How could a carbon tax replace the income tax?
Q. If the US wanted to finance the federal government entirely thru a carbon tax (or oil tax or gasoline tax), how high a tax rate would be needed to finance the government and replace the income tax and all other revenues? How much would that add to cost of a gallon of gasoline?
Asked by joesq - Wed Dec 5 01:49:23 2007 - - 1 Answers - 0 Comments
A. As a practical matter it wouldn't work. It would have to start at something absurd like $20 or more per gallon. That would force conservation measures -- today's Toyota Prius would quickly become regarded as a gas guzzler -- but the resulting reduction in consumption would force the tax rate to rapidly spiral out of control. If consumption was cut by 80%, the tax would have to increase five fold to maintain the same revenue stream. Imagine a $2,000 fill-up at the gas station. Forget about the immediate social impact. The urban poor might actually fare pretty well initially with public transportation readily available, but the rural poor would literally be left out in the cold as they typically depend upon older inefficient cars and… [cont.]
Answered by Bostonian In MO - Wed Dec 5 05:58:35 2007
Q. If the US wanted to finance the federal government entirely thru a carbon tax (or oil tax or gasoline tax), how high a tax rate would be needed to finance the government and replace the income tax and all other revenues? How much would that add to cost of a gallon of gasoline?
Asked by joesq - Wed Dec 5 01:49:23 2007 - - 1 Answers - 0 Comments
A. As a practical matter it wouldn't work. It would have to start at something absurd like $20 or more per gallon. That would force conservation measures -- today's Toyota Prius would quickly become regarded as a gas guzzler -- but the resulting reduction in consumption would force the tax rate to rapidly spiral out of control. If consumption was cut by 80%, the tax would have to increase five fold to maintain the same revenue stream. Imagine a $2,000 fill-up at the gas station. Forget about the immediate social impact. The urban poor might actually fare pretty well initially with public transportation readily available, but the rural poor would literally be left out in the cold as they typically depend upon older inefficient cars and… [cont.]
Answered by Bostonian In MO - Wed Dec 5 05:58:35 2007
When filling out tax forms for your employer, what number do you claim to have more taxes withheld?
Q. If you have more tax withhelf, you get a refund during income tax season. If you get more money on your paycheck you end up paying taxes. I don't want that to happen to me so on my VA tax forms, what do I claim?
Asked by shylee2482 - Mon Jun 2 09:37:52 2008 - - 3 Answers - 0 Comments
A. The smaller the number, such as zero, the MORE taxes/withholding are taken out. The bigger the number, the LESS taxes/withholding are taken out. I always claim zero in order not to owe taxes come tax time. My paycheck is smaller, but it is better than having to come up with money to pay taxes in April!
Answered by g g f - Mon Jun 2 09:47:22 2008
Q. If you have more tax withhelf, you get a refund during income tax season. If you get more money on your paycheck you end up paying taxes. I don't want that to happen to me so on my VA tax forms, what do I claim?
Asked by shylee2482 - Mon Jun 2 09:37:52 2008 - - 3 Answers - 0 Comments
A. The smaller the number, such as zero, the MORE taxes/withholding are taken out. The bigger the number, the LESS taxes/withholding are taken out. I always claim zero in order not to owe taxes come tax time. My paycheck is smaller, but it is better than having to come up with money to pay taxes in April!
Answered by g g f - Mon Jun 2 09:47:22 2008
Can taxes from my groceries receipts be included when I file my tax?
Q. I heard from other people that they itemized all the receipts from groceries and other items that has taxes on them and they include this when they file their tax. They don't own businesses so I don't get how they can do this. Is there a separate form that I can fill out to include all my expenses that has taxes on them?
Asked by wise investment - Thu Feb 21 21:09:00 2008 - - 3 Answers - 0 Comments
A. If you itemize you can deduct either your income tax or sales tax paid during the year. Even if you elect to deduct the sales tax you paid you don't have to save all of your receipts. You can save them or you can use a table the IRS has that shows the average amount of sales tax a taxpayer who has the amount of income you have would spend. Also, if you elect sales tax you can add tax from certain large purchases, such as SUV, RV, boat, offroad vehicles, etc. You have to look at both and see which is largest.
Answered by just me - Thu Feb 21 21:18:32 2008
Q. I heard from other people that they itemized all the receipts from groceries and other items that has taxes on them and they include this when they file their tax. They don't own businesses so I don't get how they can do this. Is there a separate form that I can fill out to include all my expenses that has taxes on them?
