Can I deduct bank fees(overdrafts etc.) from prior years on my 2005 taxes?
156941
Maybe if you are talking about bank fees related to a business. Personal banking no.
197563
No, you  had to pay a penalty for 2004 for taking out your 401 early. You just lost that money.
210271
The only legal fees you can deduct from your taxes are fees pertaining to taxes and legal fees for your business if you have one. So the answer is no.
910908
Generally, yes there are penalties.\n\nHowever, the IRS provides for a safe harbor in that if you pay in through withholding and estimated tax payments the smaller of the following:\n\n1.) 100% of your 2005 taxes (110% if your AGI is above $150K this year), or\n\n2.) 90% of your estimated 2006 taxes;\n\nyou are deemed safe from underpayment penalties, provided the estimates are made timely.  You would then pay anything due at the end of the year.\n\nWhile it may seem that you can just make this payment for the 4th quarter, which is due Jan. 15, 2007, the problem you may have is that you should have been making payments since April 15, 2006, so unless the amounts are very small, I believe that you will be subject to penalties based on what you have described.\n\nI would recommend that you make this 4th Q E/S to minimize the penalties.
678605
It depends. If you owe the government money, than interest will be charged on the amount that you are required to pay. However, if you are claiming some of your overpaid tax back, than there is no deadline for you to submit at all. The best way to check and make sure your taxes are done right is through some sort of software program. See http://www.quicktax.com. As well, you can find more information on the Canada Revenue Agency's website at http://www.cra-arc.gc.ca.
33217
If I understand your question correctly, you're wondering if you can deduct the sales tax for items you purchased during 2005 for your 2005 federal/state taxes.  From what I understand using TurboTax the answer is "yes" you can claim the total amount you paid in sales tax as opposed to claiming the standard deduction the govt. offers you.  We did that on our taxes last year and plan to do it again this year, since we purchased some big ticket items.\n\nThe easiest way I've taken care of receipts is I gather the receipts each month and put them in their own envelope (i.e., January, 2005; February, 2005, etc.).  At the end of the month, I take the receipts, add up the sales tax I paid for that month, and write it on the front of the envelope.  At the end of the year during tax time, I add all the 12 different figures on the front of the envelopes up and punch it in on TurboTax.  I then file the envelopes away.
334889
Every filer is allowed one exemption for themselves and one for each member of their immediate family (i.e. spouse and children).  For 2005, each exemption was worth $3,200 and it is deducted from your Adjusted Gross Income.  You do not need to itemize in order to take advantage of this.\n\nThis deduction was actually added to the tax code way back when for the benefit of one senator who had a large family.
206419
you can deduct it on your tax return\n\ngo to www.irs.gov for tax laws and information.
180230
Great Answers so far!   You are off to a great start.\n\nBelieve it or not, you also need information from your 2004 return.  You need to know how much you paid to the IRS in Taxes.  It is found on the 1040, 2004, on line number 43.\n\nYou need this because you must determine if you have an underpayment penalty.  BTW, you dont want one do you?  If you paid in more than 90% of what you owe this year, you will not pay any penalty.  \n\nTo avoid this penalty next year, for April 2007, you need to pay quarterly taxes this year.  Your first quarterly is due April 15.  Surprize!  The quarterly payment  should be one quarter of your this years total tax, if it appears that you are going along with about the same amount of income as last year.\n\nYour quarterly will be 150, maybe, see below.\n\nYes, you are going to enter the 27,000 on a Schedule C.\n\nYes, you need to get a look at a Schedule C and see all the possible deductions you can take.\n\nStart with your car deductions.  In general, you have to determine whether you will use the total number of business miles X the government rate or use the actual expenses including depreciation for the driving the business miles.  \n\nWhich do you think is easier?  \n\nYou guessed it the government rate.  It is per business mile!!  Ok it is tricky.  in the first 8 months, it is 40.5 cents per mile.  After Sept. 1, it is 48.5 cents per mile.\n\nSee the government actually thinks you have been keeping track in writing.  Not the reciepts, the actual NUMBER of miles.  If you need help, let me know.\n\nAnyway, you get all the expenses you can because you want to reduce the income on the Sch C.  All the C income is taxed as Self Employment tax of about 15.3%. \n\nThen the income goes back to the front of your 1040 and flows from there.\n\nSo, on my computer, ProSeries, also from Intuit, but not TurboTax, assuming all the best and no penalty for underpayment and 10,000 business miles, your wife had no income, you had no interest income, and nothing else either plus or minus, AND you are at least 25 years old!!! you owe $598 for 2005.  \n\nBe sure to send in the quarterly of 150!!  There is a special form for it so that it gets properly credited.\n\nIf both of you are not at least 25, let me know.  If you or your wife are were at least 25, on December 31, go in peace.\n\nBTW, you may want to very soon get your tax taxes going and get them finished off too.\n\nMeanwhile, I hope I was some help.  If you want to contact me feel free.  \n\nIf you are wondering why I wrote and take the time to put it on my machine, I just didn´t want you to get scared at the sight of $3500.00!  I know my wife and I would not have liked seeing that!!\n\nGood Luck.
1078809
I'm only answering because the first answerer couldn't be more wrong.\n\nGet tax software (like TaxCut) and do your taxes. It shows you everything that you can deduct. Alternatively you could go through IRS publications on the IRS website.
70859
one major deduction that is not used very often requires planning.  you can decide that you want to pay upfront for many of your medical expenses, such as prescriptions and eye wear all in one year and not in the next or vice versa.  it's too late to do anything about it for 2005 taxes, but you can think about it for 2006.  pay real estate taxes early, donate to charity, pay medical and dental and eye care in full throughout the year and don't let anything carry over.  hope this helps.
86501
If you have 2 or more employer than you can take the overpayment on your federal return. If you had only one employer then you would have to get the overpayment from the employer. They are suppost to watch that you don't over pay for the year.
355256
At this point, no.\n\nI think your understanding of how it is handled is incorrect.   Assuming you use the house as your personal residence for two of the last five years, you can deduct up to $250k of capital gain if you file anything except MFJ.  If you file MFJ, then you can deduct up to $500k.\n\nIf your basis is $500k, file single, and sell the house for $750k, the gain isn't taxable.  Any amount over $750k would be taxed as long terms capital gains.
1049010
Yes they go from previous years so next year when you send in your tax earning for this year they either owe you money or worse you owe them.
470879
Points, mortage interest and real estate taxes are deductible and should be reported to you by your mortgage company.\n\nFees such as document processing fees are not deductible, but you are able to add them to your basis if you have a capital gain on the sale of your house.  I would not worry too much about computing the basis of your house purchase(since there is a 250/500 K exclusion), but I would keep the documentation so I had it just in case you need to compute it.\n\nHOA fees might be included in your closing costs and are never deductible(or added to the deduction) because it is an expense for your benefit.
266386
Yes.\n\nThe overdraft protection is so you don't bounce the check back to the person or business you wrote it to. Your bank will STILL charge you a fee. Overdraft protection just means they won't reject the check.
528196
You need to just call the IRS.  There is a form they can provide you that shows you previous years tax data- I have forgotten the form number, but you just call them and tell them what years that you need it for, and they mail it out.  Any lender should be more than happy to use this, its just as good as a copy of your hand filled out return.