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Income Taxes

~12700 answered questions
Parent Category: Taxes and Tax Preparation
Taxes imposed by the government on the incomes of individuals or organizations, including capital gains
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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%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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Individual states make Workman's Insurance (comp) laws. In general any income lost from injury is taken into account when benefits are assessed.
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only if your surgery is the result of a work related injury. Sorry.
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NO worse than the B/K and you get to pay any balance owed. What great service from your friendly B/K attorney did you get for the money you payed? good Luck
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IF you got the "surplus" refund, it should have been payed off. You must have had a lot of equity(down payment) in the car to get a refund.
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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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IF they have a JUDGEMENT for the balance due, they can garnishee your wages. Income taxes?? NO
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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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NO, you should actually pay LESS interest over the period of the loan. You will actually pay it off sooner.   If you are paying more then you need to specify to the dealer that you would like all overpayments to go twards the princeple not the interest which by lowering the princeple will aut…
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Most of us buy life insurance plan to protect our households in case we die. But even we buy a term plan that that will last for years; we do not actually assume to pass away throughout that time. If your program passed through underwriting, that is a good sign that the life insurance company does n…
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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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Whoa. While I can't say I've actually seen that happen...I can see how that would be a shady, underhanded way of trying to slip past detection. It's devious...but pretty brilliant in its dishonesty. I'd say yes...that would work. But for someone who suspects that's happening...all it takes is serio…
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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 would need to see if you had been reported to SCAN.
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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 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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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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You need to discuss this with your attorney. Once you receive your tax refund, it's part of your personal assets that could be seized to pay creditors. If you file bankruptcy before you get your taxes then the government will keep your tax refund and put it towards your debt. The bankruptcy court h…
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Yes you can start over but this does have an extreme barring on your credit. You can include the years prior to three years from the tax year you owed the IRS. However any years owing after the fact, you will be responsible for. Actually, you can under certain circumstances -- mainly if enough time…
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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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It's according to how much you owe. If it's a large amount they may give you a hard time. You them need to go in front of the trustee and be able to prove why you needed to use the credit card. It may be do to a change in income, illness, high prescription cost, needing to buy food on it, etc.
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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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Bankruptcies don't become public record until after they are discharged. Perhaps you could just ask him, or one of his family members. I see no reason why it would be a big secret. If you still have joint debts, you will be notified of the proceedings. Child support, spousal support is not discharge…
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I honestly used this site once, thinking that a professional was answering the questons, so my question still isn't answered. But I do know that it can be added butwould be very hard to get back into any apartment in the future.   You need to consult your bankruptcy attorney for an answer t…
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180 days from the date of the discharge. I believe it is 180 days from filing rather than from discharge. If you filed a chapter 7 and received the inheritance or the right to the inheritance within 180 days of filing, then the money should come into the bankruptcy estate. If you already receive…
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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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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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In general it is 6 years after the discharged date.
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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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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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You need to be able to qualify for the loan. This almost always includes a disposable income sufficient to make the payments. You might qualify if you have no income, but have asset that are easily converted to cash, like stocks or cash-value life insurance, which the lender would accept as collater…
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You may write off up to 100,000 dollars. Also, the interest expenses you pay on a home equity loan may be deductible no matter what you use the money for. The deduction can save you money on your taxes on your return as long as you itemize your deductions on Schedule A of Form 1040. If you claim you…
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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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1) Yes personal privacy is one of the greates gifts of the constitution. I prefer privacy over security, however due to the current feelings in the U.S. and it's liberal leanings I doubt that there will ever be true personal privacy again. 2) Another view: One of the founding fathers (Benjamin Fra…
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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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Tax Responsibility for Deceased Parents It could depend on what kind of taxes. If it's US Federal or state income tax, only the person(s) signing the return are liable. If it is property taxes, the house will be sold at auction after it is seized by the tax collector. The IRS/State can take the fil…
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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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Contact the city or county land records office or visit that office and check the index under your name.
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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. Debts made by either spouse before marriage belong to them alone. This includes taxes. Even after marriage if the couple file separate returns each person is responsible only for their filing. If there is a problem such as collection procedures, that can affect all joint spousal property. NOT T…
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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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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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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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Not Usually Possible The homestead exemption is applicable only to the primary residence. So the only way you and your spouse could claim different homes is if you are separated and have different primary residences. Texas is a community property state. Unless one of the properties was acquired …
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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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Start by getting a copy of your credit report. If you are trying to pay off debts, you might also want to make sure that if you move, you notify the post office of your change of address, so that any future bills will be mailed to you.
