The Tax Questions Blog

Archive for July, 2009

Question: Do I have to pay taxes on an settlement against the insurance company?

In August 2005 our house burned. When tax time came around the claim was still open so we did not count the losses; however, around December 2006 the claim was denied. We amended our 2005 taxes to count the loss. Now we have reached a settlment with the insurance provider (as they denied the claim when it should have been paid). The money that we receive from this settlement - will it be taxable income? I would appreciate if you could provide reliable references to support your answer.

Thank you! If you need more information please click on the e-mail me (through me profile).
I forgot to add that about $30,000 of what I'm getting back is going to the lawyer - is that included in the income as taxable as well?

Answer: This is a casualty loss when you took--properly, and for which you later received insurace reimbursement. It does indeed have to be reported on your return in the year received.

First Uranium reports production and financial results for the three and twelve months ended March 31, 2010

All amounts are in US dollars unless otherwise noted. The Management Discussion & Analysis ("MD&A") for FY 2010 has been appended to this release. For the F2010 Financial Statements, please see the Company's website, www.firsturanium.com under "Investor Centre/Annual Reports". TORONTO and JOHANNESBURG , June 18 /PRNewswire-FirstCall/ - First Uranium Corporation (TSX ...

Question: How do you file your Social Security 2007 tax return for the economic stimulus payment?

I'm COMPLETELY lost. From my understanding, SSI isn't considered as taxable. Right? Just Social Security?

What if it's just regular Social Security (NOT SSDI) from my dad? Am I still eligible to file for the stimulus payment? & when is the deadline to submit the forms?

I've NEVER IN MY LIFE filled out a tax return form. I don't know what to do or how to do it. I've been disabled pretty much all my life. What website do I go to to file online for the stimulus payment?

Answer: did you get some sort of statement listing your 2007 SS income-

if you go through a site like turbotax.com-it takes you through step by step---it will tell you where to enter your SS income

the deadline should be april 15th--

Related Information

The Danish tax authorities have increased their focus on transfer pricing and the area is becoming ever more contentious, giving rise to some of the largest ever Danish tax cases. Meanwhile, the tax authorities have issued new valuation guidelines.

Question: Are Consulting fees taxable? State of Texas?

Should a consultant charge taxes on consulting services rendered and pay the taxes to the state?

Answer: Depending on what particularly type of consulting service you are providing.

Check out this page to find whether your service is one of the taxable services:

http://www.window.state.tx.us/taxinfo/taxpubs/tx96_259.html

The actual rate will depending on your county and city.

http://ecpa.cpa.state.tx.us/taxrates/RateCalc.jsp

Best wishes.

Fitch Rates Prescott, Arizona's MPC Rev Bonds 'AA-'; Affirms Outstanding Debt

AUSTIN, Texas----Fitch Ratings assigns an 'AA-' rating to the following Prescott, Arizona Municipal Property Corporation revenue bonds:

Houston, TX Real Estate and Housing Stats

Question: i live in nys and i recieved an annuity death benefit. Is this taxable?

If so, on the annuity death benefit claim form, should I select do not withold taxes if i elect to take one lump sum? If it is taxable, do you think I will have to pay a lot back at the end of the year?

Answer: Yes. There are ways around it though. Consult a financial advisor, they ''know'' money (that is afterall what they do.)

IRA choices abound for smart investors

A much publicized window of opportunity opened in 2010 for anyone who is interested in or considering converting their traditional IRA to a Roth IRA. I will attempt to make it brief and give some tips and suggestions on who should consider taking advantage of this opportunity. A traditional IRA allows taxpayers to deduct contributions to the IRA from their tax return, therefore not paying any ...