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Taxes and Tax Preparation

~14100 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
When parents are divorced, the use of the children's exemptions is generally determined by the decree. It has nothing to do with who pays for what. The parent with whom the children reside for over 50% of the year may claim Head of Household status. At no time may both parents claim the same ch…
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Yes, if the couple is responsible for more than half of the financial support pertaining to the child/children. If the support amount is equal, it would be advisable for the parents to try to find an equitable solution w/o involving the court.
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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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Under tax law, as a student living at home, you are your parents' dependent for income tax purposes regardless of your income. Therefore, you are their dependent and they will get that exemption. You, however, can file your tax return and, assuming you have earned income (from a job) that you had …
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Deferred payments are negotiated between the team and the player and have nothing to do with a state's income tax laws.
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: Yes! The DOTx has a form to fill in that takes off the fees for sales tax and licensing fees etc.. The dealership has them there, so just ask. Remember that you have just a few days on the temporary Texas tag fro m the dealership though as an untitled vehicle. Insurance is still required though. C…
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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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You will pay sales tax when you buy-out the lease. The seller doesn't pay sales tax and a private party cannot collect it, but the buyer probably will have to pay his state sales tax before he can register the car. In fact, if the buyer is obligated to pay the sales tax in the state within a certai…
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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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Yes, if you take delivery of an item in another state the merchant there MUST collect sales tax there. If the merchant ships it to you out of state via 'common carrier' the merchant does not have an obligation to collect Georgia sales tax, but YOU have the burden to pay the USE tax and you will pay …
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I don't think so, you pay the sales tax when you register the car. So you would only pay once, unless you registered it in both states.
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Just checked with Tax and Tag office in Grady County (Cairo Georgia) and the answer is no. You only have to pay tax if the purchase is from a dealer.
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Be careful! As long as the car is titled to a private owner, NO you don't have to pay sales tax. But we made a huge mistake! Thought we were buying from a private individual but he put the title in his privately owned company name and now we have to pay sales tax. A fact the OWNER should have disclo…
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Legally he has to pay income tax on the net profit from the sale. It is income and therefore is taxable.
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If you are a GA resident, you do not have to pay sales tax as long is it is a private seller, even if out of state private seller.
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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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Answer No, but if the bank writes off any portion of the loan as a cancelled debt and reports it you on Form 1099-C, then you must include that on your tax return as income. Cancelled debt is taxed as income under the Internal Revenue Code.
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They WANT it in as large of amounts as possible but they take what they can get. wage garnishemnt can only take 25% of your DISPOSABLE income. You should get a notice telling you what they can and cant do.
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noboby can garnish your income tax except for the government. Unless they take you to court. If they do that file chapter 7.
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Check with your accountant. SSN is the same. TaxID is mainly for corporations, not individuals.
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Sounds like a yes to me. Check with your CPA. For more details see www.steveshorr.com/life.htm
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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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They can get their illegal alien spouse an ITIN (individual taxpayer identification number) and file jointly as a married couple. The only thing that they can't do is claim the EIC.
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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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You can dispute any items on your credit report, including public records like judgments, bankruptcy, foreclosure and tax liens. Items such as these have a significant impact on your credit score. The most important thing about legal entries is having the proper disposition recorded. Unpaid and non-…
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If you live or visit California (or ever intend to), or you have any property there, yes.--------Interesting. If you have unpaid income taxes for over ten years, then be careful. Yes, IRS and California Revenue Department did not try to collect the tax debt yet but eventually they will. Did they sen…
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You must include all reportable income on the final tax return. Under section 61 of the Internal Revenue Code, forgiveness or discharge of indebtedness is gross income for tax purposes, so looks like that is what you need to do.
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State statutes govern the execution and/or the lifting of liens against real property. Therefore you will need to consult the laws of your state of residency.
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Yes. It could be written off as business expenses before the debt was collected and adjusted on tax forms afterwards. It really depends on if it was reported as a loss or an expenditure attributed to business dealings. A prudent person would probably leave it as a business expense write off, to avoi…
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A lien consists of a creditor applying a notice of amount due to any property a debtor may have. This amount must be paid before the property can be sold.A judgment happens when a creditors goes to court to obtain any amount owed. If you were to apply for a loan after a judgment is granted, you may …
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A collection agency has no legal powers. Some agencies are collection attorneys who can file lawsuits. Regardless, no one can seize another person's property without due process according to the persons state of residency laws. In other words they have to take you to court, win a judgment, execute t…
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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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Normally no. What is most likely to happen is that your bankruptcy will be dismissed for failure to comply with the Trustee's request for the documents.   I agree with Nate; failure to produce the tax refund normally results in dismissal rather than in criminal proceedings. However, if one sp…
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The trustee has several options, but the one you need to be concerned with is REVOKE YOUR DISCHARGE then have you charged with bankruptcy fraud by the F.B.I which rarely results it jail time, but could carry a fine up to $10,000 with a possible felony record.If you can't afford to pay the bills you …
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No. But it could possibly depend on whether or not the BK was accepted. Dependent on how much the refund was and what it was used for. In general, only the assets that you have at the time you file are included, not monies already spent.   No, But if you file, next year you will possabily hav…
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Taken from the webpage of King Law firmState Income Tax Claims, Federal Tax Claims, and Real Estate Taxes must be included in a bankruptcy filing. Income tax claims that are less than three years old will usually be consolidated with other debts and paid over three to five years in a Chapter 13. Dep…
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More than likely the issue would be, how much time has elapsed. Reaffirmed debts are usually secured debts, and adding them to the BK wouldn't help much. Unless you are trying to "rescue" your equity from foreclosure.   You can take back a reaff 60 days after the reaff is filed, or anytime be…
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Absolutely. depending on the filing and your income, deductions etc. It can become complicated. The safest route is to have your return(s) done by a professional tax preparer.
