The Tax Questions Blog

Posts Tagged ‘article’

Question: Can I still file a tax return if I don't work due to stress of losing a child and still claim 2 children?

I haven't been able to hold down a steady job due to the loss of my 2 year old son from cancer. I have two other children that I would like to claim on my taxes next year. Is it possible to file and get EIC without having an income and about how much do you hink it would be? Any info would be helpful. Thank you.

Answer: I am terribly sorry for your loss, and pray that you have the strength to care for your other childrens. But you must earn money to be able to file a tax return.
From me to you:
The Reunion Heart (theis a heart with a missing piece)
Since Heaven has become your home'
I sometimes feel I'm so alone;
and though we now are far apart
you hold a big piece of my heart.
I never knew how much I grieve
when it was time for you to leave,
or just how much my heart woul ache
from that one fragment you would take.
God lets this tender hole remain
reminding me we'll meet again,
and one day all the pain will cease
when HE restores the missing piece.
He'll turn to joy my every tear
with thoughts of you "I hold so dear"
and they'll become my special way
to treasure our "Reunion Day".

Gates, Mullen defend request for $192B in war spending

The chairman of the Joint Chiefs of Staff said Tuesday the next 12 to 18 months will be critical to reversing momentum gained by insurgents in Afghanistan, with nothing short of the wartorn nation's security at stake.

Taking forward the G20 Tax Initiative

The Canadian Real Estate Association has come out with figures alarming to home sellers, but great for home buyers. With sales tumbling by 17 per cent in 2008, the market has been primed, but the prediction of another near-17 per cent tumble in 2009 indicates that the buyer's market isn't changing any time soon. Recent drops uphold the prediction of falling sales and the subsequent falling home prices that make Canadian homes a great buy for the real estate buyer.

In February of 2009, resale home prices dropped an average of 9.6 per cent in Canada alone. This summer, there has been an increasing amount of home purchases, but the market isn't rallying. Even new homes have experienced a slowdown, with new home prices down 3.3 per cent in June, from June 2008. Western Canada is currently experiencing the largest price drops.

All these statistics mean that it's a great time to buy for the Canadian home seeker. The market always turns around and by the time you are ready to move or sell, your home could be worth significantly more than you bought it for, especially in hot markets like Calgary, AB. This is potentially a long-term investment, but while you are waiting to realize it, you will have your own property to live on or rent out.

Real estate is the first best investment. Stocks will fluctuate, mines run out and popular items fall out of vogue, but people always need a place to live. With sensible investment in a good piece of property, you may not get rich, but you will be putting your money into something that can keep you financially stable, help with your taxes and solidify your position in the community. However, many Canadian millionaires made their money from careful real estate investment, so if you start on the road to multiple property ownership, you may realize financial success in ensuing years.

One important aspect of falling home sales is the corresponding fall in interest prices. Interest rates are at significant lows these days; something just as, if not more important than your actual home price. With low interest rates, you can lock in a rate that will take you through your entire mortgage with a payment cheaper than rent for a comparable property.

Now is the time to invest in Canadian real estate. Your investment now will be realized in the long term with equity and rising home values. You must have patience to realize your investment, but you will find that real estate is one of the most stable financial investments you can own and the one most calculated to bring you financial security.

Workers demand living wage from mall

The holiday wish list for the owners and stores at Queens Center Mall most likely included increased sales. It probably didn’t include being called a “publicly subsidized poverty wage center.”

Question: What is considered a True Gift when related to taxes?

I'm trying to determine if my business is giving true gifts to our members or is it considered taxable income.

My business gives our members rewards based on their participation with our clients similar to http://www.epinions.com/. Members have to follow rules and play by them if they wish to receive their rewards.

Here are my questions:

1. Can I consider the rewards given to members as a gift since they will never receive more then $12,000 annually and participate via the Internet?

1a. If the rewards are not true gifts then do members have to pay income taxes on their rewards?

2a. How would that effect my businesses tax reporting?

3a. Are members of websites like epinions considered employees?

Thank you.

Answer: No, a gift is given without the recipient doing anything for it - from your description, it's compensation for their activity, taxable income to them, and deductible by you. And no, they aren't considered employees, they are independent contractors.

It's Always Tax Season

If you want to get all the deductions and credits you qualify for, start planning now.

2010 Education Overview with CCIM Institute President Richard Juge, CCIM

Question: Is giuliani's gimmick strategy of dangling tax cuts going to work?

For decades every presidential candidate promising no new taxes has broken that promise after getting elected into office.

Answer: Gerald Ford, Ronald Reagan, Bill Clinton and this current George Bush ALL cut taxes. It's just that Ford, Reagan and Bush didn't cut YOUR taxes.

What Republican candidate doesn't dangle tax cuts as an election promise? They even promise to cut taxes that the previous Republican apparently didn't cut. In the past 39 years, 27 of them have seen a Republican President. And somehow through those 27 years, nothing satisfactory has been done on cutting taxes according to subsequent promises of tax cuts.

The most recent Republican President had a Republican Congress for the first 6 years of his Administration, yet new Republicans are STILL promising tax cuts. How is it the last guy didn't cut taxes? Are they arguing he didn't cut them enough? We know he did, but just not on the middle class. Then he spent lots and lots too.

Was HE lying when HE ran on promises of "tax cuts"?

Hardly. "Tax cuts" is nothing but still the same ol', same ol' buzzword phrase for "I'm against minorities on welfare".

But the last guy had a Republican Congress and still didn't cut welfare either. So the new guy now has to sound out his buzzword siren, but has the "safety" of a seated Democratic House on whom to blame HIS lack of middle class tax cuts and lack of eradication of welfare. Clearly the last guy couldn't be counted on for either.

My theory on the success or failure of the "tax cut" promise is this:

Tax cut promises work when Joe Six Pack thinks he's the only person out there struggling financially.

Tax cut promises fail when Joe Six Pack knows everyone else around him is also struggling financially.

ROBBINSVILLE: Fried announces layoffs, salary cuts

ROBBINSVILLE Mayor Dave Fried has announced a cost-cutting plan that includes the layoffs of six employees along with pay cuts of up to 10 percent and health-care cost increases for township workers.

Proof Tax Cuts Work