Asked by wise investment - Thu Feb 21 21:09:00 2008 - - 3 Answers - 0 Comments
A. If you itemize you can deduct either your income tax or sales tax paid during the year. Even if you elect to deduct the sales tax you paid you don't have to save all of your receipts. You can save them or you can use a table the IRS has that shows the average amount of sales tax a taxpayer who has the amount of income you have would spend. Also, if you elect sales tax you can add tax from certain large purchases, such as SUV, RV, boat, offroad vehicles, etc. You have to look at both and see which is largest.
Answered by just me - Thu Feb 21 21:18:32 2008
When doing work for Tax Exempt church, should I still include sales tax for materials I buy to do the work?
Q. I'm a small contractor in Texas. I'm bidding on a project for a Church that is Tax Exempt. I won't charge the tax to perform the project, but what about the materials I buy? Will the tax exempt form clear me from having to pay for taxes on them, and how what type of paper work in involved when doing the books? Thanks.
Asked by halenstone2 - Mon May 12 09:51:00 2008 - - 2 Answers - 0 Comments
A. If you bought the materials and paid tax, yes you charge them for the tax. If they bought the material it was likely tax exempt and they didn't pay the tax. So yes, charge them what is fair.
Answered by Its Me - Mon May 12 09:54:40 2008
Q. I'm a small contractor in Texas. I'm bidding on a project for a Church that is Tax Exempt. I won't charge the tax to perform the project, but what about the materials I buy? Will the tax exempt form clear me from having to pay for taxes on them, and how what type of paper work in involved when doing the books? Thanks.
Asked by halenstone2 - Mon May 12 09:51:00 2008 - - 2 Answers - 0 Comments
A. If you bought the materials and paid tax, yes you charge them for the tax. If they bought the material it was likely tax exempt and they didn't pay the tax. So yes, charge them what is fair.
Answered by Its Me - Mon May 12 09:54:40 2008
Is sales tax charged on Income tax preparation in Ohio?
Q. When someone gets their income taxes done (specifically in Ohio) is there a sales tax that is added to the cost of the preparers fees. If so is it charged on the total amount due/refunded or on the charge for the tax preparation itself?
Asked by Donald C - Mon Jan 7 19:08:33 2008 - - 1 Answers - 0 Comments
A. Looking at the ohio state tax faq section, Tax prep is not listed as a service subject to the sales tax, so I was say, no, preperation of a tax return isn't subject to sales tax in Ohio. I hope that helps.
Answered by Michael K - Tue Jan 8 16:34:45 2008
Q. When someone gets their income taxes done (specifically in Ohio) is there a sales tax that is added to the cost of the preparers fees. If so is it charged on the total amount due/refunded or on the charge for the tax preparation itself?
Asked by Donald C - Mon Jan 7 19:08:33 2008 - - 1 Answers - 0 Comments
A. Looking at the ohio state tax faq section, Tax prep is not listed as a service subject to the sales tax, so I was say, no, preperation of a tax return isn't subject to sales tax in Ohio. I hope that helps.
Answered by Michael K - Tue Jan 8 16:34:45 2008
Are there tax benefits if I get a business lisense for selling things on online auctions?
Q. I'm thinking about turning my online selling into a business, and I'm trying to get a feel for the tax-related pros and cons of making it official. Here are 2 questions: (1) I understand that I can write off business expenses on my tax returns. That includes computer equipment, trips overseas to purchase merchandise, etc. But I've never itemized my tax return before. Would I get more money back if I start a business, and then itemize my deductions rather than just taking the default deduction like I always do? (2) If I make my online selling into an official business, will I have to pay extra business-related taxes?
Asked by Jack - Mon Apr 16 17:29:57 2007 - - 2 Answers - 0 Comments
A. It would be worthwhile for you to get a book, do some research and study the different types of corporate structure - sole proprietorship, LLC, or corporation. They behave differently in terms of how you handle money, the work of organizing, and how profits are encapsulated and taxed. Think about which one will serve you the best as compared to what you're doing now, which may also be fine. I don't believe it'll cause new taxes but you're sure to run into fees on corporate structures like the above. I would expect you'd also be required to pay state sales tax on in-state sales. (can you pass that onto the buyer or would that blow a competitive edge?) Also, you may find that as a business, you pay more for the same services than a… [cont.]
Answered by Wolf Harper - Mon Apr 16 18:04:55 2007
Q. I'm thinking about turning my online selling into a business, and I'm trying to get a feel for the tax-related pros and cons of making it official. Here are 2 questions: (1) I understand that I can write off business expenses on my tax returns. That includes computer equipment, trips overseas to purchase merchandise, etc. But I've never itemized my tax return before. Would I get more money back if I start a business, and then itemize my deductions rather than just taking the default deduction like I always do? (2) If I make my online selling into an official business, will I have to pay extra business-related taxes?
