The Tax Questions Blog

Question: How do you like the 50% tax imposed on bankers in the UK?

That's a great idea. They should pay tax on their bonuses and the bonuses are only taxable over $40K which is nothing compared to American bankers bonuses. It helps to reduce the deficit and they owe the taxpayers something for our money helping them out with $787 billion in loans.

Answer: You've got your facts wrong. Everybody - bankers or restroom attendants - pay tax at the full graduated tax rates on all their bonuses. What is proposed for bankers is an ADDITIONAL tax on bonuses in excess of $40K, which is payable by the banks themselves.

Rambler Metals and Mining PLC Financial Results Year Ended 31 July 2010

LONDON, ENGLAND and BAIE VERTE, NEWFOUNDLAND AND LABRADOR--(Marketwire - Oct. 18, 2010) - Rambler Metals and Mining PLC (TSX VENTURE:RAB)(AIM:RMM) ("Rambler" or the "Company") today is pleased to report its financial results and operational highlights for the year ended 31 July 2010. The Company is focused on bringing the Ming Mine Property, a historic copper and gold property located in ...

Question: With 2 kids and less than 3K in Income, can I a get Tax Refund?

I have a friend who has been on Temporary disability for several years and has 2 children under 17. Her income is 204 per month (2448 per year) from assistance, and her housing is free from the voucher program, but she has no help for medical expenses and no ability to get a job because of having no money for transportation. Is she able to file taxes and get the Child tax credit even if her income is so low? Is her income even reportable as taxable income?

Answer: The sutoff for income tax if around $6000. This is why so many teens who make under this amount get a FULL tax refund. If your friend is below this cutoff limit, than she should be fully reimbursed.

Penns Woods Bancorp, Inc. Reports Third Quarter 2010 Earnings

Penns Woods Bancorp, Inc. today reported that net income from core operations , which is a non-GAAP measure of net income excluding net securities gains and losses, increased to $2,776,000 and $7,961,000 for the three and nine months ended September 30, 2010 compared to $2,257,000 and $6,868,000 for the same periods of 2009.

Question: I invested in a restaurant business to collect taxable income or dividend from it. Can i deduct those expenses

Answer: If you invested in a business, no you can't deduct the cost of the investment. If it's your business and you bought items for the business, you probably can.

5 Preferred Stocks With Outsized Yields

Citigroup, MetLife and three other preferred stocks are worth the risk for their high yields, a money manager says.

How to Complete a 1040EZ Tax Form : How to File a Joint Income 1040EZ Tax Form

Question: I was married in 2006 but not living w/ or near my spouse. Can I file taxes as single?

I have been waiting on the divorce to go thru since Dec. 2005, but it took a whole year and was final April 2007. If I file married, filing sep. I will owe so much, how can I file single?

Answer: If you can prove that you didn't live together the whole year (2006) you are legally separated from your (ex)spouse, then you can file as single. If you have qualified children as dependent, then you can file as Head of household.

Otherwise, Married Filing Separately is your only choice.

Best wishes.

ADWATCH: Viewer beware -- on taxes, jobs, the season's campaign ads are fanciful spin

WASHINGTON - Finding an actual fact in this season's load of campaign ads is like panning for nuggets. There's a lot of fool's gold in the way. In this warped-lens world, a Democrat who votes against his party more than every other legislator except one is branded a lapdog of his party's leadership.

Tax Software - How To File Taxes With Online Tax Preparation

Question: Tax on leasing income?

Hello, I really hope someone can give me some advice here.

I'm in full employment, and Ive recently moved from my flat into a house. I am preparing to lease the flat but i'm confused about the tax implications. Obviously I will have to pay tax but of course I want to minimise this.

Are there any methods of minimising the tax liability? I understand that expenditure to maintain the flat is not taxable and other expenses such as lawyers fees etc are not taxable.

The property is in Scotland.

The other thing I thought is i'm using the income from leasing the flat to fund my university fees. Would there be some tax relief on this?

Answer: Just to add a couple of things to what Cala B said. No, there is no provision for any tax relief on funding for Uni. Also, you cannot claim tax relief on any expenses incurred in preparing your flat for letting, only for after it is let. So for example, if you decorate prior to first letting, you can't claim for that, but would be able to for subsequent decoratings once flat had been rented. You don't say if flat would be let furnished or unfurnished, that will affect expenses you can claim. Look at http://www.hmrc.gov.uk , then in search-box, put in SA105, and read the notes section.

5th District runoff: Hamburg and Roberts state their views

The June 8 primary election for Fifth District Supervisor David Colfax's successor started with four candidates: Dan Hamburg (1,838 votes) Wendy Roberts (1,495), Jim Mastin (1,090) and Norman deVall (805).

Christopher Hitchens vs. Pat Buchanan Part 5: Spin Doctors, IRS and Taxes (1993)