The Tax Questions Blog

Posts Tagged ‘financial’

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Question: I owe student loans and haven't started paying on them, when my husband and I file taxes will the IRS take it.?

And would it be better if we filed separately or jointly. If separate will they still take the taxes? Also will they still take it if I start to pay on them.btw the loans are not in a collection agency they r just like a month behind from the amount that I have to pay a month. So will they take the whole amount from the loan or just the amount I pay a month...someone please help me
one last thing, if i get a deferment and don't pay on it...which by the way is like 177$past due on the amount will they still take the taxes. or if i pay the past due amount and it is still in deferment will they still take them. or what if they are in delinquent status and i pay the 177 month past due amount will they take them? please someone help me

Answer: generally better to file MFJ.
only choice is MFJ or MFS
there is an injured spouse provision to protect hubby

IF you are delinquent on student loams YES, IRS can offset refund by amounts due
Are you in deferment, or delinquent or in default?? Get those payments up to date before yearend
IRS can and will grab refunds for deadbeat taxpayers who have delinquent child support, back taxes, student loans

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Penalties For Failure To Comply With NRA Withholding And 1042-S Information Reporting

On August 4, 2010 the IRS announced, “executing our international strategy is a top priority, and our work continues to intensify in this area.”

Tax Forms & Deductions : How to File Taxes in a Community Property State

Question: Would yields would be higher or lower on taxable bonds?

Answer: Yields should be higher on taxable versus tax-free bonds.

The Bond Book, Third Edition: Everything Investors Need to Know About Treasuries, Municipals, GNMAs, Corporates, Zeros, Bond Funds, Money Market Funds, and More $18.37 Everything on Treasuries, munis, bond funds, and more! The bond buyer’s answer book—updated for the new economy “As in the first two editions, this third edition of The Bond Book continues to be the ideal reference for the individual investor. It has all the necessary details, well explained and illustrated without excessive mathematics. In addition to providing this essential content, it is...

The Fundamentals of Municipal Bonds, 5th Edition $30.69 Praise for the Classic Guide to the Bond Market"This is simply the most comprehensive, useful look-it-up book on municipal bonds I've ever read (said with all due respect to The ABC of Municipal Bonds my dad wrote in 1937 when I was nine). Read Fundamentals cover to cover. I'm keeping mine in my briefcase, under my arm, at my fingertips. No accountant, financial advisor, attorney, new bond salesma...

The Bond Book: Everything Investors Need to Know About Treasuries, Municipals, GNMAs, Corporates, Zeros, Bond Funds, Money Market Funds, and More $4.29 In today’s volatile financial environment, growing numbers of investors are looking to flee the stock market in search of safer ground. While the bond market has often been a “safe haven,” confusing new bonds and bond funds make it increasingly difficult for unfamiliar investors to choose the correct fixed income investments. The Bond Book provides investors with the information and tools th...

Fitch Rates Eagle Pass, Texas GO Bonds 'A'; Outlook Stable

AUSTIN, Texas--(BUSINESS WIRE)--Fitch Ratings has assigned an 'A' rating to Eagle Pass, Texas general obligation (GO) bonds as follows: --$6.895 million GO tax refunding bonds, series 2010. The bonds will be sold via negotiation on Oct. 13, 2010. Proceeds will be used to refund series 2007 combination tax and limited pledge revenue certificates of obligation (COs). In addition, Fitch affirms the ...

Wealth Enhancement & Behavioral Finance, Intelligent Indexing

Question: My girlfriend did not file taxes the last 3 years and now has done them and owes 14k will IRS take settlement?