Asked by Jack - Mon Apr 16 17:29:57 2007 - - 2 Answers - 0 Comments
A. It would be worthwhile for you to get a book, do some research and study the different types of corporate structure - sole proprietorship, LLC, or corporation. They behave differently in terms of how you handle money, the work of organizing, and how profits are encapsulated and taxed. Think about which one will serve you the best as compared to what you're doing now, which may also be fine. I don't believe it'll cause new taxes but you're sure to run into fees on corporate structures like the above. I would expect you'd also be required to pay state sales tax on in-state sales. (can you pass that onto the buyer or would that blow a competitive edge?) Also, you may find that as a business, you pay more for the same services than a… [cont.]
Answered by Wolf Harper - Mon Apr 16 18:04:55 2007
What is the cause for tax payable account?
Q. What might be the reasons for the tax payable account? Why don't the company pay the tax right away but have to wait for some time and pay it in the future? Deferred tax asset result from an excess of tax payable over income tax expense. Does it mean the company paid tax more than it should have paid? I just got a bit confused of it. How could this siutation happen in real life? Could you explain it to me by giving the example? Thank you very much.
Asked by vicki - Sat Feb 2 23:25:24 2008 - - 1 Answers - 0 Comments
A. The IRS dictates how and when businesses turn in the tax money they collect from the employees' paychecks. Depending on how much you collect, you are either a weekly, semimonthly, monthly or quarterly depositer. Most are monthly. In order to make the IRS bookkeeping easier, they would rather you pay one lump sum each month instead of every time you write a paycheck. Especially since if you made a mistake and had to rewrite a check you would have to change the deposit. it is much easier to just make one monthly deposit. Deferred tax asset resulting from an excess of payable over expense means you paid too much taxes in, but rather than receiving a refund you just get credit toward the next payment. it happens on a fairly regular basis.… [cont.]
Answered by busymomkaren - Sat Feb 2 23:36:59 2008
Q. What might be the reasons for the tax payable account? Why don't the company pay the tax right away but have to wait for some time and pay it in the future? Deferred tax asset result from an excess of tax payable over income tax expense. Does it mean the company paid tax more than it should have paid? I just got a bit confused of it. How could this siutation happen in real life? Could you explain it to me by giving the example? Thank you very much.
Asked by vicki - Sat Feb 2 23:25:24 2008 - - 1 Answers - 0 Comments
A. The IRS dictates how and when businesses turn in the tax money they collect from the employees' paychecks. Depending on how much you collect, you are either a weekly, semimonthly, monthly or quarterly depositer. Most are monthly. In order to make the IRS bookkeeping easier, they would rather you pay one lump sum each month instead of every time you write a paycheck. Especially since if you made a mistake and had to rewrite a check you would have to change the deposit. it is much easier to just make one monthly deposit. Deferred tax asset resulting from an excess of payable over expense means you paid too much taxes in, but rather than receiving a refund you just get credit toward the next payment. it happens on a fairly regular basis.… [cont.]
Answered by busymomkaren - Sat Feb 2 23:36:59 2008
What is an excise tax and why do I have to pay so much?
Q. During a portion of 2005 and 2006 I purchased a total of 18 cartons of cigarettes online for a discounted rate. These were not sold, they were for my own personal use, also for my boyfriend. I received a bill today in the mail for almost $500 for sales and excise tax. The sales tax total is $60.00, but the excise tax is $420.00. What exactly is the excise tax and how is the state of NJ able to charge me the excise tax and is there anything I can do to reduce these charges? I just wanted to get some answers before I called and paid anything.
Asked by Olivia's Mommy <3 - Wed Sep 5 10:15:48 2007 - - 3 Answers - 1 Comments
A. I take it you live in NJ? Sorry to have to tell you this, but if you buy cigarettes there are taxes on the cigarettes that you buy. If the seller doesn't collect the excise tax from you (which if it sold at a discount rate the seller probably didn't), and your state finds out about it (I am seeing more questions in yahoo answers regarding this issue) then they will send you a bill for the uncollected taxes (possibly also interest and penalties). Nothing you can do to reduce the charges. NJ rate is 2.40 per pack effective 7/1/2005.
Answered by PepsiLime - Wed Sep 5 10:23:44 2007
Q. During a portion of 2005 and 2006 I purchased a total of 18 cartons of cigarettes online for a discounted rate. These were not sold, they were for my own personal use, also for my boyfriend. I received a bill today in the mail for almost $500 for sales and excise tax. The sales tax total is $60.00, but the excise tax is $420.00. What exactly is the excise tax and how is the state of NJ able to charge me the excise tax and is there anything I can do to reduce these charges? I just wanted to get some answers before I called and paid anything.