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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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Answer Yes, at the present time, a Chapter 13 has no filing time limits. Ans As of October 17, 2005, the new time limit for filing a Chapter 7 is now eight (8) years from the discharge date of a previous "7" filing. The time limit for a Chapter 13 is four (4) years from the discharge da…
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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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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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two thirds of gross averaged for the previos 2 months or so in new york
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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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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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More Clearly...CTC stands for COST TO COMPANY this includes : GROSS SALARY + incentives that are provided from the firm . incentives includes many things like meal , medical facilities, phone facilities, house facilities , travel allowance etc. THE SUM OF ALL THE REWARDS AND BENEFITS PROVIDED TO A…
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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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The question is NOT whether taxes are dischargeable in a bankruptcy. The question that has been asked is whether the IRS can still pursue you for taxes that were discharged in a bankruptcy (which would obviously confirm that some taxes are dischargeable in specific circumstances). If your taxes wer…
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Answer Because the money in your 401(k) has never been subject to income tax, all withdrawals for any reason will be taxed as ordinary income. Furthermore, if you take a premature (generally, under age 59 1/2) distribution from your 401(k) to purchase a home, the distribution will additionally be…
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How Marriage Affects Return You can check with www.IRS.gov, but it will affect your return. You get better tax bracket treatment and can have higher standard deductions, contributions to various retirement accounts, etc. Filing married has many, many tax advantages!
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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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Obviously, each state is different in rules and some don't even have an income tax, but generally: Like the Federal, there is an amount of earnings, under which, you would not have to pay anything. That amount is probably both different and calculated different that for the Feds.If they have a tax y…
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Answer You can... but its a no win situation. If you don't file, and you are owed money, the government gets an interest free loan. If you owe money, they slap you with penalties and interest on the money that they were supposed to bring in. So, I wouldn't recommend it. Also, simply, you must …
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All you need to do is get the 1040 forms and attachments you need to file your taxes, fill them out normally like you would any other year, and send the tax returns to the IRS. They will tell you if there are any penalties associated. Relax, just file them, and hope for the best. They'll be glad you…
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Answer Do you mean you believe you are owed refunds? Or that you failed to file your taxes for the incomes for those two years 2002 and 2003 and you may owe the IRS. Either way you should contact a tax preparer or contact the IRS, they do have help lines: Such as 1-800-829-1040 IRS Tax Help Lin…
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Any cash value beyond the total amount of premiums paid is most likely taxable at ordinary income tax rates. It also depends on ownership, beneficiary (e.g. a Trust) but for most of us the first answer is correct.
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Answer Not-for-profit status is determined by your state laws when the organization is formed. Tax-exempt status is recognized by the IRS based on information submitted to it. That is the only way to obtain such status officially. There are multiple categories provided under section 501(c) of the…
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A person can claim head of household only if the dependent is related, almost any relationanything but a cousin. You can not claim head of household if they are not related. Answer Yes, you would have to file head of household. This is perfectly legitimate and quite common. The person you are c…
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Workers comp payments should be reported to you via a form 1099 which is also furnished to IRS. If payments are reimbursements for medical treatment and or travel expenses for medical treatment then the answer is no. However, if the workers comp payments are for lost wages or a lump sum settlement f…
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Taxes on Large Lottery Winnings Depending on your other income and the amount of your winnings, your federal tax bracket can go as high as 39.6%. Your lottery winnings might also be subject to state income tax. So depending on where you live, your total tax bill could exceed 50%. You don't get an…
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Answer ON a federal return the standard deduction for 2005 is $ 5,000.00 and single, $10,000 married filing joint and $7,300.00 for head of household. You would have to have more this for it to help. State vary by states. So, if your intemized deductions are more than the base amount for the yea…
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Answer yes you can but if either one of them get a job and the next year want to claim their son one of you all is going to either go to jail or pay back some taxes so you should just leave it alone because unless they know that your going to do that its not a good idea Answer Would it be alr…
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Answer I don't know if this has changed but I have generally claimed more exemptions on my withholding than on my tax return because I have lots of deductions and still get money back. No one has ever said this was illegal. What is illegal is claiming false deductions on your tax RETURN or knowin…
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Answer The only way to have an IRS lien removed is to pay it in full. Please be advised that the IRS is one of the few entities that can seize and sell property without the necessity of due procedure of law. Did the person file their federal and state taxes or was the money only deducted from the…
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Answer Yes. (Although in fairness, it isn't the IRS taking it, it is the IRS can be instructed to give it to the government agency you owe).
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