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Income Taxes

~13500 answered questions
Parent Category: Taxes and Tax Preparation
Taxes imposed by the government on the incomes of individuals or organizations, including capital gains
Answer I do know that if you've lived in the property for at least two years you do not have to a capital gains tax. Answer Presuming primary residence lived in for 2 of the last 5 years...you would unlikely have any taxable event, (however, there is a replacement issue). There are even m…
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Long-Term Expenditures Here is useful information from Answers.com: In terms of accounting, an expense is considered to be a capital expenditure when the asset is a newly purchased capital asset or an investment that improves the useful life of an existing capital asset. If an expense is a c…
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You have to receive approval to change your 'plan' from the Bankruptcy court. Usually, if they approve; and , you can find a lender willing to refinance while you are in BK, this means the money you save is then used to pay more to your debtors. if that is what you want to do. Usually, lenders want …
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Downloading Photoshop No, you cannot legally download Adobe Photoshop; it costs $649 last time I checked. However, there are free alternatives that many people say work close to, if not as well as Photoshop. I recommend The Gimp, which can be downloaded here: Adobe has free trial versions of all its…
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this would depend upon if any pryor agrement was reached in the separation papers and local statutes if this was a divorce then the parent with cust would have tax credit some couples do this on a arranged rotation of one year yours the next mine since this is some what fair and does not involve a j…
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Unfortunately having children in the USA does not keep your friend from being deported. Even if the children are American born. If you would like to discuss this further I can be reached at candlefactoryco@candlefactoryco.com There are some things that can be done about it.  Illegal foreign na…
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NO.You cannot transfer the ownership of the property UNTIL the lien is paid off, in full.
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Answer I woudn't think so since it would be double taxation if you already paid the bills from your own money (i.e. salary that is taxed). Actually, isn't there an area where you can deduct medical expenses on your tax form anyway? I believe I saw it when I did my taxes. ADDITIONAL INFORMATION P…
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The child would have to have their tax return amended and repay any money that they should not have got. If the parents also filed incorrectly, theirs would have to be amended as well.
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Since your court order is in Vermont, you would have to file in Vermont. If your court order is transferred to the state you moved to, then you could file in the different state.
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No, neither federal nor state tax refunds are subject to creditor garnishment or seizure. Tax refunds can only be seized or garnished for, taxes that are due, child support, federally funded student loans and in some cases spousal maintenance (alimony).
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Answer No. If you give your kid money, this doesn't make this money a write-off on the parent's tax return. Answer Basically, everything you give your child..food, clothes, allowance, etc is a gift...but like most all life expenses, it isn't deductible! What you may be thinking of is th…
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First, the withholding your speaking about are Federal and the same wherever you are. The State is unimportant. Also, the worse that happens is something is overwithheld (or under I guess), and when you file your return and calculate how much is due based on your specific situation, (not just this …
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Answer Only if you have no to little income and she helped support you full time for 6 months of the year or more. When I did taxes for Jackson Hewitt 3 years ago we were able to help out a family of 6. The 17 year old son made more money than his parents so he claimed head of household and c…
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When creditors cancel or "forgive" a debt they must send the debtor a 1099-C and also report it to the IRS. The IRS may consider the amount of the cancelled income taxable. Consult a tax professional.
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Answer If you are due a refund for taxes filed for the 2005 tax year, that refund can be siezed to offset the student loan - and every refund after that too.
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Answer Tell them to give you half of the money or you will start doing your own taxes. If you are under 18 yrs of age. then you have no say in the matter you are a kid and the money is your parents to do with as fit. Ans You can only be claimed on someone elses tax return if you qualify as …
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There is no minimum if you've had taxes taken out and you can claim a refund, i.e., if your income is low enough and you don't owe any tax, even if you're not required to file a return, you can claim a refund for what you've paid in.If I am not mistaking , If you make under 10,000 you will get money…
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First you need to find out if you have a warrant. Get a friend who is in law enforcement or better would be someone who works in the court house and find out there. Reason is is that if you have an arrest warrant than, yes, you could be arrested when coming back into the U.S.  The question is …
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Answer The reporting bank can request to chexsystems to remove you. Chexsystems reports remain for 5 years unless disputed. There is no guarantee for removal. Once the 5 years is up, you should be removed
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No, I doubt it. Taxes are different than income. You get the child tax for having kids, and refunds for overpaying on your taxes.....Taxes which you have to pay on income. It isn't like an inheritance or extra profit.
