The Tax Questions Blog

Archive for December, 2009

Question: Why are religious institutions automatically given tax-exempt status?

Even if they do nothing charitable. Why don't we tax church donations that are for non charitable purposes?

Answer: Because the Church is the most powerful political lobbyist in the world.

Saddleback's miracle: Millions pour in

As many predicted, Saddleback Church members responded willingly and generously to their pastor’s call, donating more than $2.4 million in response to Rick Warren’s plea for $900,000 before New Year’s Day.

Churches Should Not Be Tax Exempt

Question: Does the new sales tax in MI apply to carpet cleaning?

I cannot find any web site that tells me what this new "luxury" tax applies to and I don't know if it affects my business. Do you know of a site?

Answer: no, sorry

A moratorium on marijuana dispensaries?

As medical marijuana dispensaries continue to crop up all over Colorado — from Vail to Longmont to Grand Junction — cities are wrestling with how to regulate the legal sales of pot within their limits.

What does the Pre-Budget Report mean for you and your business?

Question: Is money earned from doing jury duty taxable? Will I need to claim it as income?

Answer: Yes, it is income and it is taxable. I had jury duty this year and made a wopping $40. There is a spot that asks if you earned jury duty pay and how much. It reduced my refund by $2.

You had better put it on since you know that they will report that income to the IRS.

Nation and World: 6-24-2010

By: Afghans relieved at choice of Gen. Petraeus KABUL, Afghanistan (AP) — Afghan officials expressed relief at the choice of Gen. David Petraeus to replace Gen. Stanley McChrystal as the top U.S. and NATO commander, believing the U.S. strategy aimed at...

Quick unsecured loans are often called payday, or cash advances. They have a very different borrowing structure than you are used to with traditional loans, and cost more with high fees.

The first noticeable difference about these deals is of course how fast you can be approved. You can get cash this way the same day. There are very few requirements that applicants have to meet, and your credit history is rarely an issue.

The few rules are that you need to be at least 18 years old, a citizen of the country you are applying in, and be employed. Most will require that you make over $1,000 a month, and some will require that you be employed for a certain period of time, some 3 months, some 6 months.

Another big difference with these quick unsecured loans is their repayment. With traditional deals you make small payments over a period of time until the total amount has been repaid, but with a cash advance you repay the borrowed amount plus fees at the time of your next paycheck, usually within one month. If you go to a brick and mortar store you will give them a check for the amount with a date in the future that you both agree they can cash the check on; if you use an online lender you will give them your bank account information and on the agreed upon date they will automatically withdraw the funds.

Fees on these quick unsecured loans can be very, very high. While with traditional financing you may have an annual percentage rate of ten percent, with a cash advance you are much more likely to borrow $100 and pay $15 in fees. The companies justify this by saying that these deals are not meant to be compared to traditional financing, but instead are the preferable option to having to pay larger fees for overdrafting on your checking account, late fees on bill payments, or other unexpected financial issues. You can borrow $100 and pay $15 in fees, or you can overdraft $100 and pay much worse than that in overdraft fees. People who are against these cash advance deals say that they are preying on the poor, but despite a large number of people against these deals saying this, they still fill a gap in the loan industry for fast and relatively small loans that isn't met anywhere else.

To get quick unsecured loans you can do a short internet search, or head down to a local store.

Recap of 2009's top headline grabbers

1 economic hardshipThe top story of 2009 — the sagging economy — manifested itself in many ways in Baker County....

Your Loan Mod Fee is Now Tax Deductible

Question: what does k96 tax code mean?

Answer: Do you have a company car? Or other benefits in employment? That is the most common reason for a K tax code. The benefit is more than your personal tax allowance, so your code number cannot be restricted in the normal way. You should have received a form P2 (notice of coding) from the tax office, telling you how the code is made up. The way the tax is worked out (although there are special tax tables for your employer to use to calculate) is that £960 will be added on to your pay for the year, and you will be taxed on your pay + £960.

Hansen sounds off on city issues

John Hansen served for five years on the Tooele City Council before losing his bid for re-election this fall in a tight race with Shawn Milne. Hansen was first appointed to the council in 2004 to fill the unexpired term of Colleen Johnson, who had been elected to the Tooele County Commission.

Big Business Battles: Direct tax code