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Taxes and Tax Preparation

~17400 answered questions
Parent Category: Personal Finance
Levies imposed by the government on individuals or organizations such as income taxes, sales taxes, property taxes, and capital gains taxes
Yes, State Income Taxes are deductible against Federal income; not the amount you owe the state, but the amount you actually paid through withholding, prior year credits, payments with the prior year state return, and/or estimated payments, during the calendar year for which you are filing Form 1040…
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%DETAILS% Yes, but unfortunately it is tax evasion on your part too. I had the exact same thing happen to me. I bought a car for $3500 10 years ago, and the dealership wrote it up at $750.00, claiming it would save me money. What they really did was two-fold. 1. In most states, the lemon law/…
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Paying Sales Tax on a Used Car Here are opinions and answers from FAQ Farmers: * There are probably different laws in different states, but in Kansas you show the sales tax receipt when you register the vehicle. If you did not pay sales tax to the seller, the county clerk will collect it then. * N…
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You shouldn't need plates if your wife gave you the car. I'm a little confused by your question. If you don't get a good answer, resubmit it with more details.   probably not, but you'll find out when you go to register it.
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It depends on the state laws for the state the transaction takes place in. There will be fees required at the DMV office.Registration and licensing. There may also be a requirement also in some States, requiring a smog certification, which will have to be conducted.
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Here is another tip. This one is from a peer-reviewed article. Pass Through of Tax--tax inventory fee While VIT is actually one component of the dealer's ad valorem tax, state law allows dealers to pass on to retail buyers the unit tax attributable to that sale. The charge on a retail contract for t…
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No. You have already paid taxes on the money that you used to pay the insurance premiums.   I am an insurance agent that works for a company that sells cancer insurance. Your payouts MAY be subject to taxation if your premiums were paid through your employer, and they pre-taxed them. It is im…
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Whether the money received from the sale of your car is taxable or not depends on if the car was for business vs. personal use. If the car has been used in a business and there was a tax deduction taken for depreciation, you must report the recapture of depreciation from the sale on Form 4797 and c…
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Co-op Taxes [From Publication 527 at the IRS' website] If you have a cooperative apartment that you rent to others, you can usually deduct, as a rental expense, all the maintenance fees you pay to the cooperative housing corporation. However, you cannot deduct a payment earmarked for a capit…
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You can deduct the costs over time. Both items are considered capital expenditures, so must be depreciated over the life of the property (27.5 years).
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Even if you discharge a tax debt in a bankruptcy (which can be done in limited circumstances), the lien associated with that debt is not released by bankruptcy proceedings. The result is that you may come out of bankruptcy with no tax liability, but there may still be a lien on your property. That …
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It depends on the individual. Your lawyer should be able to answer this question the best because they know the situation. I had this same question. My lawyer told me that no they will not take tax refunds. However, if you owe student loans to the government they could take your refund. I had no pro…
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To be certain of the status of such debt you should check the state statutes if filing a state bankruptcy. If it is a Federal filing, debts owed to any state department or affiliate is only dischargeable in relation to the type of debt and when it was was incurred.
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No, the seizure of tax refunds both federal and state can only be done with a court order pertaining to circumstances specified under state and/or federal law. An example would be the seizure of the tax refund to pay court ordered child support that is in arrears.
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this is probably a complex question that no self respecting lawyer would dare touch on this site. if you are really concerned, get legal represtation. qualified legal representation.=====The first question is whether the resort is owned by the individual personally, or whether it is owned by a corpo…
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The taxes will be payed with the new owner because it is now his responsibility. In virtually all states, the laws governing sales tax on vehicles is different than those on other items of personal property. For example, only sales from one registered auto dealer to another are exempt - and the no…
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Claiming Back Taxes in Bankruptcy Only if they are more than three years old and meet specific requirements More specifically, yes, taxes may be discharged in bankruptcy and are in a suprisingly low claim priority position....I believe 7th. Generally, income taxes for periods more than 2 or 3 year…
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Escaping Taxes: Fact or Fiction? Escaping taxes is a rather taboo subject, and not one that is openly discussed. Just ask Willie Nelson or Wesley Snipes. Chances are you won't hear people secretly whispering about it while riding on the subway and it certainly won't be preached to you in church. S…
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Answer Depends on the state you are in. Pick up your phone book and call the state motor vehicle dept office in your town, or in some states the county clerk does it, or here in NH it's the town clerk. In GA, you don't pay sales tax if a private party; only dealer sales are subject to sal…
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Answer No. Bankruptcy has no impact on your duty to pay sales tax are purchases made after you file for bankruptcy.