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Answer Contact the bank and they will tell you what you need to do.
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Answer Perhaps. It depends on whether you have enough non-Social Security income to be required to file an income tax return. Also, for 2007 and, possibly, 2008, you may qualify for an economic stimulus rebate, but only if you file a return. You can find a form on the internet or at the library.…
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Day Traders"Day trader" has taken on a negative connotation. Many people think of the amateur individual investors who started investing their own money via online trading sites such as eTrade during the Internet tech boom. Some of them made lots of money at first. Most of them lost a lot in the cra…
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Answer Depending upon the amount of time between the filing of the BK and the filing of the tax return; a refund may be pro-rated to determine the portion that is included as a BK asset. And if anything, the portion to be taken by the trustee is the part relative to before the filing. Follow: Pr…
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They may not be able to as for your tax refund because they have freed you of all obligations. However, you need to read the paperwork and make sure there is no language that gives the right to go after the money in the future.
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Filing is different than paying. Many, many more people have to file and actually then get $ back, or end up paying no tax. Perhaps money withheld on earnings that then turn out to be low enough that no tax, (or not even a return) would have been due. Or through benefits the gov't provides, like the…
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Answer The quick answer would be no. Any money received prior to filing would not be included in your bankruptcy estate and this, not recoverable by the trustee. Any money still owed to you would be part of the estate and would be collectible. What I would want to know is if the money was complet…
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Answer Anyone who works for wages in the USA Answer ...or other compensation, such as a volunteer working for goodwill for his fellow man, or to see a concert for free, or a worker who works to have "free" room and board, or who works for a US employer anywhere else in the world (Foreign Work…
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Answer Being paid by on a 1099 basis means you are an independent contractor, basically self employed. The amounts that would be paid by an employer for his employee are now your responsibilty, like the employer portion of FICA (7.56%). However, as someone self employed, you probably aren't cove…
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New Hampshire does not have sales taxes on cars sold to New Hampshire buyers, so there are no taxes there. However, you will have to check into laws and tax codes in your province about purchasing cars, as well as US-Canada laws concerning international purchasing. Most US cars are built to a strict…
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Clearly the amount you pay, if any, depends on your entire tax situation: income, deductions, etc. If you're asking is it includable in Taxable Income, which becomes what you would determine tax to be paid on: Generally, for the first 6 months, always yes. But, if the payments are coming from a pr…
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Your bankruptcy trustee has the right to receive your share of the inheritance within 6 months of filing your case. The trustee has the right to receive it all. Typically what happens though is the trustee receives the full amount and then makes a determination of how much is needed to satisfy your …
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it means that the employer is disputing how the accident or injury occured and benefits may not be paid out during this time
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It depends on the state, and whether the condition is permanent. If it was temporary, not causing arthritis or other long term issues, I would not guess it would be much more if any than the Dr. bill.
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In 2007 it is not possible to get T-19 to pay your 2002 medical bills. When you apply for T-19 the application can only be backdated 3 months at the most. Although it's possible to file for a Fair Hearing, I doubt the State would consider a claim that's 5 years old. If they did, you would've had to …
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Also, you can't claim certain things as married filing separately as you can married filing jointly. Answer The advantage is a bigger standard deduction. This is the amount the IRS subtracts from your income for the year. Say, you made $30,000 and your spouse made 36,000. Filing separately you w…
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Inheritance Tax is a tax which can arise where a beneficiary receives an inheritance as a result of someone dying. The beneficiary is responsible for paying the tax. An inheritance can be taken under a will or intestacy - or in some other way such as, for example, where an asset in the joint names o…
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If the lender has placed a judgment against you for the deficit balance (balance left after the car is auctioned/sold), then yes in most states, they can take the tax return and apply it to the balance owing.
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why do you want to know this???????? Answer: Yes, if your residence is listed as Ohio and your car is registered in Ohio, you can buy insurance using your Ohio address.
