The Tax Questions Blog

Archive for July, 2009

Question: should my spouses wages, pension, and social security be calculated first ?]?

I retired after 30 years at one job. my pension is my only source of income{ not old enough for SS yet] IRS wrote stating that my pension is income for my husband when determining how much of his social security is taxable..? when he retired in 2005 the S.S. board calculated his wages+ pension for the year to detemine if additional taxes on S.S. benefit. I Don"t receive those benefits.... but they say the whole amount of $11,000 is to be added to my pension FIRST to find out how much of his benefits are taxable - if this method of accounting is used it immediately places us over the cap of 32,000 for married filing jointly .......? am I being taxed twice{my own distributions are taxable once distributed to me} I feel very violated and I don't know what form to use to do what they want. I earned my pension on my own merits not my husband's. This is all new to me and I cannot get straight answers from either IRS OR S.S who still say his benefits and wages are calculated FIRST .

Answer: I would suggest that if you can't understand the answers from IRS or SS talk to a professional estate planner, and/or a good CPA.

At our age (and I would almost bet I am close to your age) we need all the help we can get to make sure we have enough to keep us for the next 15 years or so.

While you are getting the answers to you question you will also be getting some first rate retirement advice, too.

Activists protest Republican Tom Watson's social security policy

“People who are challenging the status quo like to make these broad brush statements that we have to privatize Social Security,” said former Santa Barbara Mayor Marty Blum , who rode the trolley. “As someone who gets a Social Security check that makes me a little bit queasy.”

Question: are fuel surcharges taxable in kansas? Missouri? Oklahoma?

Answer: Not sure what you are asking, but yes, there are fuel surcharges (which is a tax built into the price of gas) in those states, but the surcharges are much lower than in most other states. That's why gas is cheaper in Oklahoma that most everywhere else in the country.

Beat the January 31 tax deadline

The clock is ticking for the nine million people who have to file a self-assessment tax form each year.

Question: at what amount of casino winnings is taxable?

Answer: Any income is taxable.

Over a certain amount of a jackpot, for instance, the casino will have you fill out forms and withhold the taxes right there.

Otherwise you are supposed to report them yourself when you do your tax return.

Income is income.

Attempted murderer sued for fraud

Country Companies has filed a 79-count civil lawsuit in U.S. District Court in Peoria against attempted murderer Aaron Garth Baecker, alleging numerous counts of trademark violation and fraudulent activities related to his work for them as a financial representative and licensed insurance agent.

Question: Cash for Clunkers - if you bought a car your state may tax your clunker credit as income?

Makes that old saying truthful.........
There is no such thing as a free lunch (aka ride)
Just wondering if anyone was aware of this little known fact

You will owe no federal tax on this credit but
your state & localgovernment can/might tax you.

Time to pay the piper or your tax adviser as they say

“Clunkers” Credits Taxable?

http://factcheck.org/2009/09/clunkers-credits-taxable/

Answer: Yes, you are right, and that exemplifies the problem with taxation. It happens over, and over, and over again.

The government gets it off the top first, then the state. Then the sales tax, then the tax on car tags.

Then, when you die, after all your money has been taxed into submission, your children have to be taxed once again for inheriting it.

I t is not what our forefathers intended, not the ones who fought the British and established this country.

By the way, the radio is full of car dealers who are still owed as much as $750,000 from the "cash for clunkers" program.

They are about to go bankrupt.

The smart ones "opted out" soon after they realized that the money was dribbling as slow as maple syrup in Canada in the winter.

The bookkeeping was terrible, the oversight was worse, and these are the same people we would trust our health care to?

Eight ways to ease your tax expenses

Eight ways to ease your tax expenses

Question: Should I be charged for tax on shipping charges?

I bought something online and let's say the price of the item is 100 bucks and they are charging me 10 bucks for shipping. The tax added to this should be based on 100 dollars or 110 dollars?

I've never seen getting charged for tax for shipping costs but in this particular case I am. Can they do that or is that a glitch in their system?
Thanks for the answer. I live in NJ. I order online a lot and this was the first time I saw this.

Assuming that state doesn't require tax on shipping, then are they doing anything illegal?

Answer: It could be a glitch in their system or it could be their state charges tax on shipping. All states are different.

I had a vendor that charges sales tax of food items ordered online, when the state I live in does not charge tax on food.

Accelerating Factory Exodus Guts Japan Manufacturing Center

Jan. 8 (Bloomberg) -- Hoya Corp. kept its Pentax camera plant north of Tokyo open as rivals steadily moved factories overseas to cut costs, yet it couldn’t compete as the yen surged against the dollar and euro during the global recession.

Cocktail & Ceremony Sound System Set Up Demo - Bose L1 Compact