Asked by Olivia's Mommy <3 - Wed Sep 5 10:15:48 2007 - - 3 Answers - 1 Comments
A. I take it you live in NJ? Sorry to have to tell you this, but if you buy cigarettes there are taxes on the cigarettes that you buy. If the seller doesn't collect the excise tax from you (which if it sold at a discount rate the seller probably didn't), and your state finds out about it (I am seeing more questions in yahoo answers regarding this issue) then they will send you a bill for the uncollected taxes (possibly also interest and penalties). Nothing you can do to reduce the charges. NJ rate is 2.40 per pack effective 7/1/2005.
Answered by PepsiLime - Wed Sep 5 10:23:44 2007
How much estimated tax do I owe on the taxable part of my fellowships?
Q. So I am a grad student and i've received some fellowships for the coming academic year. They are as follows: $7500 $10530 TOTAL: $18300 (all of it taxable because it will go toward living expenses) So, according to my calculations for Federal Estimated Tax (form f1040es), my standard deduction is $10,700 (married filing jointly) and I can claim two personal exemptions, one for myself and one for my husband: $6800. The total amount I can deduct from my gross income is therefore: $17500. Thus, subtracting $17500 from $18300 = $800 in taxable income. I would therefore not have to pay any estimated tax because the amount is below $1000. This just doesn't seem right to me. That would essentially mean that i would be walking away with $18 [cont.]
Asked by fancy_muskrat - Thu Aug 2 14:39:56 2007 - - 2 Answers - 0 Comments
A. You must take into account your husband's income when you calculate your gross income. That, along with your earnings, your taxable fellowships, and any income from interest or dividends, etc., make up your gross income. You need to take a look at how much is being withheld from your pay for income tax purposes to see if that is enough to cover what you would owe at the end of the year, taking into account the standard deduction and the personal exemptions.
Answered by anr - Thu Aug 2 19:57:23 2007
Q. So I am a grad student and i've received some fellowships for the coming academic year. They are as follows: $7500 $10530 TOTAL: $18300 (all of it taxable because it will go toward living expenses) So, according to my calculations for Federal Estimated Tax (form f1040es), my standard deduction is $10,700 (married filing jointly) and I can claim two personal exemptions, one for myself and one for my husband: $6800. The total amount I can deduct from my gross income is therefore: $17500. Thus, subtracting $17500 from $18300 = $800 in taxable income. I would therefore not have to pay any estimated tax because the amount is below $1000. This just doesn't seem right to me. That would essentially mean that i would be walking away with $18 [cont.]
Asked by fancy_muskrat - Thu Aug 2 14:39:56 2007 - - 2 Answers - 0 Comments
A. You must take into account your husband's income when you calculate your gross income. That, along with your earnings, your taxable fellowships, and any income from interest or dividends, etc., make up your gross income. You need to take a look at how much is being withheld from your pay for income tax purposes to see if that is enough to cover what you would owe at the end of the year, taking into account the standard deduction and the personal exemptions.
Answered by anr - Thu Aug 2 19:57:23 2007
How come the US government can change tax laws over and over again during tax season?
Q. With certain tax law changes since the beginning of 2007, my CPA is having to correct my taxes several times. It doesn't seem right that the govt can change tax laws several times during tax season. Other than "because they are the govt," how come they can tamper with tax laws during tax season. My CPA is correcting my taxes because we keep getting corrected 1099's from my brokerage firms. The reason for the corrections I was given was because the laws keep changing. *shrug*
Asked by Tamug01 - Mon Apr 2 17:18:32 2007 - - 5 Answers - 0 Comments
A. The Tax Laws that were changed or extented in January 2007 were a benefit to the tax payer. The Tuition and Fees deduction was extended as was the Deduction for State and Local Sales Tax.. The changes were up for vote before the Holiday break, but Congress did not vote to extend them until after the first of the year. It was frustrating to both the taxpayer and the IRS as the Forms for 2006 were already printed
Answered by Rob - Mon Apr 2 17:25:13 2007
Q. With certain tax law changes since the beginning of 2007, my CPA is having to correct my taxes several times. It doesn't seem right that the govt can change tax laws several times during tax season. Other than "because they are the govt," how come they can tamper with tax laws during tax season. My CPA is correcting my taxes because we keep getting corrected 1099's from my brokerage firms. The reason for the corrections I was given was because the laws keep changing. *shrug*
Asked by Tamug01 - Mon Apr 2 17:18:32 2007 - - 5 Answers - 0 Comments
A. The Tax Laws that were changed or extented in January 2007 were a benefit to the tax payer. The Tuition and Fees deduction was extended as was the Deduction for State and Local Sales Tax.. The changes were up for vote before the Holiday break, but Congress did not vote to extend them until after the first of the year. It was frustrating to both the taxpayer and the IRS as the Forms for 2006 were already printed
Answered by Rob - Mon Apr 2 17:25:13 2007
What does this tax question mean regarding refund of state/local taxes?