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Answer If the refund was made out to both spouses then it belongs equally to both unless or until a court rules otherwise. If the ex-husband forged the wife's signature and cashed the refund check he may have some explaining to do on several levels. Be that as it may, the injured spouse's only …
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No.  It hasn't done either of these on the state level in states where it has been legalized.  Although many same-sex married couples will pay less federal income tax when the federal government begins to recognize same-sex marriage, the reduction in tax revenue is not large enough to crea…
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It is a federal offence not to file your taxes. Is he trying to land you in jail? Is he willing to pay a hefty fine for you not filing. Did you know that you can file separately and it will not affect him. The only difference with a joint filing is a bigger return ( if your combined monies put you i…
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According to the Government, you are either Married, commonlaw, single or widowed. When filing, there will be a box to tick off. Tick off commonlaw. You do not have a legal binding contract to each other. In the event you both split up (I hope you don"t), you would NOT have to seek a divorce. Simpl…
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People can get tax advantages from filing as married filing jointly based on a common law marriage. However, common law marriage has to be recognized by the state you live in (or, if you've recently moved to a state that does not recognize common law marriage but the state you just moved from did, y…
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In British Columbia, Canada our Revenue Canada is quite lenient, but they want their money. They make every effort to let the person pay back taxes in installments, but, should that person goof off and not make any attempt they will find their butts in court. They can go back 7 years (Statute of Li…
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Answer Tax evasion is a very serious issue. If the IRS charges someone with tax evasion takes them to court and wins the case (they almost always do) the involved parties can literally lose everything they own and can be subject to imprisonment. DO NOT contact the IRS. The best option is to sp…
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Answer You can obtain the forms needed at the local SSA office or call 1-800-772-1213 7 A.M. to7 P.M. (EST) Monday thru Friday. The best option is to visit Social Security Online to fill out a questionaire to determine what benefits the interested party might qualify for, and to download al…
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When marrying, you child and their spouse must decide whether to file jointly or separately. If they file jointly, they will claim themselves for tax purposes, and you cannot claim them. A taxpayer can usually claim a married person as a qualifying child dependent if all of these conditions are me…
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for fica deductions if you want your social security and medicare deductions separate its1.45% for social securityand 6.2% for medicarethe monthy total would be %149.00 a monthsigned a tenth grader in Missouri
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Temporary Total Disability (TTD): If your doctor has certified that you are unable to work for a period of at least 5 consecutive days, or 5 cumulative days in a 20-day period, or places restrictions on you that your employer does not accommodate, you may be entitled to TTD compensation.
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i don't know if this will help but i believe the laws may run different in every state to this problem. why don't you contact a collage of law in your area find out if you're permitted to use their libary to look up your question. or ask them if there are advaced students that can help you with this…
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Answer No minimum income amount is required but the debtor must have a regular source of income and qualify under the maximum amount of secured and unsecured debt guidelines.
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Profit v Non-profitIf they're non-profit, they may be happy to tell you all about it, if you just ask.Otherwise, find out where they're doing business, if they're registered, and if they're incorporated. Then look up their papers in the local Secretary of State's office (or equivalent agency handlin…
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Answer In some states the parent can contact the department of family and children's services to help enforce the visitation order in most states he or she will need to return to court and request the order be enforced. The custodial parent who denies visitation when there is a court order in af…
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Salaries Any salary a company pays you is always before taxes. So if a company offers $600/wk salary, that is before taxes. Your paycheck will reflect the net amount, and the net will be the same since you have the same gross for each paycheck.
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In theory the non citizen spouse is not required to file a return, but the other spouse as a citizen has only two choices: either married filing joint or married filing separate. Most likely you will probably want to file jointly so that you can claim your spouse's exemption amount as well as being…
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In theory the non citizen spouse is not required to file a return, but the other spouse as a citizen has only two choices: either married filing joint or married filing separate. Most likely you will probably want to file jointly so that you can claim your spouse's exemption amount as well as being…
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If you have taxes withheld on US winnings you can file a 1040NR, the year after you've won. Keep in mind that to get the most back if you've won a lot of money is to report your gambling losses to offset your gambling income. Get a player's card, it's the single most convenient way to keep track of …
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can an income judgement attach themselves and demand payment from: SSD, military disability and blindmans annuity(for the blind who lives in NYS) Disposable income is the amount that remains after all deductions (taxes, Medicare, pension contributions, etc.) have been made.