Is there a way about going where the IRS will take a settlement 2 of the 3 years she did not even know she was supposed to file what possible avenues does she have she has already sent in her last 3 years state and federal to the IRS and her accoutant said that she needs to contact them to see if they can work something out is there a certain way to pay less any help would be appreciated thanks
she is unemployed doesthat makea difference

Answer: From the IRS:
Application Available for Reduced Installment Agreement User Fee
WASHINGTON — The application for requesting a reduced fee for entering into an installment agreement for the payment of federal taxes owed is available, the Internal Revenue Service announced today. Form 13844, Application for Reduced User Fee for Installment Agreements, is used to request the reduction. The IRS is working to automate the application process to calculate the appropriate user fees up front, eventually phasing out Form 13844.
Effective January 1, 2007, user fees rose to $105 for non-direct debit agreements, $52 for direct debit agreements and $45 for reinstatements. Individuals entering into an installment agreement with income at or below certain established levels, based on the Department of Health and Human Services poverty guidelines, can apply to pay a reduced user fee of $43 for new agreements. This also includes agreements where payments are deducted directly from a bank account. Form 13844 contains steps an individual can use to determine if they qualify for a reduced fee. Qualified applicants should submit the form to the IRS within 30 days from the date of their installment agreement acceptance letter.
Form 13844 does not prevent an applicant’s current year refunds, if any, from being applied to prior taxes being paid in installments or to prior taxes the IRS has deemed currently not collectible. To be eligible for an installment agreement, a taxpayer must first file all tax returns they are required to file and be current with estimated tax payments, if applicable.
The reduced user fee for individuals with incomes at or below the established levels does not apply to corporations or partnerships. And there are no user fees for continuous wage levies initiated by IRS collection personnel. Form 13844 should not be filed for these situations. Form 13844 is available in the Forms and Publications section of the IRS Web site at IRS.gov or may be ordered by calling toll-free 1-800-TAX-FORM (1-800-829-3676).
Contact IRS at 1-800-829-0922
IR-2006-196, IRS Announces Installment Agreement User Fee Increases for Some Taxpayers
IR-2006-159, IRS Announces Online Payment Agreement Application
Payment Plans, Installment Agreements

You really need to contact an enrolled agent. She/he can negotiate a plan for you if you show sincerity toward the IRS that you want to pay this debt. Enrolled agents are professional tax practitioners who have technical expertise in the field of taxation, and are licensed to represent taxpayers before the Internal Revenue Service at all administrative levels. Moreover, enrolled agents are the only tax practitioners required by Federal law to maintain their expertise through continuing professional education.

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Beware of IRS’ 2010 “Dirty Dozen” Tax Scams

The Internal Revenue Service today issued its 2010 “dirty dozen” list of tax scams, including schemes involving return preparer fraud, hiding income offshore and phishing.

IRS TAX TIPS: All About IRS.gov (ASL, CAPTIONS,& AUDIO)

Question: need help please on taxes?

how long does the irs require you to keep your old tax returns on a business

Answer: Since they're allowed to go back 7 years for a normal audit, I recommend a minimum of 7 years. (They can go back futher than that for outright fraud - but if you're not shady, 7 years is fine)

Ten Things You Should Know About 1099s

They're arriving in the mail now. Don't ignore them, or you could be buying trouble with the IRS.

Michigan Earned Income Tax Credit - You Earned It - You Keep It

Question: Inherited US savings bonds questions - taxes?

Series I bonds from mother's estate were jointly owned by mother and a child. Three of the five children's bonds remain. (The other two batches were redeemed to help finance a new home for mother.) Now we need to distribute those bonds and other funds equally to the five children. Since the bonds have different accumulated interest (ranging from $2000-$5000) and everyone's tax rate is different - what is the best way to fairly distribute these bonds? The I Bonds are now paying almost 8%!! OR, can the bonds be cashed and taxable to the estate? OR, is there some way to do this that I haven't considered. THANKS in advance for any help!!!!

Answer: I am not sure about I-bonds, but MOST assets are inherited at the MARKET value on the date of death. That means any interest accrued up to the date of death is NOT taxed to anyone.

Leader Short Term Bond Fund (LCCMX) Declares Capital Gain Distribution

PORTLAND, Ore.----The Leader Short Term Bond Fund announced a short term capital gain distribution of $0.10 per share on December 28th, 2009 to shareholders.

Where do bond funds fit in your portfolio?