The Tax Questions Blog

Posts Tagged ‘business’

Question: what does "you the whole package plus you pay your taxes" mean?

From song "Nothing on you" by B.O.B.

Not not not nothing on you babe
Not not nothing on you
Hands down there will never be another one
I been around and I never seen another one
Look at your style they ain't really got nothing on
And you out and you ain't got nothing on
Baby you the whole package plus you pay your taxes
And you keep it real while them other stay plastic
You're my wonder women call me mr. fantastic
Stop.. now think about it

what does this sentence mean?

"And you out and you ain't got nothing on
Baby you the whole package plus you pay your taxes"

Thank you very much

Answer: never heard the song (r the group) but i think -you the whole package means uv got beauty, body and brains.
plus you pay your taxes could mean that you actually get out and work.

but i think the whole phrase just means -- youre all that & a bag of chips!
(which after that statement the guy whistles, howls like a wolf, stomps his feet...:)

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Question: Business investment loss and tax claim question?

-I invested 60K into a new start up business in a form of a loan (have contract and documentations).
-30K has since been paid back
-a total of 50K still owed when you combined interest and loan amount still owed.
-the Company has went out of business

My questions are:
1) can I claim this in my tax? I believe it is for 3K per year and can carry over.
2) If I file jointly, does this 3K become 6K
3) Can I file for the 30K lost in investment or for the total 50K amount still owe to me? This 50K includes interest.
4) What documentation is need in case of an audit on this claim? Is my loan document with the Company CEO sufficient or do I need for documentation that the company went under?

thank you for your help

Answer: Short answers....

1) Yes.
2) No. It is $3000 per year on a joint return and $1500 per year on a separate return.
3) 30K. The $20k in lost interest is not deductible as it was never taxed in the first place. (Note: If you an accrual based tax payer and had be reported the unpaid interest as income, then it is deductible)
4) You must prove that you have exhausted all collection efforts. If the company filed Chap. 7, a copy of the bankruptcy listing your loan would be enough.

See a tax pro.

Can I Claim the Music I Buy As a Tax Deduction?

Question: i have an outdated california tax return check. how do i contact the state to reissue a new check?

just recently found a piece of mail with my california state tax return check from 2005. the check is outdated and im unable to cash it. how do i contact or who do i contact for a new check to be reissued?

Answer: Not their fault that you didn't cash the check. Probably won't re-issue it but you could contact the California Department of Revenue and ask them what to do.

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Question: How is Income Tax unconstitutional if its written in the Constitution?

Doesnt the definition of "unconstitutional" mean its not in the constitution or constitution specifically says that its not allowed? Under the 16th Amendment, income tax is legal. What do people mean when they say something is Unconstitutional???
if the majority of people hate it so much, why hasnt anyone voted to eliminate income tax? Whats taking so long?

Answer: State income tax is constitutional.
Federal income tax is UNconstitutional because the 16th amendment was NEVER LEGALLY ratified. Meanwhile the FEDS are all laughing at us while wasting our money on caribbean trips and private jets.

C - FEDERAL Income TAX IN US IS ILLEGAL - Ex IRS AGENT INFORMS US ALL - PART 2