The Tax Questions Blog

Archive for March, 2008

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Question: Taxonomy Website?

Hey,

does anybody know where i can find the taxonomy of any living thing? a basic website would be good, (and i don't mean wikipedia or google) i want a scientific website for this topic, thanx
btw is Division the same as Phylum?

Answer: Depends on how much detail you want. The Tree of Life page is a good start.

http://tolweb.org/tree/

This site is also useful and has many links as you get into the various pages.

http://159.189.176.5/portal/community/Communities/Plants,_Animals_&_Other_Organisms/

The XBRL Factor: Extensible Business Reporting Language is Here

NEW YORK----Business Wire’s free award-winning webinar series will kick off the year with a tutorial on XBRL, Extensible Business Reporting Language, given by its resident experts Gary Purnhagen and Ali Paksima.

Taxonomy Can Be Fun

Question: How is profit taxable if you are providing a good or service with a market value?

For instance, in a barter or gift situation your gain or loss might be measured in the market value of what has been exchanged. I understand that for practical purposes, you exceed your costs in revenue to make a profit. However, from a tax point-of-view, if you are providing a good or service as a business, how can you truly be profitable if you are losing a good or service of greater value in exchange for your price less cost?
I'm asking about the tax on profit. It just seems strange that a product can have a market value that is recognized in many tax calculations (gift, barter) but not when calculating profit.

Answer: Are you talking about VAT on goods, or tax on profits?

To be truly profitable you need to ensure the VAT rate, and tax charged on profits are included in your final price. For VAT, you net off VAT you pay for goods off the VAT bill on the goods you sell.

October taxable sales hurt Churchill County

While taxable sales in Nevada dropped almost 18 percent in October, Churchill County suffered one of its weakest months in years. The Nevada Department of Taxation released its October report this week showing the state saw a 17.8 percent difference in taxable sales from the same time in 2008. Nevada merchants sold about $3.1 billion in goods on which the state collected sales and use taxes of ...

Question: Should I move my 401k into a Traditional or Roth IRA?

I have a 401k with my current employer but am leaving to a new employer and they don't have a 401k. I am thinking of rolling my 401k into either a Roth or Traditional IRA... but dunno which is best. I know traditional IRA distributions are taxable and can only start taking them after 59 1/2 without penalty, im not too sure about Roths. For further info, I am still young (in my twenties).

Which should I do?

Answer: You cannot roll it directly into a Roth IRA without unhappy tax consequences. Roll it into a traditional IRA. In 2010, a "window" will open for possible conversion of conventional IRAs to Roths. Consider it then.
Start a Roth IRA when you begin your new job.

Advice for son and his nest egg

Q: I would like to advise my 26-year-old son about what to do with his nest egg of $60,000 dollars he received some years ago. It will probably be the only money left to him. He has it in a certificate of deposit at Bank of America, and I believe that maybe he could do something better with it.

Self Employed Get UnFAIR Tax Break in 2009 When Opening A Solo 401k

Question: If I transfer money from my country to US is it taxable?

I`m a citizen of another country but a permanent resident here. I have a bank account back there and I`d like to transfer money to buy real estate. Do I need to pay taxes here?

Answer: No taxes, but some fee for the bank, and depending on the amount be prepare to justify the reason.

Estate tax set to disappear Friday, reappear in 2011

Members of Congress catch plenty of flak for the things they do in Washington, D.C. When it comes to the estate tax, though, many experts are surprised by what lawmakers have left undone.Starting tomorrow, the estate tax levied by the federal government will pull a disappearing act as part of legislation approved by Congress in 2001. However, some observers think Congress could try to reinstate ...

Estate Planning - Personal Financial Planning Seminar