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Answer If the debtor is entitled to receive an income tax refund or a similar nonexempt asset in the near future, he or she should not file under chapter 7 until after the refund or asset has been received and disposed of. Otherwise, the refund or asset will become the property of the trustee.
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Paying Taxes on Settlement IRS regulations can be very complicated, these type cases usually need to be addressed on an individual basis. In general if the monies replace taxable income then the entire amount is subject to taxation. If it is a personal injury award taxes could be owed on a portio…
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The letters are used to route traffic and result in the location of the policies that are needed by policy holders and by their carriers who offer them insurance.
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Your employer is forced to pay 7.5% of your wages to Social Security (FICA). This is in addition to the 7.5% FICA deduction you see on your check stub. ans As of the new law passed in Dec 2010:The tax is payable on the first $106,800 of earnings. Earning are defined slightly differently for this tha…
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Answer This will depend upon several variables such as the State you live in, the amount of pay and your companies optional elections. Here's few items that you can almost always expect (unless you just make too little): 1. Federal Income Tax - This is based on a calculation that takes i…
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Answer A 1099-C is given by someone who has discharged or forgiven a debt to you. It is reported to the IRS by them on that form. (So your reporting it is telling them something they already know). As this constitutes taxable income to you, you must account for it on your return (an…
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Answer While I am not exactly certain what you mean by "bartenders fees", presumably either - 1) Wage paid to a bartender where tips are expected on top - (hence sometimes allowed to be below minimum wage - like waitresses) - 2) Tips/gratuities 3) A flat fee paid to a bartender for serv…
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For 2011, the federal estate tax exemption will be $5 million and the estate tax rate for estates valued over this amount will be 35%. The estate tax has also become unified with federal gift and generation-skipping transfer taxes such that in 2011 the lifetime gift tax exemption and generation-skip…
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For city maintenance, Streets, Buildings, Police pay, Electric, water, gas, city parks and misc. properties, Lets Audit them and see how much of the funds get wasted, I bet if you wasted as much as any Government (I.E. City, County, State, Federal) Your competition would put you out of buise…
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You must file taxes if you earn the following amounts of income: Self-employed, any age: $400 Children and Teens classified as a dependent: $5,700 Single, under 65: $9,350 Single, over 65: $10,750 Married, filing jointly, both spouses under 65: $18,700 Married, filing jointly, one spouse over 65: $…
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Is a huge benefit.Self employment tax is your social security and medicare. If you were not self employed you pay only your portion. Now you must pay yours and your employers portion since you are your own employer. The employers portion is also treated as a deduction on page 1 of the 1040 so you ge…
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The deed in lieu is pretty straightforward. In short, it means that the mortgage creditor will accept the deed of the house in lieu of payment when the debt owner is no longer able to pay upon the debt. When this happens, the home owner surrenders the property and moves out saving the mortgage credi…
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An estimated 30 percent to 40 percent of taxpayers cheat on their returns. A recent report by the Commerce Department found ... a 37 percent increase in unreported income from 2000. In a separate report, the Internal Revenue Service looked at both unreported income and improper deductions and con…
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If it was a legitimate business related expense you can.
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The phone number for the Tax Assessor for Fairfax County is (703)222-8234. The below website "Free Public Records Directory" has links for Fairfax County in case you have other questions.
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This is a qualified Yes (with some exceptions). They are an exemption as a dependent, but not someone you can claim dependent care expenses unless they are disabled. You can claim educational expenses you paid for this person. The new tax laws allow it if they meet the residency requirement (lives t…
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No two people pay the same tax, even with the same "earnings".And, considering all the major businesses, with hundreds if not thousands of stores, and other independents, and yet more services, - and all the software that is sold every year...all to help people determine how much tax is due...does i…
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Absolutely. They will be handled as part of the process.
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FEDERAL TAXES ARE THE SAME THROUGHOUT THE COUNTRY...YOUR STATE MAKE NO DIFFERENCE. (However, State tax laws are specific to each area, and generally follow the Federal guidelines, but not always).Whether you have to file a tax return (or pay tax) depends, in part, on your filing status, deductions, …
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If you never owed any, that's fine. Of course, like most that way, your basically poor enough and unsuccessful enough that it makes little difference anyway. Except of course that you missed out on the many benefits for low income people that they get by filing. If you have somehow managed to make a…
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Depends on what developes and how quickly you agree to suggested resolution
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Yes suggested revision In some ways, it is an asset. It can provide the owner a great location to relax and have fu during vacation week. However, it has a corresponding liability. The owner must pay the increasing maintenance fees. ans addressing above In all ways the property, like your house or…
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roughly 400,000 bucks
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the tax depense on what you buy.