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No, if your BK (assuming this is a Ch. 7) is discharged, the money is yours. The only time you would have to surrender the refund is if you were expecting a refund during or shortly thereafter from when you originally filed.
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I don't know what other tax ramifications might result from the conversion, but if one converts their case from 13 to 7 prior to receiving their tax refund that year, the Chapter 7 trustee normally takes the tax refund check and distributes it to creditors if the amount of the refund is over $1,000.…
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I think it depends on when your debts are discharged. If they were already discharged, it was a Chapter 7 bankruptcy, and it wasn't discussed at the creditors meeting, then the refund is yours. Besides, imagine if you filed on April 15th. You might not get your refund until later June or almost July…
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You have to file your income taxes yearly regardless of whether you have filed for bankruptcy or not. Yes, IRS may garnish your refunds to pay toward your debts. If your bankruptcy is over however, you don't have to worry about that.
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Yes. For 3 years. They do not take it all. You will get to keep your EIC and certain other credits that may be given that year. This is per my bankruptcy lawyer.
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The answer to this question varies from jurisdiction to jurisdiction, but I would say it is wise to ask your attorney what the common practice is in the district in which you filed. In Indiana, the trustees normally lets debtors know at the Meeting of Creditors (also called the 341 hearing) whether …
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This is an intriguing question considering that the IRS does consider forgiven debt to be income normally. However, I have never seen the IRS pursue any of my clients for income taxes due to forgiven debt in bankruptcy. I stay as far away from the Tax Code as possible, though the answer may lie in t…
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This may not be helpful at all, but for what its worth... I have no idea what the exemptions are like in New York, but in Indiana, trustee's couldn't care less what the debtor intended to do with the refund check. Indiana law says you get to keep $100.00 of cash per debtor, period. Anything above th…
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Chapter 7: This chapter of bankruptcy law provides for a full liquidation of an entity's non-exempt property to satisfy creditors, and discharges all dischargeable debts This is a legal process under Federal statutes that provides for rehabilitation of a debtor through the discharge of certain debt…
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The answer to this question isn't cut and dry, since the trustee can reach quite far into the future to get an asset if they think the debtor had the asset during the bankruptcy case and failed to disclose it or accuratelt represent its value. But, assuming it is truly an unexpected windfall, I thi…
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The Bankruptcy Code does not specify a maximum number of times one can file bankruptcy, though Courts will scrutinize multiple filings and will deny a person the ability to re-file a case if the Court believes the person's multiple filings constitute an abuse of the Bankruptcy Code.For example, if a…
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Yes! If you are in default of a student loan, your federal income tax will be taken every yeare until the loan is satisfied. At least, that was my experience.W2 FORM Employer gives you a statement called a w-2 form. It's not a list. It gives you the total amount of witholdings and the total amount o…
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Taxes on Large Winnings What the payment is for will determine its taxability. For example, a payment you receive replacing something you lost, such as a car, your home, jewelry, etc., is generally not taxed. Awards and settlements related to personal injury are not taxed. Also, frequently, many…
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Jefferson to George Wythe, 1786: "The tax which will be paid for the purpose of education, is not more than a thousandth part of will be paid to kings, priests and nobles, who will rise up among us, if we leave the people in ignorance." From: The Jeffersonian cyclopedia: a comprehensive collection…
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Based on his letters and his personal editing of the Gospels, my opinion is that he was essentially a Unitarian although he never formally joined or even worshipped in that church. But he seems to have believed that the God of Abraham was God and that the Bible gave a fairly accurate, though not per…
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Yes. Indeed, since they made more use of paper (news papers, legal papers of all kinds, etc.) they bore by far the greatest share of the tax. Michael Montagne
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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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http://www.cktax.com/innocentspouse.htmTo qualify for an Innocent Spouse, you must meet all the following conditions:You must have filed a joint return that has an understatement of tax. The understatement of tax must be due to erroneous items of your spouse.You must establish that at the time you s…
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Payment of delinquent property taxes are governed by state law. In general taxes due on property acquired by foreclosure are due at time of sale. Some states do have laws granting a grace period under specific circumstances. If the law required taxes to be paid at the time of sale, and they weren't,…
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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 IRS has almost unlimited authority to collect and implement tax collection procedures. They also have considerable power to enact a forced sale of property to justify a lien. It would be advisable to seek legal counsel concerning such an issue.The answer to the question is that the county record…
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It sounds like what you received was your portion of an inheritance. If that is the situation, based on the facts given, there is no reportable tax occurrence. For inheritances, if what is inherited would have been taxable to the deceased, an IRA for example, then it's taxable to the heirs.Ans Mone…
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No, that's just an excuse that is covering up the true reason for considering divorce.   I thought married people got a break on taxes.
