-As noted, from the tax return, for the past two years. However, an independent audit could be ordered to review the expenses.
http://childsupportrights.org/WhatPayers鈥?/a>It is determined by a judge.
the self employed person shows proof of income just like a wage earner
Based on your tax return from last year or last few years
-
2011年8月4日星期四
Pan card address and aadhaar address?
-I made aadhaar card using my permanent address. Now i want to make pan card for which i want to use my workplace address, where i am staying most of the time. Should pan address and aadhaar address match?
Tax Problems please help?
-I'm having a little problem with the IRS? so to whom should i contact
and how can i select financial advisor....any site where i can get information and help please sharte ityou should contact to the government custom department where you will get all the information about tax and its law.And it will be better and meaningful if you contact with tax lawyer.The best site of tax is http://www.taxsystemcountryname.com. To Resolve your IRS Problems, the first step is to stop procrastinating and running. Take action today before the IRS does! Hire someone who is qualified and has the experience to help you solve IRS problems. Many people try to handle their IRS problems themselves, resulting in frustration and negative results. Mike is an IRS licensed representative and can handle each client's tax problem personally and attempt to successfully negotiate the best possible solution for you. Mike can help you eliminate your tax penalties, file Unfiled Returns, get a payment plan for back taxes, release tax levies, and get an Offer in Compromise.
You can call the IRS and get them to explain what your facing and once you do that then you can get help with it. I have found that the IRS agents are helpful and will help you to straighten things out they are not the enemy thought at times it may seem that way, as long as you make contact with them and tell them your meeting with someone to help you out they are pretty understanding, I know many will say I am nuts but have always been treated fairly by the IRS, Then you can go to any agency like H and R block or Liberty tax and they can help you and will stand with you when you go see the IRS. Not dealing with it will cause you more problems and can add fines and seizure of property and bank accounts frozen.
You have not provided very much information about your little problem that you are having with the IRS at this time in your life so hopefully it is NOT too complicated and MAY BE you can get it taken care of easily by using the below enclosed information.
Take the original tax forms and schedules with you and your spouse and go to your local IRS office and ask them very nicely and politely if they can assist you and give you some information and help you to understand what this problem is that you are having and what you NEED to know what you should DO about it at this point in time.
May be they can give you some good face to face advice on what your next step should be and be sure to thank them very nicely and politely for taking the time to help you with this matter.
Go to the www.irs.gov website and at the top of the page above the search box choose Contact IRS or use the search box for Contact Your Local IRS Office
IRS Taxpayer Assistance Centers for when you believe your issue is best handled face-to-face. Hours of service and other local information is provided on a per state basis.
http://www.irs.gov/contact/index.html
http://www.irs.gov/localcontacts/index.h鈥?/a>
Taxpayer Assistance Centers
IRS Taxpayer Assistance Centers (TAC) are your source for personal tax help when you believe your tax issue cannot be handled online or by phone, and you want face-to-face tax assistance. Taxpayer Assistance Centers are closed for all Federal Holidays.
Locate a Taxpayer Assistance Center
To view a list of all Taxpayer Assistance Centers in your state, click on the map or state links below.
Hope that you find the above enclosed information useful to you for your situation and good luck to you. 07/04/2011
Luckily I have found the site and person that may assist you. The site owned by an IRS licensed Enrolled Agent who concentrates on helping individuals and businesses solve their IRS tax problems. You may check out the link and/or contact him to get an advise.
depends on the problem, you have local Stakeholder Liaisons that you can see if they can help and there is the Tax Advocate but they generally only discuss unresolved problems,
your problem may only be one of understanding
There is a very good site where u can get complete information about any type of tax problem.
www.myirstaxrelief.com
Contact the IRS directly first so you have a clear understanding of your options talk to them and see what they can do for you.
There is a website to solve this issue. You can ask in http://www.myirstaxrelief.com/
You should look for an Enrolled Agent or a CPA.
and how can i select financial advisor....any site where i can get information and help please sharte ityou should contact to the government custom department where you will get all the information about tax and its law.And it will be better and meaningful if you contact with tax lawyer.The best site of tax is http://www.taxsystemcountryname.com. To Resolve your IRS Problems, the first step is to stop procrastinating and running. Take action today before the IRS does! Hire someone who is qualified and has the experience to help you solve IRS problems. Many people try to handle their IRS problems themselves, resulting in frustration and negative results. Mike is an IRS licensed representative and can handle each client's tax problem personally and attempt to successfully negotiate the best possible solution for you. Mike can help you eliminate your tax penalties, file Unfiled Returns, get a payment plan for back taxes, release tax levies, and get an Offer in Compromise.
You can call the IRS and get them to explain what your facing and once you do that then you can get help with it. I have found that the IRS agents are helpful and will help you to straighten things out they are not the enemy thought at times it may seem that way, as long as you make contact with them and tell them your meeting with someone to help you out they are pretty understanding, I know many will say I am nuts but have always been treated fairly by the IRS, Then you can go to any agency like H and R block or Liberty tax and they can help you and will stand with you when you go see the IRS. Not dealing with it will cause you more problems and can add fines and seizure of property and bank accounts frozen.
You have not provided very much information about your little problem that you are having with the IRS at this time in your life so hopefully it is NOT too complicated and MAY BE you can get it taken care of easily by using the below enclosed information.
Take the original tax forms and schedules with you and your spouse and go to your local IRS office and ask them very nicely and politely if they can assist you and give you some information and help you to understand what this problem is that you are having and what you NEED to know what you should DO about it at this point in time.
May be they can give you some good face to face advice on what your next step should be and be sure to thank them very nicely and politely for taking the time to help you with this matter.