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There are only two ways to EVADE taxes: 1) Under-report income. 2) Take deductions you are not entitled to. Tax AVOIDANCE, on the other hand, involves legally structuring your finances to minimize the amount of taxes owed.
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After the due date passes, penalties and interest will be added to the unpaid taxes. For federal income taxes, the interest rate is currently 4% annually, but the interest rate is adjusted every quarter. The penalty is 0.5% per month for each whole or partial month. Even if you can't pay your taxe…
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Unlike the federal government, NJ does not have a special long term capital gains rate. All capital gains are taxed at the same rates as ordinary income.
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Since you are using a "payable" account we do "not" touch cash until the actual payment is made. We however still know we need a debit and a credit for this transcation. To put this in our journal we will Debit Sales Tax Expense (check your company for exact account name) Credit Sales Tax Payabl…
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No, in most states you are required to pay sales or use taxes on your purchases based upon where you live, not on where you buy things. If an item is tax-exempt where you live, and you purchase by phone, mail, online or by traveling out of state to buy it and bring it back, then it is tax-exempt in …
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Absolutely...the method you use has absolutely no difference on the requirement to pay and even in most cases, collect tax. Phone orders, internet orders and in person orders are basically all the same. The not taxing internet you may be thinking of, which has now been basically gotten around by …
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Penalties, fines, not receiving benefits (like social security, retirement, health & disability, etc) and of course, criminal record which may include jail time.
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An unrecognized tax benefit is the difference between the tax benefit reflected on the income tax return and the amount of the benefit recorded on the financial statements. Example: taxpayer deducts $100 on its return but believes that a $60 deduction will be the most likely outcome in a negotiated …
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Federal taxes...several different ones may contribute.
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When you are the personal representative of the taxpayer estate, etc. you are the administrator, executor or the person in charge of the taxpayer property. You will use one of the 1040 tax forms for the final return of the taxpayer.After entering the deceased name, and date of death at the top of th…
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This schedule was for 2009 only and it was to figure the 'Making Work Pay and Government Retiree Credits.' Everyone who is not someone else's dependent (most adults not being taken care of by mom or dad) and who works gets the 'Making Work Pay' credit and will want to fill out this schedule. It's u…
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There was a mistake on my last years return. The IRS says we owe $3600+. We are living on my husband's disability social security and have a son in college. I am still unemployed after being laid off over three years ago. Is there any way to get this reduce? ans Your obviously confused (saying you o…
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Yes. The full amount of your (Lottery) gambling winnings for the year must be reported on line 21 other income of the IRS Form 1040 page 1.The amount will be added to all of your other gross worldwide income and taxed at your marginal tax rate.
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Amounts you receive as workers' compensation for an occupational sickness or injury are fully exempt from tax if they are paid under a workers' compensation act or a statute in the nature of a workers' compensation act. The exemption also applies to your survivors. The exemption, however, does not a…
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Sure if you have a business then you can use the utility bills as your deductions
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Your income tax liability will be determined on your net profit.Go to the IRS gov web site and at the top choose BUSINESSESClick on the below Related Link
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Page 2 line 71 of the 1040 income tax return TOTAL PAYMENTS 71 $$$$
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It doesn't matter from where you file (mail) your taxes. However, you don't get to pick what state you want to file a tax return for. In general, you are required to file a state return for the state in which your primary residence is. If you have income that derives from a source in another state (…
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its a voluntary deduction from the pay of employee. like:1.subscription to trade union 2.contributions to a pension scheme 3.deductions under holiday pay schemes etc. a.r.
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If you have any kind of gambling winnings the payer may have to withhold income tax at a flat 28% rate.When you complete your federal income tax return correctly and your lottery winnings is large enough you your marginal tax rate maximum amount at this time for the 2009 and 2010 tax year was and is…
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Efile online. Taxact.com-federal is free.