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I believe so. Answer No - even if you work in only one state your State taxable (or gross) income will virtually never equal your Federal taxable (or gross)income. For many reasons. Like State tax is deductible from Federal, but not from itself! Some contributions or types of income too, (like retir…
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The IRS only seizes personal tax refunds when there are tax arrearages or court ordered child support arrearages. The IRS does not have the power to withhold personal tax refunds for creditor judgments. ACTUALLY THE IRS CAN HOLD YOUR REFUND FOR CREDITOR JUGDEMENT DEPENDING ON THE AMOUNT OF THE DE…
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Answer Converting a traditional IRA to a Roth gives you that future tax-free benefit, but at an immediate tax cost. You'll have to pay taxes on contributions that you previously deducted, as well as on the account's earnings. For more details speak with your plan administrator.
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No if it is for creditor debt.Yes if it is for child support or tax arrearages.
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Unpaid Taxes The problem is there is something called a Statute of Limitations (SOL) on your liability for taxes for any period. (There is also one limiting the period of time the Gov't has to allow you to correct an error and get a refund). After the SOL period the IRS can't really bug you about t…
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Change your name and move to Wisconsin, or Mexico. That's your best option. -- ans == Actually, probably 90% of the time we have had to handle his for someone, it turns out they had, frequently lost (by delaying too long), refunds and overpayments and other credits coming by thinking they were ou…
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Answer Officially: A person, other than the taxpayer or the taxpayer's spouse, for whom an exemption can be claimed. To be your dependent, a person must be your qualifying child or qualifying relative. For more information, see Exemptions for Dependents in Publication 501. And I'll try to p…
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Tax refunds cannot be directly seized by a creditor judgment.The IRS can seize tax refunds without the use of due process for federal taxes owed.State and federal tax refunds can be seized for child support arrearages.
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Doing taxes yourself can be tricky. I used freetax.com for both my federal and state taxes and it went seamlessly. Best part... it was all FREE! Oh yeah, and if you run into any problems they have online chat assistance or you can walk straight into an office!
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Answer Federal tax refunds can be seized by the IRS for tax arrearages without the normal legal procedures being used. Federal and state tax refunds can be seized by a state child enforcement agency for court ordered child support arrearages. Tax refunds cannot be seized for creditor debt, for …
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Perhaps you are confusing 'warrant' with a notice from the county assessors office for taxes due, a warrant is a legal document that is issued for an individual in connection with some type of criminal charge.Personal and real property taxes in most states must be paid in full at the time they are d…
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Filing Federal Taxes OnlineThe reason is, the majority of taxpayers cannot file their taxes online for free, you must be qualify under the IRS guidelines.Visit the IRS website for complete information. Filing TaxesWhether it be on line and efile, or by paper..many people find taxes, in fact any…
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Answer You will need to file an amended return, and the quicker the better. If it is for a very recent tax year, you may be able to avoid any interest charges. Do not forget you may have to do a similar process for your State. Officially: If you discover an error after your return ha…
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Answer IRS Tax Tip 2006-14 If you gave any one person gifts in 2005 that valued at more than $11,000, you must report the total gifts to the Internal Revenue Service and may have to pay tax on the gifts. ** *** **** The person who receives your gift does not have to report the gift to the IRS…
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Alaska doesn't have a state income tax. No state taxes are withheld from your earnings. Every Alaskan receives a payment each year from the Alaska Permanent Fund Corporation. That payment is only taxable on your U.S. income tax return. Only federal taxes are withheld from earnings in Alaska. You can…
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Never. In order for an amendment to be properly ratified, it must be ratified in its EXACT language, by 3/5 of all of the states. While it seems that enough states did ratify a variation of the amendment in some form or another, it was never ratified in its exact language by enough states. This did…
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In the state of Wisconsin, I had worker's comp from an injury at work and I was not taxed on it. I would imagine it depends on the state.Check out the IRS Publication 15A for the year workers compensation benefits have been received. It clearly states that worker's compensation is not taxable. It is…
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Yup tax things can be awfully complex...add a little contract law..divorce law and more to the pot and things can get exceptionally murky!However, I think the realistic answer basically comes down to: If when you were married you filed separate returns, your OK. Proving you correctly filed for the p…
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Answer There is a common mis-conception that the notices of the type you ask, generally in the 1099 series (there are lots of different ones) as well as a W-2, (showing withholding by employers), must be received by January 31 for any period in the just ended calendar year. THAT IS INCORRECT: Actua…
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Answer One consideration would be that cancellation of a debt becomes income. However, as you can find in many discussions here, if your foreclosed and the sale of the property does not return enough funds to fully satisfy the debt, the deficiency is normally not forgiven. Instead you remain owin…
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Answer It depends on who garnished your wages to begin with. If it was the taxing authority, your state Dept. of Tax, or the IRS, yes the garnishment will include your tax refunds, if the Agent you're dealing with knows what he's doing. Only the government or a judicial court can take a tax refun…
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A chapter 13 bankruptcy can be filed if it has been at least 4 years from the date of the discharge of a chapter 7.Nonsense. You can file a chapter 13 the day after the 7 is closed. You may not be eligible for a discharge, but the point of doing a "chapter 20" is usually to dump the unsecured debt i…
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If the judgment is for state or federal taxes then any refund is subject to seizure by the agency holding the judgment. If it is a creditor judgment, a tax refund would only be subject to attachment if it were placed in a bank account that was being levied by the judgment creditor. I would consult w…
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Answer You should be able to claim the medical expenses against your income tax, but there are limitations. You may have to claim them for the year that they were incurred. Which may mean you have to re-file taxes for that year. And Medical deductions are subject to a percentage offset.…
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Gross income is the total amount of money you earned, before taxes and any benefits are paid for. Net income is the amount of money you actually received on your paycheck after taxes and any benefits you contribute toward are taken out.
