Archive for January, 2009
Is Alimony Received Taxable
January 2nd, 2009
Question: need help: I make 10$ an hour-divorce is final and I will be receiving alimony a year of 14.4k--question is?
how do I change my deductions so that at the end of the year I wont get screwed in taxes?---alimony is taxable....so I need help people
full time at 40hrs too....
Answer: You are currently paying $45 per week for Federal Tax, according to my estimate. You will need to double that amount per week. So you need to adjust your W4 where $90 - $100 per week is taken out of your weekly paycheck for Federal Tax.You should be able to get a small refund.
Good Luck
Ferriday receives $6.2M grant for new water plant
The Town of Ferriday has the money to construct a new water plant.
Posted in 
Surrender Value Taxable
January 2nd, 2009
Question: Is the surrender value of whole life insurance taxable as normal income or as long term capital gains?
My insurance company has told me that over $6000 of the value will be taxable. I've had the policy for 20+ yrs and am hoping that the $6k is taxed at the LOWER long term capital gains rate - not as normal income, which is almost twice as much.
Answer: If the surrender value exceeds the total of premiums paid into the policy you have, no doubt, had the policy for more than one year therefore the only the amount that exceeds the premiums paid into the policy would be taxed. That gain would be taxed as a long term capital gain.
On the other hand if your surrender value is below the total premiums paid into the policy there is no gain and the amount you receive is not taxable.
From IRS TAX TIP 2008-35
Almost everything you own and use for personal purposes, pleasure or investment is a capital asset. When you sell a capital asset, the difference between the amounts you sell it for and your basis, which is usually what you paid for it, is a capital gain or a capital loss.Capital gains and losses are reported on Schedule D, Capital Gains and Losses, and then transferred to line 13 of Form 1040.
Capital gains are classified as long-term or short-term, depending on how long you hold the property before you sell it. If you hold it more than one year, your capital gain or is long-term. If you hold it one year or less, your capital gain is short-term.
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2009 — A year of celebration, protest, upheaval
(EDITOR’S NOTE: This is the second of a two part review of the stories of 2009.)
Tags: How To File Taxes If Separated
January 2nd, 2009
Question: my sister seperated 4 months can she file my taxes seperate?
if separated from spouse for four months and spouse doesn't want to file with her can she file my taxes separate ? i was told she could if she can prove that they have been separated ! but she cant prove it and he wont file with her he said he rather not file if that is what it came down to! how can she do this?
correction: can she file her taxes separate?
they can file even if they have been filing together for five years?
they have four kids and one lives with him will that be a problem?
what is EIC?
Answer: Sure, she can file as married filing separately. She could do that even if they WEREN'T separated.
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In defense of raw milk: Farmer refutes danger claims
The owner of a B.C. raw dairy farm at the centre of an unpasteurized milk warning says their products are 100 per cent safe to consume and that a public health warning is unwarranted.
WALLY TAX -It's raining in my heart
Whiskey Tax 1791
January 1st, 2009
Question: Why was the American Whiskey tax passed in 1791?
Answer: to pay for the Iraq war! ahhah! but seriously to pay for the revolutionary war. and it was enforced by George Washington so when Conservatives say 'he was Conservative too!' just tell them 'he was a tax collector!' and see if they have comeback!
The right picked the wrong historical analogy
The real parallel to today's conservative backlash isn't the Boston Tea Party. It's the Whiskey Rebellion
Joan Baez - Copper Kettle