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If you itemize your deductions using the Form 1040, Schedule A itemized deductions, you may be able to deduct your UNREIMBURSED medical expenses you paid during the year for medical care. You can only include the UNREIMBURSED medical expenses you paid during the year. Your total medical expenses for…
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NOT tax exempt would mean that SOME TAXES MAY BE OWED ON THE TYPE OF INCOME that has been received for this purpose. And IF this is a NONPROFIT CHARITABLEorganization a type of UNRELATED BUSINESS INCOME that will have to be reported on the income tax return and some taxes paid on the UBI that was re…
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If you do NOT get it filed to your state it possible that you will be receiving a bill form the state tax department at some time in the future with the amount if any of past due taxes plus the penalties and interest that will be due when your do receive the bill it could be 2 or 3 years or less tha…
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Found 32 result when searched for SALARY TAX RATES when searched in Allegypt.gov.eg/english/laws/egypt.gov.eg/General/tipdetails.aspx?ID=652New Service.2009 Incom tax returnNow you can file your 2009 taxes (Individuals) online on the government portal.
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Whether you have to file a tax return (and the really important but different thing is PAY A TAX) depends, in part, on your filing status, deductions, amount & type of income. There are no such things as "start and stop" ages, not having to pay because of retirement or on social security or work…
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Retired people don't pay taxes, they get paid instead by the government. ans The above is entirely wrong. I suspect he may mean that "retired" people get social security - which is not at all always true. one can retire at any age, and frequently one retires because they have made or accumulated…
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The answer is No (with no qualifiers). That's what I answered for a tax test and it was correct. ans I'm not sure what the above relies on other than not being marked wrong.cancellation of debt is income.If it is cancelled by the estate of a decedent it would be taxable just as if he was alive, or m…
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Yes, Jackson Hewitt and H&R Block are providing holiday loans in 2010. H&R Block has committed to providing the loans in early December.Jackson Hewitt has committed to providing the loans in mid-November.
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Generally there are no taxes on a service. ans There was a time that the aboe was a good generalization. No longer!While it depends on the State, over the last ecade many f not most have started some form of taxes on services and personal services (as compared to professional services) are generally…
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I believe you mean a "poll" tax, which was a tax on voting, basically...
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It was enacted in 1975, but has seen many revisions over the years.
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Yes. In Singapore, the service charge, if imposed by a business, is taxable under GST according to the IRAS.
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According to Turbo Tax, the forms are scheduled to be ready on January 15. But as they are not yet and today is the 16th, hopefully soon.
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Yes...and it is high
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Not both taxes just one
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yes you can!
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In effect, that is what you are doing when you take the exemption for yourself when you pay taxes. You are "dependent" upon yourself. You are expected by the IRS to take your personal exemption.
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In California, generally benefits under Workers' Compensation such as temporary disability benefits are exempt from federal, state or local income tax. Also you don't have to pay Social Security, taxes, union dues or retirement fund contributions when on Workers' Comp.
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"Can you?" or "Must you?"The answer to "can you?": Many people will file an income tax return even though the income on the return was below the filing requirement. Even if you do not have to file a return, you should file one to get a refund of any Federal Income Tax withheld.The answer to "must yo…
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I heard it was February 14th.
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I think so...
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In certain states, all corporation are required to file a tax return regardless of income. This is also to pay their annual dues or fees to the state.
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Not always. There are some exceptions. The most common situations when cancellation of debt income is not taxable involve:Qualified principal residence indebtedness: This is the exception created by the Mortgage Debt Relief Act of 2007 and applies to most homeowners.Bankruptcy: Debts discharged thro…
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You can either income average over multiple years ( which is best utilized if you have large swings in income from consecutive years.) or you can apply Net Operating Losses forward or backward with the Form 1065 to reduce your taxes in a certain year. You can only do this if you had a net operating …
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Last date for filing Income Tax Return for AY 2012-13 is 31st July 2012.Lord knows what your trying to ask (if it is a US tax Q). You can/must file for forever, there is never a time that you don't. You can pay estimated amounts, without filing and have no financial detriments. If you underpaid, yo…
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The purpose to track how much money one has made during a year and how much has been taken away due to taxes and social security. Filling out this form helps one receive a refund check.
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In most cases, there is no minimum age for payroll tax withholding. Parents do not have to withhold payroll taxes on payments for services of a child under the age of 18 who works in a trade or business if the trade or business is a sole proprietorship or a partnership in which each partner is a par…
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they have enough money for a good lawers = ans Oh what a stupid question! Yes, there are stupid questions! They don't pay less tax...in fact they pay much, much more tax. They just may pay less of a percent of what they earn and have. Don't you think its kind of dumb and really unfair they have…
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