Posted by Mike (WA) on January 29, 2014 at 14:32:09 from (69.10.199.39):
In Reply to: Re: Income tax posted by Deere Scotty on January 29, 2014 at 12:49:16:
If she only made a few hundred dollars, she'll owe no tax, and the benefit to her to take her own exemption would be exactly zero. Or in the words of the old song, "Nothin' from nothin' leaves nothin'."
But she still needs to file to get back whatever her employer withheld. Just make sure she doesn't claim her own exemption. My kids sometimes did make enough summer money to be taxable, but it all went toward college, so I just paid their taxes for them, and kept the exemption. Most of the time, the exemption was worth more to me than it cost to pay their taxes- and I wanted to encourage them to work! Nothing so discouraging for a kid than to work hard, and then have to pay Uncle Sam part of it- "What a gyp- I didn't see any guvment guys out there sweating with me- why should they get any money?"
I doubt if she's filed yet, so if her parents tax adviser said they couldn't take her as an exemption just as a general rule, and not because she checked the wrong box, time to be looking for a different tax adviser, who actually knows what he's doing.
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Today's Featured Article - Hydraulics - Cylinder Anatomy - by Curtis von Fange. Let’s make one more addition to our series on hydraulics. I’ve noticed a few questions in the comment section that could pertain to hydraulic cylinders so I thought we could take a short look at this real workhorse of the circuit. Cylinders are the reason for the hydraulic circuit. They take the fluid power delivered from the pump and magically change it into mechanical power. There are many types of cylinders that one might run across on a farm scenario. Each one could take a chapter in
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