Q. "Did you receive a refund of state and/or local income taxes during 2009 from your 2008 tax return or a prior year tax return?" In 2008 we got a refund because we overpaid from what they took out of our paychecks. Does this mean I enter how much the refund was? Or is this talking about some other kind of refund? I use the standard deduction and the money where the refund comes from was withheld from my paycheck.
Asked by unknown - Mon Feb 22 15:38:55 2010 - - 6 Answers - 0 Comments
A. Tax refunds from state and local governments are treated as income by the IRS and must be reported on your federal tax return.
Answered by peacefuldisaster - Mon Feb 22 15:56:52 2010
Q. "Did you receive a refund of state and/or local income taxes during 2009 from your 2008 tax return or a prior year tax return?" In 2008 we got a refund because we overpaid from what they took out of our paychecks. Does this mean I enter how much the refund was? Or is this talking about some other kind of refund? I use the standard deduction and the money where the refund comes from was withheld from my paycheck.
Asked by unknown - Mon Feb 22 15:38:55 2010 - - 6 Answers - 0 Comments
A. Tax refunds from state and local governments are treated as income by the IRS and must be reported on your federal tax return.
Answered by peacefuldisaster - Mon Feb 22 15:56:52 2010
When does the tax year start and end in USA?
Q. For example, when we file for tax returns for 2007, from which date to which date does the filing cover? The reason I'm asking is because I'm planning to start investing money in stocks and I don't want to file for 2007 taxes just because of my investments in stocks as I'm not required to file for 2007 taxes because I'm not working. I need this info so that I can start investing the day after the last day of 2007 tax year. Thanks...
Asked by ML - Fri Jan 11 19:14:57 2008 - - 2 Answers - 0 Comments
A. Yes, the tax year is like calender year.. Jan 1st through Dec 31.
Answered by Michael R - Fri Jan 11 20:01:26 2008
Q. For example, when we file for tax returns for 2007, from which date to which date does the filing cover? The reason I'm asking is because I'm planning to start investing money in stocks and I don't want to file for 2007 taxes just because of my investments in stocks as I'm not required to file for 2007 taxes because I'm not working. I need this info so that I can start investing the day after the last day of 2007 tax year. Thanks...
Asked by ML - Fri Jan 11 19:14:57 2008 - - 2 Answers - 0 Comments
A. Yes, the tax year is like calender year.. Jan 1st through Dec 31.
Answered by Michael R - Fri Jan 11 20:01:26 2008
What are all the Income tax deductions in a Payroll from Philadelphia PA?
Q. My husband is getting paid $12/hr this payroll gross was $918. The deductions are $278.40 (child support) and all the other taxes deductions. I see everything in order but they started also holding Philadelphia local Income tax for $88.04. I did know about Federal Income tax and PA income tax but this Philadelphia taxes I never herd of them and the withold amount is almost 3 times higher than the PA one. So he is only receiving $ $344.28 this payroll. Is this right?
Asked by geniepr - Sat Apr 7 09:50:36 2007 - - 1 Answers - 0 Comments
A. Many states allow cities to have local income taxes. Philadelphia does have such a tax. The rate is 4.301% of Gross Wages. The PA state income tax rate is 3.07%. There should be Philadelphia tax withheld, but 3 times the PA tax sounds high. You overall deductions, not counting child support, are about the same % of gross as mine.
Answered by STEVEN F - Sat Apr 7 10:48:54 2007
Q. My husband is getting paid $12/hr this payroll gross was $918. The deductions are $278.40 (child support) and all the other taxes deductions. I see everything in order but they started also holding Philadelphia local Income tax for $88.04. I did know about Federal Income tax and PA income tax but this Philadelphia taxes I never herd of them and the withold amount is almost 3 times higher than the PA one. So he is only receiving $ $344.28 this payroll. Is this right?
Asked by geniepr - Sat Apr 7 09:50:36 2007 - - 1 Answers - 0 Comments
A. Many states allow cities to have local income taxes. Philadelphia does have such a tax. The rate is 4.301% of Gross Wages. The PA state income tax rate is 3.07%. There should be Philadelphia tax withheld, but 3 times the PA tax sounds high. You overall deductions, not counting child support, are about the same % of gross as mine.
Answered by STEVEN F - Sat Apr 7 10:48:54 2007
Is the upcoming tax rebate free money or an advance on next years tax refund?
