The Tax Questions Blog

Archive for April, 2010

Question: If my independent contractors fail to 1099 Misc me for rent they have paid me wil I get in trouble ?

They pay me chair rent and should issue me 1099 misc come tax time, but they never do. Am I in trouble or are they...or both. I can't force them to 1099 me...? I am an LLC/Partnership.
I issue the independent contractors receipts...

Answer: From your side the 1099's don't matter, and it would be unusual if they did give you a 1099. With or without them, you must report the income from the chair rent on YOUR schedule C - they'll report the expense on theirs.

UBS Latest ETF Issuer to Ride the MLP Popularity Wave

Ron Rowland submits: A little more than three months ago, at the end of March, only one exchange-traded product ((NYSE: ETP - News )) focused on Master Limited Partnerships, or MLPs. Now, with yesterday’s (7/14/10) introduction of UBS E-TRACS Alerian Natural Gas MLP Index ETN , there are five such products. A 400% increase in “selection” in less than four months, and more MLP products in the ...

My Freelance Career : All About Freelance Copywriting Jobs

Question: Does anyone know if collateralizing a fixed or variable annuity to cover a loan causese a taxable event? Thanx

Answer: Internal Revenue Code section 72(e)(4) provides that a pledge of any portion of the value of an annuity contract to secure a loan is treated as a distribution under the contract. This assumes the contract qualifies for annuity treatment in the first place. Consult a tax advisor for complete information.

Jackson® Adds American Funds® to Variable Product Investment Lineup

LANSING, Mich.----Jackson National Life Insurance Company® today announced that it has expanded its investment offerings with the addition of the American Funds Insurance Series®. The new investment options will be available across Jackson’s variable annuity portfolio, as well as in the company’s variable universal life products.

Question: Am I better off with a Money Market Account or Savings account?

I have $10,000 saved for emergencies. should I put it in a savings account or money market account. tax free or taxable? I'm single and make $100K annually.

Answer: Which ever offers the higher interest.

Kearny Financial Corp. Reports Third Quarter 2010 Operating Results

FAIRFIELD, NJ--(Marketwire - 04/29/10) - Kearny Financial Corp. (NASDAQ: KRNY - News ) (the "Company"), the holding company of Kearny Federal Savings Bank (the "Bank"), today reported net income for the quarter ended March 31, 2010 of $1,864,000, or $0.03 per diluted share. The results represent an increase of $23,000 compared to net income of $1,841,000, or $0.03 per diluted share, for the ...

Tax Day and Legal fee retirement savings

NY lawmaker opens inquiry into development group

A New York lawmaker said Tuesday he has opened an inquiry into an upstate economic development group's payment of almost $1 million in bonuses to two of its top executives and of its refusal to open its books to the new state agency overseeing so-called public authorities.

America Freedom to Fascism 2-11 Aaron Russo

Question: What does this part of constitution mean? Please simply for me!!?

The Congress shall have Power To lay and collect Taxes, Duties, Imposts and Excises, to pay the Debts and provide for the common Defence and general Welfare of the United States; but all Duties, Imposts and Excises shall be uniform throughout the United States;

Answer: It means that the government can collect taxes and fees but that those taxes and fees must be the same in all states. For example, the income tax rates in CA can't be higher than they are in NY.

True Inflation is 6% to 7%

Jeffrey Nichols, Senior Economic Advisor to Rosland Capital , had the following commentary based on recent developments:

Open for Questions: The President's Health Reform Proposal