The Tax Questions Blog

Archive for February, 2008

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Question: Are the irs tax refunds running late again this year or not?

I was to get my refund on the 13th of February and have not heard a thing back from the IRS yet. I have not received any requests for additional paperwork. Any idea as to whether this is happening to all the returns or not?

Answer: Does the website say Direct Deposit?

I checked my status yesterday and it said DD on 02/20. And sure enough they deposited it.

Call them and see what's going on.

Good luck.

Will he or won’t he? Logan’s run, again?

Mayor Dwight Logan says he's made a decision on whether or not he will run for re-election in 2010 but plans to hold off on any announcement until the late spring or summer.[...]

IRS Collection Statute Expiration Date (CSED)

Question: What is the difference between non-deductible IRA contributions and contributions to a regular taxable account?

If you make contributions to a traditional IRA which are not tax-deductible for whatever reason, how is this any different from contributing post-tax dollars to a regular taxable account? I thought the only difference was that IRA contributions were tax-deductible. In the case of IRA contributions which are not tax-deductible (due to income limits, e.g.), what is the advantage of an IRA?

Answer: any earnings in the IRA are tax deferred (until withdrawal). This includes the earnings on the non-deductible contributions. The accounting gets messy though because the amount you take out during requirement is only taxable to the extent that you never paid tax on it before. In other words when you withdraw the non-deductible contribution is comes out of the IRA tax free because you already paid the tax on it. The amounts you contributed pre tax and the earnings get taxed upon withdrawal.

Income limit lifted, opening Roth IRA conversions to all

Hillsborough resident Rick Smith likes the idea of converting a traditional Individual Retirement Account into a tax-free Roth IRA, but until this year, he and other higher-income taxpayers did not have that option. Now they do, thanks to a change in the tax code.

Gold and Silver Bullion: Yes! Your American Silver and American Gold Eagles Can Fall into Taxation!

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UBS Debuts ETN Tracking Business Development Companies

Michael Johnston submits: UBS has made another addition to its fast-growing ETN lineup, rolling out a product linked to an index consisting of U.S.-listed business development companies (“BDCs”). The E-Tracks Linked to the Wells Fargo Business Development Company Index (NYSEArca: BDCS - News ) is an exchange-traded note due in April 2041. The underlying index currently consists of about 26 BDCs ...

Question: what is it asking for when a question says calculate the after tax yield (on taxable income)?

does it want a monetary amount?

or a percentage?

Answer: if the total amount you earned was $100.
and the tax amount to be deducted was $25.
your after tax yield would be $75. the amount which is left over. and its in doller not percent.

Amman Stock Exchange weekly analysis (Dec 27-31)

Amman Stock Exchange weekly analysis (Dec 27-31)

The Laffer Curve, Part II: Reviewing the Evidence

Are you lagging behind on your tax payments? Staying up all night thinking about your IRS tax issues? You don't have to worry since IRS tax debt relief is not hard to avail when you have unintentionally fallen behind on your tax commitments. The IRS has one of the most effective collection methods and you cannot get away without paying what you owe them. But the IRS is not be feared. You can attain tax debt relief by maintaining your composure and acting smartly. You can also opt for professional help. There are many companies that can provide IRS debt help. All you need to do is find the one that best suits you.

 

You can check the internet. There's a huge pool of well-reputed and trusted websites that provide IRS tax help. What you actually need is a tax relief attorney. And these companies can provide the required personnel. Many of your tax problems that you thought would never be solved, could be solved within days.

 

Tax professionals have the required expertise and experience needed to deal with the IRS. They can help you in the following ways:

 

So you see, getting out of tax problems is not that difficult, if you have the right kind of people on your side.

Will US health reform affect you?

President Obama's landmark healthcare reform bill has been passed. How will this affect you?