Q. I'm confused... I've heard that the tax rebate will be like additional income that you will be taxed on, but then I've also heard its just basically an advance on next years tax refund? Anyone know what it is? THANKS!
Asked by meghananne23 - Sun Mar 2 00:45:04 2008 - - 4 Answers - 0 Comments
A. An excerpt from the IRS FAQs on economic stimulus rebates: Q. Is my stimulus payment taxable? A. No. You will not owe tax on your payment when you file your 2008 federal income tax return. But you should keep a copy of the IRS letter you receive later this year listing the amount of your payment. In the event you do not qualify for the full amount this year but you do next year, you will need to have the letter as a record of the amount you previously received. Q. Will the payment I receive in 2008 reduce my 2008 refund or increase the amount I owe for 2008? A. No, the stimulus payment will not reduce your refund or increase the amount you owe when you file your 2008 return. Q. I don t qualify for a stimulus payment based on my 2007… [cont.]
Answered by Barbergirl - Tue Mar 4 01:06:42 2008
Q. I'm confused... I've heard that the tax rebate will be like additional income that you will be taxed on, but then I've also heard its just basically an advance on next years tax refund? Anyone know what it is? THANKS!
Asked by meghananne23 - Sun Mar 2 00:45:04 2008 - - 4 Answers - 0 Comments
A. An excerpt from the IRS FAQs on economic stimulus rebates: Q. Is my stimulus payment taxable? A. No. You will not owe tax on your payment when you file your 2008 federal income tax return. But you should keep a copy of the IRS letter you receive later this year listing the amount of your payment. In the event you do not qualify for the full amount this year but you do next year, you will need to have the letter as a record of the amount you previously received. Q. Will the payment I receive in 2008 reduce my 2008 refund or increase the amount I owe for 2008? A. No, the stimulus payment will not reduce your refund or increase the amount you owe when you file your 2008 return. Q. I don t qualify for a stimulus payment based on my 2007… [cont.]
Answered by Barbergirl - Tue Mar 4 01:06:42 2008
What tax websites seem to give back the best refunds?
Q. I input my taxes into HR Block and Citizen Tax, and got back two different quotes---with an over $1000 dollar difference.There's a multitude of tax sites that give free service if your income is under $52,000 (I think). I am curious to hear of personal experiences/bad experiences with the different sites out there!
Asked by angeldust - Mon Jan 29 15:30:08 2007 - - 4 Answers - 0 Comments
A. Just want to point out that no websites give tax refunds. Tax refunds come from the U.S. Treasury and depend on how you file your tax return. If you make under $52,000, you can use the IRS' tax filing software on its website for free, and other companies are doing the same thing. It is illegal for any company or website to promise you a refund at all.
Answered by pusherhombre - Mon Jan 29 15:37:54 2007
Q. I input my taxes into HR Block and Citizen Tax, and got back two different quotes---with an over $1000 dollar difference.There's a multitude of tax sites that give free service if your income is under $52,000 (I think). I am curious to hear of personal experiences/bad experiences with the different sites out there!
Asked by angeldust - Mon Jan 29 15:30:08 2007 - - 4 Answers - 0 Comments
A. Just want to point out that no websites give tax refunds. Tax refunds come from the U.S. Treasury and depend on how you file your tax return. If you make under $52,000, you can use the IRS' tax filing software on its website for free, and other companies are doing the same thing. It is illegal for any company or website to promise you a refund at all.
Answered by pusherhombre - Mon Jan 29 15:37:54 2007
Which tax form should I use to receive the recently passed tax credit?
Q. I do not file taxes as I receive less than required to do so. Which form do I need to use in order to qualify for the recently passed tax credit offered as part of the economic stimulus plan?
Asked by Tommmmmy - Wed Feb 20 13:45:49 2008 - - 6 Answers - 0 Comments
A. If you do not have to file, but have $3000 in "qualifying income", including Social Security or certain Railroad Retirement benefits and veterans disability compensation, pension or survivors benefits received from the Department of Veterans Affairs in 2007, you need to file to receive your rebate. A sample 1040A is at the link below.
Answered by Richard M - Wed Feb 20 16:38:47 2008
Q. I do not file taxes as I receive less than required to do so. Which form do I need to use in order to qualify for the recently passed tax credit offered as part of the economic stimulus plan?
Asked by Tommmmmy - Wed Feb 20 13:45:49 2008 - - 6 Answers - 0 Comments
A. If you do not have to file, but have $3000 in "qualifying income", including Social Security or certain Railroad Retirement benefits and veterans disability compensation, pension or survivors benefits received from the Department of Veterans Affairs in 2007, you need to file to receive your rebate. A sample 1040A is at the link below.
