The Tax Questions Blog

Posts Tagged ‘tax’

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How advance EITC can add to employees' take-home pay year-round : advanced earned income tax credit (SuDoc T 22.44/2:1844/2000) ...

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Sheriff Al Lamberti to jail deputies: Take demotions or be laid off

Sheriff plans to lay off more than 200 if they don't accept pay cut Broward Sheriff Al Lamberti announced Monday he'll lay off more than 200 jail deputies who won't accept a job downgrade and $10,000 pay cut. He said there are scores of applicants who'd gladly take their jobs if they don't want them.

Employees pay the most in taxes and are most at risk for financial disaster

Question: On what line of which IRS tax form do I report income from my UK Old Age Pension?

I am a naturalized U.S. citizen (formerly a British citizen) living in the United States. Because I worked for many years in the UK, I am entitled to a UK Old Age Pension. I understand that this pension income is taxable, but I can't figure out how to report this income to the IRS since I did not receive a 1099-R from the British government.

Answer: If it's the equivalent of social security (a public pension scheme) not a private pension or a pension for government work, put the amount on the line for social security.

Evergreen Mutual Fund Library 5 VHS Videos: Tax Free Investing / Balanced Investing / Growth Investing / Growth & Income Investing / International & Global Investing [5 VHS Videos] $199.99 Five VHS Videos from the Evergreen Mutual Library. Includes: Tax Free Investing. Balanced Investing. Growth Investing. Growth & Income Investing. International & Global Investing. Evergreen Funds is a broadly diversified asset management organization, with products and services distributed across several lines of business...managing diverse investments such as institutional portfolios, mu...

Federal Income Tax: Examples and Explanations (Examples & Explanations) $24.00 A favorite among law students and professors alike, the Examples & Explanations series is ideal for studying, reviewing and testing your understanding through application of hypothetical examples. Authored by leading professors with extensive classroom experience, Examples & Explanations titles offer hypothetical questions in the subject area, complemented by detailed explanations that allow you t...

Individual Taxation: History and Data Gathering (Taxation and Accounting) TABLE OF CONTENT: Expansion of the Tax Code; From Internal Taxes to Tariffs; Civil War Support; Commissioner of Internal Revenue; Sin Tax Replaces Income Tax; Origin of the IRS Enrolled Agent; Back to Income Tax Base; Sixteenth Amendment; IRS New name in 1950s; IRS reorganization in 1998; Form 1040 Filing Highlights from 2006; Tax Year 1913 Form 1040; Data Gathering; Information Returns; Types of ...

Advantages of converting to a Roth IRA this year

2010 is the first year that taxpayers with more than $100,00 of income can convert to a Roth IRA. 2010 also may be the best year for taxpayers to do a Roth IRA conversion because of the scheduled tax increases in future years. In addition, after 2010, increasing income could cause a person's invest...

IncomeTax IRS HOAX pt1a.mov

Question: When do you have to start paying taxes and what is an audit?

I'm only 18. I've heard so much about people paying taxes and how stressful it is and I was wondering when do people become required to start paying taxes? And, in a nutshell, what is an audit?

Answer: It's based on income.

Even some babies have to pay taxes (say if they model in a commercial).

As a dependent, you filing requirement beings with more than $900 of investement income, or more than $5700 in wages, or more than $400 of self-employment income or wages plus more than $300 of investment income.

As far as an audit goes, these are when people claim adjustments, deductions, or credits and the IRS asks them to prove they were eligible for the item. I assume I am audited every year, so every item on my taxes is one binder with the return. If I'm asked to show how I calculated a number (say charity donations), I whip out that section of the binder, fax a copy in, end of story.

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Clegg tells banks to show restraint on bonuses

Deputy prime minister Nick Clegg said banks should show restraint when setting bonuses this year hinting they could be hit by higher taxes if they do not.

The Greecing of America, Simplified

Question: Indian house rent and income tax deductions?

Hi,
In India if I am not getting a House Rent Allowance (HRA) but I am renting a flat, can I get any any income tax relief in this situation? If so how is the deduction in taxable income calculated?

Answer: Section 80GG
DEDUCTIONS IN RESPECT OF RENTS PAID.
In computing the total income of an assessee, not being an assessee having any income falling within clause (13A) of section 10, there shall be deducted any expenditure incurred by him in excess of ten per cent of his total income towards payment of rent (by whatever name called) in respect of any furnished or unfurnished accommodation occupied by him for the purposes of his own residence, to the extent to which such excess expenditure does not exceed two thousand rupees per month or twenty-five per cent of his total income for the year, whichever is less, and subject to such other conditions or limitations as may be prescribed, having regard to the area or place in which such accommodation is situated and other relevant considerations :
Provided that nothing in this section shall apply to an assessee in any case where any residential accommodation is - (i) Owned by the assessee or by his spouse or minor child or, where such assessee is a member of a Hindu undivided family, at the place where he ordinarily resides or performs duties of his office or employment or carries on his business or profession; or
(ii) Owned by the assessee at any other place, being accommodation in the occupation of the assessee, the value of which is to be determined under sub-clause (i) of clause (a) or, as the case may be, clause (b) of sub-section (2) of section 23.
Explanation : In this section, the expressions "ten per cent of his total income" and "twenty-five per cent of his total income" shall mean ten per cent or twenty-five per cent, as the case may be, of the assessee's total income before allowing deduction for any expenditure under this section.

HMT

As Cost Basis Regs Loom, Brokers Ponder

Industry participants say brokers have made a lot of progress toward meeting new cost-basis reporting requirements from the Internal Revenue Service, which take effect in January, but further progress is necessary.

Calculating Taxes : How to Calculate Sales Tax

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.

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?