The Tax Questions Blog

Posts Tagged ‘rates’

If you're new here, you may want to subscribe to my RSS feed. Thanks for visiting!

Question: Has non taxable conveyance allowance been increased to Rs.3000/-?

Answer: Conveyance Allowance - Rs 800/- p.m. is tax free u/s 10

HMT

Long-term taxable travel income tax reimbursement allowance (ITRA) package (SuDoc T 22.2/15:11751) ...

J.K. Lasser's Your Income Tax 2013: For Preparing Your 2012 Tax Return $12.96 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...

PassKey EA Review, Complete: Individuals, Businesses and Representation: IRS Enrolled Agent Exam Study Guide, 2013-2014 Edition $139.33 Learn how to become an enrolled agent with PassKey's comprehensive EA Review study program, newly revised and thoroughly updated for tax year 2012. The numerous sample questions and answers at the end of each chapter prepare you for the EA exam offered during the May 1, 2013 to February 28, 2014 testing window. This is an in-depth study guide for all three parts of the IRS enrolled agent exam. Us...

Mackinac Financial Corporation Announces 2010 Results of Operations/Asset Quality

MANISTIQUE, MI--(Marketwire - February 11, 2011) - Mackinac Financial Corporation ( NASDAQ : MFNC ), the holding company for mBank, reported a loss of $1.160 million or $.34 per share, for the year ended December 31, 2010, compared to a net income of $1.907 million, or $.56 per share, for 2009. Weighted average shares outstanding for both years amounted to 3,419,736.

What Is Disability Living Allowance?

Question: What do we do when the IRS does an audit from 2005 and shows we had more income than reported on our return?

This extra income that they found was from part of an oil settlement inheritance through my father's estate. I was told by my estate lawyer that inheritance money is not taxable and I had the check made payable in my name, so it didn't actually go through the estate. The lawyer handling the oil settlement had me send in all the paperwork needed to show that my brother and I were the children and ones being the direct heirs. Is there any way to refute this? Sorry this is so long, but it is a little complicated. Would appreciate any advice:)

Answer: You need to get documentation to show that the money was in fact an inheritance. You may or may not owe tax depending on several factors. If you can show that the money was from an inheritance then that helps your argument for some/maybe all of it to be tax exempt. If you can not convince the revenue agent who is examining your return you can talk to his/her manager and then appeal it if you can show it was truly an inheritance.
You should get a good CPA or tax attorney to help you through this. I don't think I would use the same attorney as before.
Hope this helps.

Taxpertise: The Complete Book of Dirty Little Secrets and Tax Deductions for Small Businesses the IRS Doesn't Want You to Know $10.71 Keep Your Money! Taxpayer champion and enrolled agent Bonnie Lee puts the IRS under the microscope and uncovers proven methods, and surprisingly simple strategies to minimize your taxable income, maximize deductions, and, ultimately-add thousands back to your business' bottom line! Do you owe an insurmountable sum to the IRS? Pay pennies on the dollar. Secret formula the IRS uses to determine an...

Basics of Trust Administration -- California $20.40 Patricia K. Rice is a certified paralegal living in Northern California who, for the last ten years, has worked for an attorney certified by the State Bar of California in Probate, Estate Planning, and Elder Law. Ms. Rice administered her first trust in 1...

PassKey EA Review Workbook, Three Complete Enrolled Agent Practice Exams 2012-2013 Edition $44.69 THIS BOOK IS OUT OF PRINTNEW EDITION IS RELEASED MARCH 1, 2013This is a workbook of three complete enrolled agent exams, with detailed answers, to accompany the PassKey EA Review course books. This book includes a full practice exam on:Individuals, Businesses, and Representation. The practice exams follow the Prometric exam format. All of the answers are clearly explained in the answer section in ...

Relocating to Gibraltar

There are many factors which would attract someone to relocate to Gibraltar. Situated on the southern tip of the Iberian peninsula, "the Rock" enjoys a temperate Mediterranean climate with mild winters and warm summers.

Credits, Stocks & Pension : Do You Pay Income Tax on an Inheritance?

Question: For the purpose of taxable income, is a married couple counted as 2 seperate people?

Each with their own personal allowances etc?
In the UK.