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Until you prove the tow was in error the impound fees are your responsibility. If you leave your truck in impound the fees will increase at a rapid rate. You must redeem the truck from impound as soon as possible to avoid a huge bill. You can then resolve the issue with the HOA and ask for reasonabl…
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Your taxable income (the amount you made to apply a tax rate to) is, because of deductions, exemptions, dependents and other considerations, is normally very different (lower) than what you "make". A person who made 20K will have a tax rate of about 15%, however, again EITC and other credits may mak…
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There are four types of deductible nonbusiness taxes: * State, local and foreign income taxes; * Real estate taxes; * Personal property taxes; and * State and local sales taxes.To be deductible, the tax must be imposed on you and must have been paid during your tax year. Taxes may be claimed only as…
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G/L = (amount sold (for underlying security) - amount paid (for underlying security))+ premium paidThere are commercial tools available to help you with covered call trade selection and covered call portfolio management. They will also perform the profit/loss calculations. See www.borntosell.com as …
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ummm you file them that's how. now if you are talkin filling for the year that you didnt file then yea you can file them but it will cost you. That happen to me for my state so i told H & R block forget that... i let them keep that money. lol
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Commonly addressed in financial and tax news reports as the biggest problem faced by the Feds in upcoming budgets. Briefly, it is a system, developed about a decade ago, that assures at least a minimum amount of tax is paid each year by everyone. essentially, tax is calculated on an income that do…
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Answer Obviously this can only be addressed on a generally basis, many factors - how well the return is prepared, how complex it is, etc. effect it. Normally refund checks take a 4-6 week process. Electronic deposits, are faster. When you say "file late", that is generally interpreted as in afte…
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Answer No, you still owe the government. Ans Bankruptcy proceedings begin with the filing of a petition with the bankruptcy court. The filing of the petitions creates a bankruptcy estate, which generally consists of all the assets of the person filing the bankruptcy petition. A separate tax…
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como subio y bajo los precios en metro pcs desde ano 2004 al 2007 Ans I believe that the IRS maintains it's right to offset (that is clearly legal/proscribed) and what is being done in something like this, even in cases of BK. Whether that right is absolutely always allowed may be another story...b…
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Answer First, the IRS does not enact laws. It only carries them out and sometimes enforces them. Just like any other Department of the government does. Congress makes and votes on all the tax laws (like all the other laws), including the one you ask about. Unless the funds are rolled over to ano…
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On the needs of society.
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It is a category of tax. A tax imposed on the doing or manufacturing of something, as opposed to the selling or making an income on something. A Federal or state tax imposed on the manufacture and distribution of certain non-essential consumer goods. Examples of excise taxes include environmental t…
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I'm updating this answer because I have had to do this several times (unfortunately). I have never gone physically to revenue Canada. Phone 1-800-959-8281 (or if this answer is now old, go to the revenue Canada website and look for the general inquiries phone number) press the * key right away t…
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Sorry for the last idiot, who obviously has issues with her ex *Generally, your divorce decree will spell out who can claim the kids on their tax *returns. If you have 50/50 joint custody someone will still be the custodial parent *even though time is shared between both house holds. Generally, you …
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