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Not if you wrote the bad check....  In business, probably always, as some type of business expense.On personal tax, probably never, unless you could possibly tie it to an investment or such...(and even that's always going to be a stretch).
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Answer If the declared sales price differs significantly from the blue book value then you might receive a letter from the NJMVC (New Jersey Motor Vehicle Commission, formerly DMV) asking you to pay sales tax on the the difference. You can easily dispute this by responding with supporting d…
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Yes, the entire state and federal refund can be seized for payment of child support arrearages.
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Filing Single That all depends on whether you are married for the reporting year or not. If you are still married on 12-31 of that year you must either file jointly or seperately. But if you were divorced (not married) then you can file as single. If you support others in your home you may be abl…
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Technically no, if you don't have more than 4k in income, but it is smart to file even if it is zero, so you have no breaks in your tax transcript. Anyone may file a return. It is generally a good idea for many reasons. Many people who may not have to file a return (generally because their earnings…
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states vary, kansas for instance, in a total loss incident, will pay the owner direct the sales tax....missouri issues a sales tax affidavit that is good for six months....and the amount is NOT for the replacement car but the acv (actual cash value) of the totaled vehicle.....
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Filing Return While in Bankruptcy Yes, you still have to file your taxes as usual. Any refund will probably be appropriated by the trustee and treated as a nonexempt asset, which will be used for repayment of creditors. Adding As indicated, this is one of your assets and must be disclosed to the…
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Yes, there are taxes involved in the sale and transferral of real estate. These tax are often in different form from sales tax. Handled at closing, these taxes, called "doc stamps" are part of the real estate transaction. There are other taxes, like impact fees. All of these fees should be listed on…
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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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Taxes and Shared Parental Responsibility No, it's however the parents agree at the time of separation. The court papers will indicate how it should be done.
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In Florida you pay sales tax depending on which county you live in, not where you buy the car. Florida in general is 6% I believe, but some countys are higher. However, in Broward County, the car discretionary sales tax is 0%. See link:https://docs.google.com/viewer?url=http%3A%2F%2Fdor.myflorida.c…
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Answer DO NOT send them the IRS refund check under any circumstances. An IRS refund is considered an asset and should be relinquished to the probate court as such. If the state does not require probate procedures in this specific case, contact the IRS office for instructions on the proper procedu…
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A value added tax, or VAT, is a more complicated version of a sales tax. In the US, most states enforce a sales tax on goods and services. For example, if there is a 10% sales tax and you buy a $100 item, you pay $110. The merchant collects your ten dollars and sends it to the government. In Europe…
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Answer There were those who did not want a strong central government because they did not want the Unites States to end up similar to New England. Many felt that the confederate states should have more power.
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Moving Car Across Country Basically, there are several options to move your car across the country - one of them is to drive it yourself, but I assume that is not in the scope of this question. Another is to have someone else to drive it for you and there are several companies that offer this serv…
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Answer to reduce tax and to increase equity in case of bankruptcy ans I'm not sure what the above is trying to say. Weighted Average Cost of Capital has nothing to do with bankruptcy. It is a financial calculation to determine what the actual costs of funds is to the entity...whether tha…
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Answer No the penalty is not deductible on a home loan. Only the interest that is paid. The penalty is considered as a late payment not interest. good luck. The initial answer to this question is incorrect. Prepayment penalties are sometimes deductible if the payment is made out of pocket as…
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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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IT is paid by the one receiving the money. Similar to a ROTH IRA where the money is taxed as it is placed into the insurance policy then only the interest is taxable. if however the money is like a Traditional IRA where it is pretax money then the whole thing is taxable. Then the amount is concidere…
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Go to a Mass State Motor Vehicle office and ask at the counter.
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The operative word here is SALES TAX. Which is collected when a car is SOLD. If you SOLD the car, then sales tax is due on that sale amount.
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Yes they will intercept your taxes until that balance of back pay is paid and current. Then once you are paid you may have to ask that state that intercepted your tax returns to do a tax offset review. Give all documents that show you have paid and or current, then they may dismiss the lien against …
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Answer Though no one "wants" to file bankruptcy, your question is valid. An income tax return is usually looked at as a lump sum of money to help get back on one's feet. A down payment for a better car, a vacation for a family, etc. If you file a chapter 7, then no, you will not have your tax ref…
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No, if you're an employee, in the U.S.A., the employer is required to withhold certain taxes and pay them to the proper treasury, and give you a statement of how much was paid. If you're not paying taxes in your paycheck, or have no proof, then you can be billed for the taxes AGAIN (on anything you …
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