Answer: Yes, long gone are the days when the wife's income was deemed to be that of her husband. They each have their personal allowances, which are not transferable one to the other, and they only get a marriage allowance if one of them was born before 05/04/1935.
If one spouse is Higher Rate, the other spouse's income was not taken into account, and the lower paid spouse gets the same rate bands as anyone else.

Personal Finance $15.10 What you really need to know about personal finance!High levels of unsecured debt, diminishing pensions, and rising student fees are just some of the mounting financial challenges we face today – are we equipped to cope?Personal Finance is an innovative new book aimed at anyone who would like to build ability and confidence in making financial decisions. It distils important but complex concep...

Personal Finance $47.13 Personal Finance is an innovative new book aimed atanyone who would like to build ability in making financial decisions. It distills important but complex concepts into useable form and relates them to actual experience. Written by a team of specialists, this is a "must have" book for anybody that wants their money to work as hard as they do....

Personal Taxation Fa 06 $44.64 ...

Greenacres meeting erupts in shouts as council rejects Pearce's call to trim car allowances, lobbying trips, charity ...

Greenacres meeting erupts in shouts as council rejects Pearce's call to trim car allowances, lobbying trips, charity fund

Question: The Talley Corporation has a taxable income of $365,000 from operations after all operating costs but before (?

The Talley Corporation has a taxable income of $365,000 from operations after all operating costs but before (1) interest charges of $50,000, (2) dividends received of $15,000, (3) dividends paid of $25,000 and (4) income taxes. What are the firms income tax liability and its after tax income? What are the company’s marginal and average tax rates on taxable income?

Please help!!

Answer: Here is the calculation for the problem below:

Income $365,000
Less Interest deduction (50,000)
Plus: Dividends received 4,500
Taxable income $319,500
70% of dividends received are excluded from taxes = $15,000(1 - 0.70) = $4,500.

Tax = $22,250 + ($319,500 - $100,000)*0.39
Tax= $22,250 + $85,605 = $107,855.

After-tax income:
Taxable income $319,500
Taxes (107,855)
Plus Non-taxable dividends received 10,500
Net income $222,145
Non-taxable dividends: $15,000 x 0.7 = $10,500.

Marginal tax rate is 39 percent
Average tax rate is $107,855/$319,500 = 33.76%.

Personal Finance For Dummies $9.83 The proven guide to taking control of your financesThe bestselling Personal Finance For Dummies has helped countless readers budget their funds successfully, rein in debt, and build a strong foundation for the future. Now, renowned financial counselor Eric Tyson combines his time-tested financial advice along with updates to his strategies that reflect changing economic conditions, giving you a be...

Investing For Dummies $9.97 Proven investing advice from Eric TysonInvesting For Dummies arms novice investors with Eric Tyson's time-tested advice along with updates to his investing recommendations and strategies that reflect changing market conditions. You'll get coverage of all aspects of investing, including how to develop and manage a portfolio; invest in stocks, bonds, mutual funds, and real estate; open a small busin...

PHR / SPHR: Professional in Human Resources Certification Study Guide $31.55 Updated edition of best-selling guide for PHR and SPHR candidates The demand for qualified human resources professionals is on the rise. The new Professional in Human Resources (PHR) and Senior Professional in Human Resources (SPHR) exams from the Human Resources Certification Institute (HRCI) reflect the evolving industry standards for determining competence in the field of HR. This new edition o...

Fitch Rates Louisville-Jefferson Co Metro Gov't, KY GO Bonds 'AAA'; Outlook Stable

NEW YORK--(BUSINESS WIRE)--Fitch Ratings assigns an 'AAA' rating to the following Louisville-Jefferson County Metro Government, Kentucky (the metro government) obligations: --$1,970,000 general obligation (GO) bonds, series 2010B; --$7,400,000 taxable GO bonds (qualified energy conservation bonds-direct pay), series 2010C. The bonds are scheduled for competitive sale the week of Sept. 13, 2010 ...

What Are Municipal Bonds? - Profit From Municipal Bonds

ING Clarion Global Real Estate Income Fund "IGR" Declares Monthly Distribution for July

PHILADELPHIA----The Board of Trustees of the ING Clarion Global Real Estate Income Fund , which trades on the New York Stock Exchange under the symbol “IGR”, declared a monthly distribution of $0.045 per share for the month of July 2010.

Authors@Google: Ramit Sethi