The Tax Questions Blog

Archive for June, 2010

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Question: Are Sheltered Tax Annuities a Good Idea??

Answer: I agree with the longer response below. However, you should always consult a professional when trying to find out answers to your financial future. Asking questions like this can be valuable when trying to figure out where to go, but you should always get professional advise. I currently have a tax sheltered annuity and am young and it fits in nicely to my portfolio. I used a few places during my search that maybe can help you http://annuities.rezponze.com was one of them. I filled out the forms and was contacted by someone that explained the best way to fit this into my portfolio...
You can also go to http://www.annuity.com and read a few articles there....

Annuities For Dummies $7.48 Why look into annuities? If you're a Baby Boomer with little or no pension and most of your money in low-interest savings accounts, an annuity may be the key to a secure and comfortable retirement. How can you find out whether an annuity is right for you? Read Annuities For Dummies.This plain-English guide is packed with the latest information on choosing the best annuity for your retirement needs...

J.K. Lasser's Your Income Tax 2013: For Preparing Your 2012 Tax Return $12.72 America's number one bestselling tax guide offers the best balance of thoroughness,organization, and usabilityFor over half a century, more than 39 million Americans have turned to J.K. Lasser foreasy-to-follow, expert advice and guidance on planning and filing their taxes. Written by ateam of tax specialists, J.K. Lasser's Your Income Tax 2013 includes all theoutstanding features that have made t...

The Only Investment Guide You'll Ever Need $7.90 For more than thirty years, The Only Investment Guide You’ll Ever Need has been a favorite finance guide, earning the allegiance of more than a million readers across the United States. Now even more indispensable, this completely revised and updated edition will show readers how to use money to their best advantage in the wake of epochal change on Wall Street, no matter how much or how little ...

The Hindu Business Line : ULIPs may lose flavour sans spice of tax advantage

Unit-linked insurance policies (ULIPs), which constitute the bulk of the business for insurance companies, may cease to be a popular investment product if the revised discussion paper on the Direct Taxes Code (DTC) is implemented in its present form.

Financial Planning: Annuities : How a Tax-sheltered Annuity Plan Works

Question: How much will i be living in Aberdeen?

I am planing to move out and get a flat with my partner soon in Aberdeen, we have found most of the 1 bedroom flats to be around £550 per month. How much is council tax? and what will i need to spend on food, etc. I need to know how much i need to earn before i find a job.
City centre area

Answer: Yea, around 500-550 per month for flat. £100-£150 council tax. You have heating bills (and they are gonna be high here) about £20--£30 per week. Food, well if you budget you can prob manage on £50 per week for two of you.
Why on earth would anyone want to come here !!

How to Build a £4 Million Property Portfolio: Lifetime Lessons of a Student Landlord $42.95 This book tells you everything you need to know about becoming a successful student landlord. Subjects covered include: Why student property is so lucrative and why now is the time to invest, How to choose the best student properties in the best locations and enjoy strong capital growth, Novel ways to market your properties, How to maximize your rental income, How to manage your tenants and proper...

How to Profit from Student Property $42.95 This book tells you everything you need to know about becoming a successful student landlord. Subjects covered include: Why student property is so lucrative and why now is the time to invest, How to choose the best student properties in the best locations and enjoy strong capital growth, Novel ways to market your properties, How to maximize your rental income, How to manage your tenants and proper...

Blackstone's Preparing for Police Duty $20.28 This is a fully revised fourth edition of the successful Blackstone's Preparing for Police Duty, the invaluable introduction to the police service for new recruits or those considering a policing career in the United Kingdom. This highly practical guide informs those interested in a career in the police about the general culture of the policing world; the extended police family, dress-code, badges...

Dallas City Council's last meeting before July break looks to be a doozy

It's not just that the council has a 1,500-page agenda as thick as a phonebook, but that it has stacked the last meeting with controversial items members have struggled to find common ground on for much of the year.

English Freemen Standing In Court - Council Tax Hearing - The Takedown Begins Speed Edit.AVI

Question: if i receive gift from my mothers brother is it taxable?

Answer: Gift from the following blood relatives are tax free.

The term "Relative" is defined as:

(1) spouse of the individual;

(2) brother or sister of the individual;

(3) brother or sister of the spouse of the individual;

(4) brother or sister of either of the parents of the individual;

(5) any lineal ascendant or descendant of the individual;

(6) any lineal ascendant or descendant of the spouse of the individual; and

(7) spouse of the person referred to in (2) to (6).

As per S.No.4, you are allowed to accept gift from your mothers brother. It will be tax free.

It is not advisable to accept or give gifts to/from wife.