Answered by Richard M - Wed Feb 20 16:38:47 2008
Are my recent dividend reinvestments taxed at the short term or long term capital gains tax rate?
Q. I have a regular brokerage account (not tax deferred). I bought a mutual fund a number of years ago, and over the years the dividends have been reinvested in the same fund. This year, I was advised to rebalance my portfolio, so I sold all of this mutual fund. Unfortunately, the last dividend reinvestments were within the last year. So the question is, does this reinvestment cause my entire mutual fund sale to be taxed at the long-term or the short-term capital gains tax rate? Or is the recent reinvestment portion short term and everything else long term? If so, what do I use for the tax basis for all of that? It's not the dividends I am asking about. It is the reinvestments of them. When I sold the mutual fund, all of the fund, including… [cont.]
Asked by Edwin H - Fri Sep 21 18:20:00 2007 - - 4 Answers - 0 Comments
A. Your second description of how the gain(loss) is handled is correct. Every year when your mutual fund issued the dividends, you received a 1099DIV from the mutual fund. You had to pay income taxes on those dividends, even though they were reinvested. Those taxes are already paid. In 2007 your mutual fund also issued a dividend, and again you will receive a 1099DIV showing those dividends. You will pay income taxes in 2007 on those dividends. If they are qualified dividends your tax rate will be at most 15%. Other dividends will be taxed as ordinary income. The 1099DIV will show the ordinary dividends and the qualified dividends. Now for the sale of the mutual fund. 1. Your short-term gain (or loss): Sales Price: The value of… [cont.]
Answered by ninasgramma - Sat Sep 22 11:30:23 2007
Q. I have a regular brokerage account (not tax deferred). I bought a mutual fund a number of years ago, and over the years the dividends have been reinvested in the same fund. This year, I was advised to rebalance my portfolio, so I sold all of this mutual fund. Unfortunately, the last dividend reinvestments were within the last year. So the question is, does this reinvestment cause my entire mutual fund sale to be taxed at the long-term or the short-term capital gains tax rate? Or is the recent reinvestment portion short term and everything else long term? If so, what do I use for the tax basis for all of that? It's not the dividends I am asking about. It is the reinvestments of them. When I sold the mutual fund, all of the fund, including… [cont.]
Asked by Edwin H - Fri Sep 21 18:20:00 2007 - - 4 Answers - 0 Comments
A. Your second description of how the gain(loss) is handled is correct. Every year when your mutual fund issued the dividends, you received a 1099DIV from the mutual fund. You had to pay income taxes on those dividends, even though they were reinvested. Those taxes are already paid. In 2007 your mutual fund also issued a dividend, and again you will receive a 1099DIV showing those dividends. You will pay income taxes in 2007 on those dividends. If they are qualified dividends your tax rate will be at most 15%. Other dividends will be taxed as ordinary income. The 1099DIV will show the ordinary dividends and the qualified dividends. Now for the sale of the mutual fund. 1. Your short-term gain (or loss): Sales Price: The value of… [cont.]
Answered by ninasgramma - Sat Sep 22 11:30:23 2007
What are the tax filing requirements - life events?
Q. Are there special tax filing requirements for a friend of mine who over the course of last year lost her husband and moved to another state? She had been listed as a dependent on her husband's taxes. Does she have to file taxes on her deceased husband's behalf? Would software such as Turbotax handle her situation or would she be better off having taxes done by a person such as HR Block or a CPA? Thx. Thanks to everyone for their answers to my question. It helped clarify things and also generated some questions too. I decided to put your answers up for voting and will post a followup question under the heading "What are the tax filing requirements for a final return?". Feel free to answer that one too. Thx.
Asked by QueAndAy - Thu Jan 18 08:52:40 2007 - - 9 Answers - 0 Comments
A. If her husband was alive and paid taxes during 2006 then she can file on his behalf. Turbo Tax has a place to put that the person is deceased. I don't know how it handles it but I always use Turbo Tax and have had no problem with it.
Answered by walkerhound03 - Thu Jan 18 09:01:21 2007
Q. Are there special tax filing requirements for a friend of mine who over the course of last year lost her husband and moved to another state? She had been listed as a dependent on her husband's taxes. Does she have to file taxes on her deceased husband's behalf? Would software such as Turbotax handle her situation or would she be better off having taxes done by a person such as HR Block or a CPA? Thx. Thanks to everyone for their answers to my question. It helped clarify things and also generated some questions too. I decided to put your answers up for voting and will post a followup question under the heading "What are the tax filing requirements for a final return?". Feel free to answer that one too. Thx.
Asked by QueAndAy - Thu Jan 18 08:52:40 2007 - - 9 Answers - 0 Comments
A. If her husband was alive and paid taxes during 2006 then she can file on his behalf. Turbo Tax has a place to put that the person is deceased. I don't know how it handles it but I always use Turbo Tax and have had no problem with it.
