primary home that you own for the minimum of 2 years as a married couple, you are not required to pay any capital gains taxes for the first $500,000; if you are single this amount would be $250,000.
There are new IRS guidelines which enable some form of exemption for unexpected circumstances, such as divorce, death, loss of employment, destruction of house, giving birth to more than one baby at one time and more.
Standard deductions The amount for this was increase to: $4,850 to be paid if you are single or if you are married and filing separate returns $9,700 if you are filing as a married couple $7,150 when filing as the head of the household Individual exemption This exemption was increased to roughly $3,100, along with the thresholds for AGI phase-out, which requires payment of $214,050 if you filing as a married couple and $142,700 when you are single.
Children income If you are parent with children below fourteen this income could range from $800 to $8,000.
In 2004 the exemption from children tax was increased to $1,600.
In conclusion, I would point that you can get assistance with every aspect of taxes easily these days.
So, if you need to file your 2004 Tax Return go to: FileLate.
com