The Tax Questions Blog

Archive for May, 2009

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Question: Are the regular sub sandwiches that are advertised for $ 5.00 taxable food items? If so, they are not as ad's?

I eaten at several Subway stores in the past and have never been charged sales tax on their regular $ 5.00 subs. I went to a Subway store in my neighborhood yesterday and noticed they had charge $ .49 sales tax on the regular $ 5.00 sub. So, what I'm getting at is that if your regular $ 5.00 subs are advertised for $ 5.00 adding the sales tax would make the subs more then the advertised $ 5.00.

Answer: i think most places just include the tax in the advertised price. i don't think that it makes any difference. we all have to pay taxes.

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Christmas rush gives way to last-minute donation rush

<PThe clock is ticking and 2009 is nearly history </p<P<pBut the clock ticks down on many things other than parties celebrating the new year -- tax-deductible donations, for one </p

Calculating Taxes : How to Calculate Sales Tax

Question: How can i get out of a real estate deal and calculate net equity assuming no loss or no gain?

The property is currently owned by me & my business partner. I wanted to get out of this deal and have some significant equity in the property. In order for me to determine my true equity & also conform to State of MD rules and regulations, I had these questions that I am hoping someone can help me with

1) If I sign a QuitClaim Deed, will that be enough to remove my name and all interest in the property? (To avoid any tax and liability issues)
2) Will the state re-issue the deed to the other partner? Will it be done at any costs? If yes, how much (approx) will it cost to do so?
3) Is a title company required to do this or we can go and do this directly with the state?
4) How does one calculates true equity value in the property if I were to sign a Quitclaim deed? (Say i invested $25k. How do i calculate equity for a no gain or loss situation, keeping in mind that I did enjoy tax benefits last year)

Answer: Laws vary by state. Contact a Real Estate Atty. in MD. I am a licensed agent in NH only

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Top stories of 2009

A high school band teacher was arrested under the suspicions he molested one of his students.

This Month In Real Estate: 2009 First Time Home Buyer Tax Credit Special Edition

Question: Do Canadians pay customs tax on shipments from US? How much?

Answer: Customs charges, tarrifs and sales tax are two different charges.

Tarrifs on shipments from the US are not charged if value of goods sent is under 20 dollars, and not at all if the goods are made in the USA or Canada--free trade agreement.

If the item is a gift from a friend, and it is so stated convincingly--and goods are allowable--no tobacco or alcohol for example-- and from no businesses or corporations--the first $60 value is tarrif and tax exempt.

On the first $20 value of a package no tax is charged. The taxes are charged on the amount over $20--same taxes we'd pay if we'd bought the item here.

The amount of the tarrifs may vary depending on where the item was made and what it is. Best to check with customs for specifics.

Something you should be very aware of is that Canada Post charges no brokerage fee that I am aware of making it the most economical way to ship. Fedex includes a fee for brokerage (doing papers to get goods through the border. VERY simple and takes a minute.) UPS rates look much cheaper but what a shock when you add on the $40 charge which Fedex already includes. In the end the exorbetent costs are very similar. This brokerage charge will apply even if goods are valued at 5.00. BEWARE!

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The more government gets involved, the more waste

Bring speaker respected for intellect, humanitarianism, Dec. 18 The News.

Canada Revenue Agency uses YouTube to convince Canadians to pay taxes

Sumo Wrestling is a popular competitive contact sport in Japan where a wrestler attempts to force his opponent either out of a circular ring, called the "dohyo", or to touch the ground inside the "dohyo" with anything other than the soles of the feet. Japan is the only country where the sport is practiced professionally because Sumo is essentially a sport of deep and ancient Japanese traditions, where there are many rituals and rules that need to be strictly followed and obeyed.

Beyond its strict traditions, Sumo Wrestling is still a sport just like American football, where professionals can make a living from. Here, we'll take a closer look at the business of the sport, specifically how it is organized, how profits are made through events and competitions, and how much money professional sumo wrestlers are making.

Organization

Also known as the Nihon Sumo Kyokai, the Japan Sumo Association (JSA) serves as the governing body of professional sumo wrestling. The members of JSA are former wrestlers, and they are the only people allowed to train new wrestlers. Wrestlers from foreign countries are very much welcomed to compete, but all professional competitions must take place only in Japanese soil.

Currently, there are approximately 700 wrestlers and each wrestler must be a part of a training stable, or a level based on the wrestling skills. There are 54 stables in Sumo; the highest of which is the Yokozuna or "grand champions".

Salaries

When entering the sport of Sumo, wrestlers must begin in the lowest of the sport's six professional divisions with the goal of working up their way up the ladder. To simply put, Sumo wrestling is a form of hierarchical meritocracy. Professional wrestlers are promoted and demoted exclusively on their performance. What makes it even more difficult is that only wrestlers in the top two divisions receive a salary, prize money, and travel incentives. Of the current 700 wrestlers living in Japan, only 66 are in the payroll. This means the other 634 sumo wrestlers have other jobs or do chores in the stables in exchange for a basic living allowance.

The basic salary of a Yokozuna is approximately $24,000 per month, while a wrestler belonging in the second division makes about $9,000 a month. Just like any other sport, the elite wrestlers can enjoy more financial benefits. In 1993, for instance, a Yokozuna wrestler named Akebono earned more than $800,000, which was almost four times more than his base salary.

Ticket Sales

The Japanese Grand Sumo has a total of six tournaments per year that run exactly 15 days each. Half of these tournaments take place at the Sumo Hall in Tokyo, whereas the other three are held in Nagoya, Osaka and Fukuoka. Typically, ringside seats are sold for about $120 each, while a two-person, A-level box are sold separately with prices more than $200 each. Other than these two elite seats, the arena seats are sold at $25 a piece.

Finally, because Sumo Wrestling is a very popular sport in Japan, corporate sponsorship and endorsements are also prevalent in the sport. In fact, many Yokozunas and grand champions earn much more from endorsement deals. GP

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Jump in assessments jolts downtown developers

WATERLOO, Iowa --- A jump in the assessed value of downtown Waterloo properties cuts developers both ways.

Question: How do you file 2 tax returns from living in two states? I live now in VA, but last year lived in TX?

I recently moved to Mclean, VA in October 2007, and started a job in Nov, 2007 that I am still currently employed at. Last year I lived and worked in Houston, TX. I have received my tax returns for both jobs. How exactly do I file that???

Answer: you file one federeal no matter how many states, and if you are doing it online or have someone do it for you, you enter the complete w2, which will have the state information on it and it remembers your state info, then when you do your state filing, all you have to do is answer some questions. its super easy.

IRS Offers Tips for Filing Taxes

The Internal Revenue Service kicked off the 2010 tax filing season Monday by issuing the results of a landmark six-month study that proposes new registration, testing and continuing education of tax return preparers.

Get Your Tax Rebate: General Taxpayers