The Tax Questions Blog

Archive for April, 2008

Question: How do I file my taxes as an Independent Contractor with ChaCha?

I know that Guides who receive more than $600 get a 1099 in the mail, but those who make less don't, but still have to include their earnings when filing taxes (in this case along with the W2 I received from my old job that I quit beginning of 08.)

I know IC's are considered self-employed, but I'm still a little clueless how to do this on my own. I'm 19 and still dependent; is it possible to do this myself w/o my dad (who usually handles everything)?

Do I only need to fill out a 1040? (http://www.irs.gov/pub/irs-pdf/f1040.pdf?portlet=3) and I'll be able to include the earnings there? Or is there more to it?

Please, any help would be appreciated. Thank you!
If I made less than $400 ($133), that means I don't need to include it?

Answer: You are self employed or independent contractor. You must file your tax return if your self employed income is $400 or more. You will report your income and expenses on schedule C or C-EZ (Form 1040). This income is subject to SE tax at 15.3%. Read: http://taxipay.blogspot.com/2008/04/tax-filing-by-self-employed-sole.html

Even if you are a dependent, you must file your tax return if your income exceeds the filing requirements or you will file to get the refund.
If someone can claim you dependent, then you can not claim your own exemption. Read about the filing requirements of a dependent: http://taxipay.blogspot.com/2008/02/filing-requirement-for-dependent.html

Delaware prisons: A right to health

State, Justice say system has improved, but not all inmates agree

Copyrights for Small Business

Question: Is the US President's salary considered taxable income?

If so, is his clothing and food allowances considered taxable income?
What other benefits/bonuses is taxable for a President of the United States?

I'm just wondering. Sources would be appreciated. Thanks.

Answer: The president is subject to the same tax laws as the rest of us.
Yes, the salary is taxable. The president can take deductions for legitimate work expenses.
As far as I know the president doesn't get any clothing or food allowances.
According to a White House manager interviewed on radio years ago, the first family pays for its own clothing and personal meals in the White House.
State dinners are paid from tax dollars.

Higher tax net could be spread more widely

THE new 50 per cent tax rate could affect more people than just those earning above the £150,000 threshold, a Yorkshire Bank wealth manager has warned. (01/01/2010 18:39:42)

MeltDown #312 EMERGENCY ECONOMIC STABILIZATION

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Goodwill offers end-of-year donation tips

Goodwill of Delaware and Delaware County will have additional personnel on hand at the end of December at all of its attended donation centers and retail stores to handle the traditional year-end increase in donations of cash, clothes, cars, computers, non-perishable food items and household goods.

Land Registry is the government department which is responsible for registering land in England and Wales. The UK law mandates that all land that is bought, sold or mortgaged must be registered. However, about a third of the land in England and Wales currently remains unregistered with the Land Registry department.

There are number of benefits that you may enjoy if you register your land with the department of Land Registry. The registration of the land proves the ownership of the land, helps to protect your land if someone tries to make a claim on it. Land Registry also simplifies conveyancing, making future changes in ownership easier.

If you decide to register your land voluntarily for the first time with Land Registry, you could receive a discount of up to 25% on the registration fee. The discount varies according to the size of the property. The cost ranges from £40 for property worth up to £50,000 to £690 for land worth over £1 million.

Inheritance Tax is the tax that is paid on your 'estate'. In order to understand this term in general, it can be said that this is everything you own at the time of your death, less what you owe. It is also sometimes payable on assets you may have given away during your lifetime. Assets include things like property, possessions, money and investments.

However, it is not that everyone in UK pays inheritance tax on death. It only applies if the taxable value of your estate, including your share of any jointly owned assets and assets held in some types of trusts, when you die is above £325,000 (2009-10 tax year). Inheritance tax is only payable on the excess above this nil rate band.

In most cases, Inheritance Tax must be paid within six months from the end of the month in which the death occurs, otherwise interest is charged on the amount owing.

Inheritance Tax on some assets, including land and buildings, can be deferred and paid in installments over 10 years. If you have been nominated as someone's personal representative for Inheritance tax, you have to value all of the assets that the deceased person owned. This valuation must accurately reflect what the assets would reasonably fetch in the open market at the date of death and how much Inheritance Tax would need to be paid.

It is important that you evaluate the estate first to find out if Inheritance Tax is due or not. This means adding up the value of all the assets in the estate - such as a house, possessions, money and investments - and deducting any debts the deceased may have owed, including household bills and funeral expenses.

An estate also includes the deceased's share of any jointly owned assets and the value of any assets held in trust.

The evaluation should also include any gifts that the deceased may have made in their lifetime to see if they are exempt, and if they are not exempt, they need to be included them in the overall value of the estate, want other information like property solicitors.

Election 2010 Profile: Jack McEneny

Party: Democrat

Question: What is the lowest amount of capital gain where I would have to pay taxes?

I am single, unemployed, 18 years old, no interest on savings, dividends, checking accounts, no ira, no 401k nothing. I just have money invested in stocks. I already made some nice profits, but they are from short term sales (less than 1 year), so I read that it would be taxable as ordinary income. What would be the lowest amount of profit I can make without paying taxes? I used 1040.com and i put $8950 (it's not the profit i made) in the "Interest/Dividends/Other Income" box, and it still says taxable income is $0.

im trading with scottrade if that really matters.

i have no childsren or dependants, nothing... 90% of my money is in stocks, the rest in cash. i only have a few hundred bucks of profit/capital gain, also some stocks with capital loss. none of the stocks have been held for more than a year.
wouldnt the standard deduction cover my capital gains since i'm making well less than $5,700

Answer: The standard deduction is only $5700 if no one else can claim you as a dependent or you have at least $5700 in income from working, or both. Since you are unemployed, you do not have $5700 in income from working. Therefore, if someone else can claim you as a dependent, then your standard deduction is less than $5700.

If no one else can claim you as a dependent and you made less than $8950, then you do not have to pay tax. However, if you received more than $8950 by selling stock, then you do need to file, even if your profit was less.

If someone else can claim you as a dependent, then you may be required to pay tax, even if you made less than $5700.

What 2009 was like for ICICI Bank

We bring you a series on how some of the top banks in India performed in the Year 2009 and how they are positioned for the coming year.

Federal Budget: Jonathan Chevreau