Answered by walkerhound03 - Thu Jan 18 09:01:21 2007
How do tax deductions work when you rent out your primary house?
Q. I'm going to rent out my primary (and only) house for few years, as I'm moving for work to a different state. How do i deduct the mortgage interest paid and property tax? Do I deduct it from my income tax, as usual? Do I subtract it from the rent income to reduce (or almost eliminate) taxes on the rental income? or maybe both?! Thanks.
Asked by MrNaytush - Thu Jun 18 08:54:00 2009 - - 4 Answers - 0 Comments
A. Instead of deducting mortgage interest and property taxes on Schedule A, itemized deduction, you would now be deducting them on Schedule E, along with the reporting of income collected, and ordinary, necessary expenses for the upkeep of your new rental property.
Answered by 123456789 - Thu Jun 18 09:19:54 2009
Q. I'm going to rent out my primary (and only) house for few years, as I'm moving for work to a different state. How do i deduct the mortgage interest paid and property tax? Do I deduct it from my income tax, as usual? Do I subtract it from the rent income to reduce (or almost eliminate) taxes on the rental income? or maybe both?! Thanks.
Asked by MrNaytush - Thu Jun 18 08:54:00 2009 - - 4 Answers - 0 Comments
A. Instead of deducting mortgage interest and property taxes on Schedule A, itemized deduction, you would now be deducting them on Schedule E, along with the reporting of income collected, and ordinary, necessary expenses for the upkeep of your new rental property.
Answered by 123456789 - Thu Jun 18 09:19:54 2009
What are your best reasons to tax religion?
Q. Being tax exempt is essentially government (tax-payers) financing religion; these groups get the same quality of security and infrastructure as tax-payers. Sounds like support for religion to me. What about the abandoned churches that the government cannot confiscate, because no tax is overdue, that turn into havens for drugs? Ironic, but not if you truly understand the bloodsucking nature of religion on society. Super(duper)natural leaders should be a able contribute to the society they intend to control. Actually we (the government) are getting stuck twice. Until we add a sales tax on people buying their particular brand of religion, I won't be happy.
Asked by grrrrrwolf - Sat Jul 4 00:57:44 2009 - - 15 Answers - 0 Comments
A. If they take tax-sponsored stuff (they do) without paying taxes, then they're forcing everyone to pay for it, which is a flagrant violation of freedom of religion. And freedom in general honestly. Now if they were consuming no tax-supported resources then we could talk, but since they use roads and all that other stuff they're freeloading. I HATE freeloaders.
Answered by Lord Butters - Sat Jul 4 01:03:42 2009
Q. Being tax exempt is essentially government (tax-payers) financing religion; these groups get the same quality of security and infrastructure as tax-payers. Sounds like support for religion to me. What about the abandoned churches that the government cannot confiscate, because no tax is overdue, that turn into havens for drugs? Ironic, but not if you truly understand the bloodsucking nature of religion on society. Super(duper)natural leaders should be a able contribute to the society they intend to control. Actually we (the government) are getting stuck twice. Until we add a sales tax on people buying their particular brand of religion, I won't be happy.
Asked by grrrrrwolf - Sat Jul 4 00:57:44 2009 - - 15 Answers - 0 Comments
A. If they take tax-sponsored stuff (they do) without paying taxes, then they're forcing everyone to pay for it, which is a flagrant violation of freedom of religion. And freedom in general honestly. Now if they were consuming no tax-supported resources then we could talk, but since they use roads and all that other stuff they're freeloading. I HATE freeloaders.
Answered by Lord Butters - Sat Jul 4 01:03:42 2009
From Yahoo Answer Search: 'Tax'
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mesquiteblog.dallasnews.com
Tue, 27 Jul 2010 02:33:59 GMT+00:00
rate Dallas Morning News (blog) The tax rate will remain at $1.42 per $100 valuation. And, with generally lower property values, that could give the average homeowner a $24 in taxes. ...
living.morethan.com
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they aren t but there s still widespread disagreement on the scale implications and significance of climate change it could cost much less or much more than we currently expect Reducing the tax on fuel to its correct level would surely encourage us to use more of it And unless taxes were raised to the correct level on under taxed sources of CO2 any increase in
michellemalkin.com
Michelle Malkin
Sun, 25 Jul 2010 13:52:36 GM
On ABC's This Week today, . tax. cheat Treasury Secretary Tim Geithner championed the expiration of the Bush . tax. cuts and pooh-poohed the economic impact of . tax. hikes on the highest earners in the country. It's responsible to punish the ...
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