Norway - Culture Smart!: the essential guide to customs & culture $9.95 Culture Smart! provides essential information on attitudes, beliefs and behavior in different countries, ensuring that you arrive at your destination aware of basic manners, common courtesies, and sensitive issues. These concise guides tell you what to expect, how to behave, and how to establish a rapport with your hosts. This inside knowledge will enable you to steer clear of embarrassing gaffes ...

How The Stock Market Works $13.40 For the beginning financial professional and the sophisticated investor, here is a thoroughly updated edition of the classic guide to the inner workings of the stock market. John M. (Jack) Dalton, formerly with the American Stock Exchange, explains the workings of the securities industry, including the initial public offering, types of stocks, who’s who inside the brokerage firm, back-office op...

4 Steps to Financial Security for Lesbian and Gay Couples: Expert Advice for Reducing Your Tax Burden, Increasing Your Wealth, and Protecting Each Other $1.58 THE FIRST FINANCIAL GUIDE TAILORED EXCLUSIVELY TO LESBIAN AND GAY COUPLES ON HOW TO PROTECT THEIR ASSETS WHEN LAWS FAILLesbian and gay couples can achieve solid, long-term financial security--but they need to arm themselves with foresight, awareness, and facts. That's what this book is all about. Now, drawing on more than twenty years' experience as a financial adviser to lesbian and gay couples, ...

Beazer homeowners may be eligible for restitution payments: Weekend program to help those defrauded by Beazer file for ...

Jun. 18--CABARRUS -- As many as 500 Cabarrus County residents who bought Beazer homes between 2000 and 2007 may be eligible to receive part of $2.5 million the Beazer Mortgage Corp. must pay to more than 1,000 borrowers in order to avoid prosecution for mortgage fraud.

Tax Tips - Tell me... " Will a gift to or from my parents be taxable?" 24 Feb 2009

Question: What If Income Taxes Were Voluntary?

Most people with any common sense will agree we need a national defense, roads, schools and such. They would also agree those things are not free.

So what if we made income taxes voluntary? You pay what you think is fair and reasonable. The government can suggest what it believes you should pay. But you get to decide.

I would use the guiding principle of my Christian upbringing. I'd pay 10%. If that is good enough for God then it is good enough for Uncle Sam.

But, do you think people would pay or be greedy and keep it all for themselves?

Answer: It would never happen.

The taxes they impose on us aren't nearly enough to continue the politicians' insane orgy of spending. They borrow huge amounts of money to continue looting the economy for the benefit of their cronies and special interests.

With the deficit growing astronomically, a huge increase in taxes is inevitable, sooner or later.

The people would be greedy? They're not nearly as greedy as the politicians and their cronies.

But it won't change until the taxpayers finally wake up and demand to put an end to the politicians' squandering of the wealth of America.

When the rubber hits the road – a Budget to terrify us all

When George Osborne stands at the Dispatch Box to deliver his debut Budget on Tuesday, he won't be the first Chancellor to unveil a series of grim tax rises and spending cuts to bring the public finances under control.

Paying income tax in America is Voluntary

Question: Who and when will issue a 1099-C for debts i am having trouble paying?

Will it be issued by the CC compnay or the collection company? If issued by the CC compnay am i still liable to the collection company?

I'm trying to pay off all my debts but without a job i am having some serious difficulty
Thanks.
So the Credit Card company issued a 1099-c for the full amount, i pay taxes on this amount. sounds fair. but are you saying i still have to pay the full amount to the collection agency? anyone else have the same understanding.

thanks for the link.

Answer: If the original creditor (the CC company) took a charge off on your account, then they would under IRS rules have to send you and the IRS a 1099C. You would then have to claim it as income on your federal taxes.

However, the IRS guidelines state any charged off debts under $600 do no have to be reported nor does a 1099C need to be filed.

There are also exceptions and other rules that you can read about at the link I have provided in the source area.

Also, if you are unemployed at the present time, then you would be considered "judgment proof" if you have no money or assets (unemployment benefits can not be garnished either).

And YES you are liable to the collection agency unless the debt has become "time barred" or otherwise known as beyond your state statutes to seek legal action to collect on the debt. You can check you states SOL at the following web site

http://www.creditcards.com/credit-card-news/credit-card-state-statute-limitations-1282.php

If the debt is time barred, then do nothing. Do not offer payment arrangements or make any payments as this would reset the state statute and then they could take you to court.

Hope this helps answer your question

Hosting Companies - Who is Your Lobbyist Where is Your 1099

By Tom Millitzer I am crafting my presentation for HostingCon and tangents keep on slipping in. I kick them out, Obviously I can't just go off in the wrong direction. So these are a couple of topics we can discuss over a Texas tea. First who is your lobbyist in Washington? That said lets go to topic B.

Investing & Personal Finance Tips : Who Has to File 1099 IRS Form?