What is the cap for an educatioal write off on your income tax?
93729
It depends on which education credit you are taking. The Hope Credit has one limit, the Lifetime Learning credit has another. You should check publication 972 or go to irs.gov to see what credits you may be eligable for.
185417
Not only will your standard deduction go from $5000 to $10,000, but your exemtion will also go up from $3200 to $6400. Do keep in mind, like already mentioned, that both incomes are counted, not just one.
782455
http://teachmefinance.com/capm.html
849494
Only good income tax practetioners can answer your question correctly. No income tax practerioner will answer your question because it involves lot of time to calculate and answer. That too you are asking it for the F.Y 2004-05. Again your financial year end is 30th June.\n\nBest of luck
54864
You are allowed to deduct up to $4000 for tax year 2005.  Obviously it depends on who paid the expense, if you are reimbursed then the expense is not allowed.\n\nGo to page 34 of this attached link on the IRS site (it's a PDF).  http://www.irs.gov/pub/irs-pdf/p970.pdf This fully explains the education deduction expenses.
497126
Cap rate usually refers to cash yield on real estate investment.  It's your annual rental income less expenses divided by the purchase price of the property.
540218
I don't know if this is still offered, but when I went to school in the late 80's, if you signed up to teach for three years in an underserved area like Appalachia, the feds would forgive your student loans.\n\nTalk to the education department about it.
151304
refer v.k.singhania's students' guide to income tax\na.y-2006-07
573602
I did take a course so that I could prepare individual income tax returns, and I learned about the ways I can 'manipulate' the tax system to my benefit without cheating; like planning to attend school in a year that I may not be able to claim a child turning 17 that year, for instance.  I may even get a better credit for being considered a freshman or sophomore (up to $1500) than the $1000 child tax credit. I may no longer be 20 years old, but it seems that going back to school in my later years will pay off in several ways. :)
12376
http://www.thestreet.com/funds/taxforum/955718.html\n\nFor IRS (federal tax, not state) \n\nYou should file if you fit into any of the following categories.\n\nUnearned income, like interest and dividends, exceeds $700 annually; or \n\nEarned income, like wages and tips, is over $4,400 a year; or \n\nThe total of unearned and earned income is greater than the larger of (a) $700, or (b) earned income (up to $4,150) plus $250.
911682
40% is a little much. Dont worry that taxpayers are not taxed enough. The 35% you get off from income tax withheld is only the overt taxes. There are many other taxes that you pay indirectly such as sales tax, energy levees, licenses, permits, lotteries, gasoline taxes, entertainment taxes, etc.\nHaving said that, the free health care etc is a good dangling carrot that is tempting to bite. Some countries pay all of the above  plus goods and services taxes and those are sometimes very costly too. In the end, when everything is costed out, you might pay out 50% of your gross income vs the other countries paying 56 to 60%. \nI hate to say this, but that is not too bad if the payback is for some of those social programs you mentioned will be put into place. Just make sure that those services are there and not just empty promises while you have already paid out your 40%
758325
There are three rates of income tax (10%, 22%, 40%) plus national insurance contributions (10%). As a generalisation, assume about third of you salary will go on taxes.
455099
YOU SHOULD BE ABLE TO DEDUCT SOME OF YOUR TUITION AND SUPPLIES.  YOUR SCHOOL SHOULD HAVE SENT YOU A FORM FOR TAXES!
4641
yup, unless you're 59 and a half, then you will have to pay the full tax on the money taken out of your 401k plan, which means if you are working right now, you are in your income earning years, hence your tax bracket should be higher, maybe even to the next level depending on how much you take out of your 401k, since that would be counted as regular income.  and the IRS (uncle sam calls it a penalty, but I like to call it a tip) would also be needing that tip from you, a 10% tip for every buck you want to take out.  so, if you take 20,000 out, that would be more like 14,400 if your bracket is in the 28% range minus $2000 for that tip i would telling you about, which leaves you 12,400 for taking out 20,000.  not really worth it huh
213910
Yes, you have to report it.  It was already reported to the IRS from the financial institution on a 1099r.  They would have sent you one also.  If you don't have it, you need to contact them and get it.  When you took the money out, hopefully you told the financial institution that you were taking out the money for education.  You needed to do that for them to put the withdrawal in the correct box on the 1099r.  \n\nI am a financial advisor, not a tax professional, so to make sure that everything is correct, I would advise you to have a tax professional take a look at everything.
50
You can withdraw the money for childrens higher education. Details:<br />\nHigher education expenses.   Even if you are under age 59½, if you paid expenses for higher education during the year, part (or all) of any distribution may not be subject to the 10% additional tax. The part not subject to the tax is generally the amount that is not more than the qualified higher education expenses (defined later) for the year for education furnished at an eligible educational institution (defined later). The education must be for you, your spouse, or the children or grandchildren of you or your spouse.
193359
"If you are an employee, you generally must complete Form 2106 (PDF) or Form 2106-EZ (PDF). Educational expenses are deducted as miscellaneous itemized deductions on Form 1040 Schedule A; they are subject to the 2% of adjusted gross income limit." - IRS Tax Topic 513\n\n"In order to deduct the cost of your qualifying work- related education as a business expense, include the amount with your deduction for any other employee business expenses on Schedule A (Form 1040), line 20." - IRS Publication 970  \n\nAnd then file 2106 if required. \n\nBut be aware depending on your circumstances it may go elsewhere.  For example the IRS says in publication 970, "For purposes of the lifetime learning credit, qualified education expenses are tuition and certain related expenses required for enrollment in a course at an eligible educational institution. The course must be either part of a postsecondary degree program or taken by the student to acquire or improve job skills."\n\nPublication 970 lists all the otpions.