The Tax Questions Blog

Posts Tagged ‘tax’

Question: What is taxable income in canada?

cash gift by relative is taxable

Answer: as i understand this varies according to the state;for example in ontario state, basic amount of 8553 and upwards is taxable, while in qubec 12,188 and upward will be taxed. pl. check the local state tax laws, you might get a better handle

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Raymond Gonzalez: Estate planning and the 2010 tax-relief legislation

The "Tax Relief, Unemployment Insurance Reauthorization, and Job Creation Act of 2010" set a $5 million exclusion amount for the estate tax, gift tax and generation-skipping tax. The exclusion means that estates below $5 million do not owe federal estate tax.

Shahrukh Khan asked to pay income tax on Dubai villa by indian Tax Department

Question: If the Federal Income Tax is illegal, why can't we all just break the law too?

I don't understand how this has been around since 1913 ILLEGALLY
& it STILL hasn't been changed.
If both Obama & McCain don't care to abolish the Federal Reserve like Ron Paul would've done,
& the other candidates are being hidden
& so no one will vote for them,
what are we supposed to do to stop the ILLEGAL taxing when everyone is corrupt
& our candidates are being picked for us when there are 10?
Why can't I just go out and rob people without going to jail too??

Answer: The Federal Income Tax was created by the 16th Amendment to the Constitution. The Constitution is the law of the land. Hence, the income tax is legal. Nothing in the US Constitution is illegal.

Reliance Communications Net Income Beats Estimates

Reliance Communications Ltd., India’s second-largest mobile-phone operator, reported profit that beat analysts’ estimates, helped by income from non- wireless operations and a tax gain.

D - FEDERAL Income TAX IN US IS ILLEGAL - Ex IRS Agent INFORMS US ALL - PART 1

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) ...

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?

Taxable and nontaxable income (SuDoc T 22.44/2:525/990) ...

Community Bankers Trust Corporation Reports 4th Quarter and Annual Results for 2010

Community Bankers Trust Corporation , the holding company for Essex Bank , today reported fourth quarter 2010 Â net income available to common stockholders of $2.4 million, or $0.11 per fully diluted common share.

Question: contributing to retirement plane to reduce taxable income?

How does 401K and pre tax IRA work with max contributions for 2008 tax year? I know max 401k is $15,500 (Im only 40yrs). How much can be contributed to an IRA after 15500? How about a non working wife what can she contribute to a retirement plan?

Answer: For pre-tax IRA , you will need to meet threshold limits set by the IRS. The limit for 2007 is $4000 . You and your wife can contribute $4000 "each" if and only if you meet the threshold limit. Limit of IRA contributions are not affected by 401k contributions and vice versa.

Personally, I would look at the Roth IRA. Withdrawals from both the 401k and pretax IRA are taxed when you retire but withdrawals from the Roth IRA is tax free.

Check the following IRS website.

http://www.irs.gov/taxtopics/tc451.html

Using deductions and credits to reduce taxable income (Personal financial planning portfolio) ...

Higher Operating Rates Boost Interfor's Q4 Results; Sales to China Continue to Increase; EBITDA Up 37% vs. Q3

VANCOUVER, BRITISH COLUMBIA--(Marketwire - Feb. 9, 2011) - INTERNATIONAL FOREST PRODUCTS LIMITED (TSX:IFP.A) ("Interfor" or the "Company") reported net income of $0.6 million or $0.01 per share in the fourth quarter of 2010. Included in the Company's accounts for the quarter was a tax valuation allowance of $0.1 million and other one-time items of $0.1 million. E

Reduce Taxable Income for Small and Medium Size Businesses