The Tax Questions Blog

Posts Tagged ‘taxes’

Question: how long are we required to keep receipts etc for business tax purposes?

Tired of boxes of receipts ect. how long does the irs require
me to keep my business records?

Answer: If you never filed, there is no time limit on that year. IRS has 3 years to audit you from the date the return is filed in a civil matter. If it is filed late, 3 years from the date filed.

For the Criminal Investigation Division it is longer. Very rarely does IRS CID become involved with regular folks. They stick to drug dealers, fraudsters, and tax protest kooks.

I'd say 4 years is plenty safe on filed returns, but 7 if you are a real worry wart.

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Question: Does the IRS have payment plans for people who can't afford to pay all their taxes at once.?

I heard the IRS penalties are so large that it would be better to use a low rate credit card to pay my taxes then set up a plan with the IRS, is this true?

Answer: Your Accounting GURU

Don't believe the hype: There are ways around everything: Penalty appeals, offer in compromises, the law of economic benefit: and many more.

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Ron Johnson Has Found A Creative Way To Recoup His Campaign Investment

Back in 2010, Wisconsin Democrat Russ Feingold lost his Senate seat in dramatic fashion to Republican Ron Johnson, an Oshkosh businessman-turned-Tea Party mantle-wearing political insurgent.

FOX NEWS Live: GE Pays No Taxes To IRS

Question: Obama Tax Plan. Good, Bad? Why?

I'm a neutral person when I ask this "How is doubling the capital gains tax a good idea?" Doesn't that scare the rich away who do indeed fund the country by buying stocks, paying their taxes, buy homes, sell homes etc, etc. Also "how is increasing Dividend Tax good, doesn't that hurt people in the stock market business?". The estate tax as well I heard that it will hurt farmers because their sons who will inherit the farm will have to pay 55% of the properties worth. Also, are we prepared for national health care? I don't think our country is even close to being economically savvy for this.

Answer: Sooner or later and lets hope it's sooner people are going to realize what the republicans all ready know and that is Obama is not only inexperienced but clueless and has no plan or ideas on how to fix a frigging thing he's just guessing every day and hopes they buy it but they aren't and pretty soon as things get even uglier his popularity will drop to ground zero and people will be screaming for his impeachment, right now he needs to listen to the republicans and fix the housing market asap because that's the key and forget about trying to channel money to his rat bastard friends that got him elected,man tell that fool the campaign is over and time to get real//// Biden hasn't a clue either and neither do those crooks Obama has surrounded himself with////

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Why the Street Should Love MIPS Technologies' Earnings

All cash flow is not created equal.

Funny 2008 Taxes- Ray Stevens

Question: I am an American living in Germany. How do I file my income taxes for 2007...do I pay only SS tax in the US?

I am an American citizen only, not a German citizen. As far as I know, I have to pay the 15% Social Security tax in the US or 19% Social Security tax inGermany. But the bottom line is I must pay into a least one system or the other for SS tax.

I am also self employeed in Germany so I think I file a 1040 with a Schedule D for foreign income in the US and then file a self employment income tax form with Germany.

I have asked the IRS, but I get different answers depending on who answers the phone that day. Is there a tax consultant anywhere out there that knows both German and American tax law?

I am trying to be proactive for the 2007 tax year so that I am not hit with big surprises from the US or Germany on April 15, 2008. I would really appreciate any links or information you may have as I want to pull my hair out with all this bureaucracy.

Answer: You must report all your world wide income, including the income in Germany on Form 1040. You must report all your self employment income on 1040. For the self employment income, you complete Schedule C.

If you have to pay taxes in Germany, which should be normally true, and if U.S. has a tax treaty with Germany (true for majority of countries), then you will fill Form 1116 to claim Foreign Tax credit on line 47 of Form 1040.
(In short, though you will declare your foreign income to IRS, claim credit for taxes paid in the foreign country and thus in most of the cases you will be paying no taxes or little on this income to the IRS).

Also if on April 15, 2008 you are out of the U.S., you get automatic extension of 2 months to file your return. In other words, due date for you is June 15, 2007. However, taxes must be paid by April 15, 2008, else interest will be charged.

For more information read IRS publication 54: Tax Guide for U.S. Citizens and Resident Aliens Abroad.

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Seventy-five area organizations lose tax-exempt status

Seventy-five area organizations are among 275,000 nationwide to lose their tax-exempt status for failure to file annual reports to the Internal Revenue Service for three consecutive years.

IRS - Tax Resolution Video | Bills.com

Question: Why do I have to pay self-employment taxes when my taxable income is 0?

My adjusted gross income is about $6000. With the standard deductions, my taxable income is zero. Turbo Tax says I owe over $1500 in taxes. If this were W-2 income and not self-employment wages (1099), I wouldn't owe any taxes for this year so why do I still have to pay so much?

Answer: You have to report self-employment tax if your adjusted gross income is $400 or over. If you were self-employed, and your net profit was 6000, you would owe c. 600 for regular Federal income tax and $847.77 for Self- employment, which is nothing but social insecurity tax. You will receive a credit for one-half of that on the front of your IRS Form 1040.
The reason the tax seems so high is probably because you did not send in estimated tax. Be sure to send in 100% of your 2007 income tax liability or 90% of your estimated 2008 income tax liability, spread over 4 quarters.

Begin saving all your receipts and keep records of all of your business related expenses if you have not done so already. You will have to go over your canceled checks and all you did last year to come with deductions that will knock down your income tax liability.

Government Prays a Bigger Sucker Is Out There: Jonathan Weil

Look through the footnotes in American International Group Inc.’s latest annual report, and you will see a long section analyzing the company’s ability to use past losses to offset future income-tax obligations.

I get family support from my former spouse. Is that considered taxable income?