Question about taxes

What happens when..

The amount of tax write offs that I have is greater than my total income for the year?

I realize i will get all the tax I paid back.. but then what about all those extra tax credits, do they just go away?

 

Canadian dude

http://www.tacomaworld.com/forum/showthread.php?p=2852425#post2852425

 

whatever I'm sure its probably the same..its pretty general

 

Oh ya , taxes are exactly the same in both countries

 

I realize they aren't but are more likely to be on this subject. I re posted in the Canadian forum.

 

Good luck

 

In America, you get a free phone...

http://www.youtube.com/watch?v=tpAOwJvTOio

No, really tho we just get all the taxes we paid back. Credits above the tax you paid that are eligible to be dispersed are stated as such otherwise they dont really matter. You dont get more money back here....

 

How can I get one of these freebies?

 

I have been volunteering doing taxes for lower income individuals, and families with a non-profit group, here this tax season.

In the US the complexity of the tax code makes this service very helpful to get people their entire refund, which is improtant when you don't have a lot to begin with.

But up north I believe the code is simpler? You just need to check with your tax people.

 

Ugh. That video makes me sick.

 

In the US, there are deductions and credits. Deductions will just take your tax to zero, even if you have more deductions than taxes. Credits can give you money beyond what you paid in taxes but they're pretty rare (e.g Earned income credit for low income with kids, student loan interest credit).