Go to the www.irs.gov website and at the top of the page above the search box choose Contact IRS or use the search box for Contact Your Local IRS Office
IRS Taxpayer Assistance Centers for when you believe your issue is best handled face-to-face. Hours of service and other local information is provided on a per state basis.
http://www.irs.gov/contact/index.html
http://www.irs.gov/localcontacts/index.h鈥?/a>
Taxpayer Assistance Centers
IRS Taxpayer Assistance Centers (TAC) are your source for personal tax help when you believe your tax issue cannot be handled online or by phone, and you want face-to-face tax assistance. Taxpayer Assistance Centers are closed for all Federal Holidays.
Locate a Taxpayer Assistance Center
To view a list of all Taxpayer Assistance Centers in your state, click on the map or state links below.
Hope that you find the above enclosed information useful to you for your situation and good luck to you. 07/04/2011
Luckily I have found the site and person that may assist you. The site owned by an IRS licensed Enrolled Agent who concentrates on helping individuals and businesses solve their IRS tax problems. You may check out the link and/or contact him to get an advise.
depends on the problem, you have local Stakeholder Liaisons that you can see if they can help and there is the Tax Advocate but they generally only discuss unresolved problems,
your problem may only be one of understanding
There is a very good site where u can get complete information about any type of tax problem.
www.myirstaxrelief.com
Contact the IRS directly first so you have a clear understanding of your options talk to them and see what they can do for you.
There is a website to solve this issue. You can ask in http://www.myirstaxrelief.com/
You should look for an Enrolled Agent or a CPA.
Tax incentives 3 months out of the uk?
-tax deductions for being out of the ukNone - 9 months here and 3 months there means you pay tax here.
Income tax deduction?
-Hi i have recently joined a company with 5.5 lakh as my package, i joined on 23rd June and got salary for 8 days, total salary is of 11751 however Income tax deduction happened is of 2098 rs, can anyone explain how such a huge amount got deducted
Assume that on September 1, the state in which Guardian operates begins requiring that sales tax be collected?
-on accounting services. Briefly explain how the revenue journal may be modified to accomodate sales of services on account requiring the collection of a state sales tax.
New York Unemployment question?
-I live in NY and I been getting my unemployment check for over 2 months now. I was going to claim my last week since I got a job BUT totally forgot to do it before sunday 11:59pm deadline because of various reason. what can I do? what are my options?
Can I claim back my payment for my sia licence via the tax office?
-If you are Self-employed and the License is NECESSARY for you to do your work, then it is an allowable business expense.
If you are an Employee (and the License is NECESSARY for you to do your work), then your Employer MAY choose to meet the cost .. it's totally up to them, but (typically) you have to agree repayment it in advance.
PS If you don't know what business expenses are (and your are self-employed) you had better learn fast :-)you cant claim it back from anywhere not even the tax office
If you are an Employee (and the License is NECESSARY for you to do your work), then your Employer MAY choose to meet the cost .. it's totally up to them, but (typically) you have to agree repayment it in advance.
PS If you don't know what business expenses are (and your are self-employed) you had better learn fast :-)you cant claim it back from anywhere not even the tax office
I work 40 hour week and rate is 8.25 per hour.north carolina..how much i will get after cut tax?
-Cut tax? If you are asking how much your take-home pay will be, go here for some handy pay calculators: http://www.PayCheckCity.com
Help with 2011 Personal Tax Credits Return?
-I am a 20 year old individual who have two part-time jobs and my recent employer gave me a 2011 personal tax credit return form and a 2011 provincial tax credit return to be filled out. I am in a dilemma because I don't know what to put in line 13 (total line). I had filled out one before but when I was employed by a placement agency (whereas nothing sort of happened to me since I got a job before they can even find me one...) I had somebody as a guide and she just carried the amount from line 1 to line 13. I am currently receiving GST/HST credit annually and am receiving income tax return quarterly; what amount should I put on line 13 given my situation? Should I put 0 or carry down the amount from line 1You would carry down the amount from line 1. This is the basic personal tax credit that everyone gets, no matter what. If your total income during the entire year from BOTH jobs will be less than this amount, then your employer will not take off tax from your paycheques. If your one job is below this amount, and the other one isn't, then only get the lower one to not take off taxes, or else you will end up owing money when you file your taxes.
The GST/HST credit does not count towards your income.
Sorry dnt know
The GST/HST credit does not count towards your income.
Sorry dnt know
How much tax will I pay for duty if going over?
-I'm going to New york for 7 nights 8 days. I plan on spending $2000 which is $1250 over. How much extra will I have to pay for taxes?You can spend as much as you want outside of the country. The only restriction is on goods you bring back with you. If you import more than CA$750, then you will have to pay duty and sales tax.
Duty varies by item. You can look up duty rates here: http://betterdollar.com
Duty varies by item. You can look up duty rates here: http://betterdollar.com
What all forms I need to submit in income tax amendment?
-Hello,
For filling tax amendment what all form one need to submit with 1040X ? This amendment is being filled to correct one stock sales transaction that were missed in original return. In orignial return schedule - B, D, D-1 and M were used along with a few tax calculation worksheet.
All other details are same.The rule of thumb is anything that is new or different. If the original schedule has NOT changed (same amounts, same totals), do not send it.
Since the only change you mention is a stock sale, include the entire schedule D/D-1.
For filling tax amendment what all form one need to submit with 1040X ? This amendment is being filled to correct one stock sales transaction that were missed in original return. In orignial return schedule - B, D, D-1 and M were used along with a few tax calculation worksheet.
All other details are same.The rule of thumb is anything that is new or different. If the original schedule has NOT changed (same amounts, same totals), do not send it.
Since the only change you mention is a stock sale, include the entire schedule D/D-1.
I am getting a job as a busser; how much in taxes will be taken out of my paycheck? I live in Texas.?
-I have already tried paycheckcity.com.
I will be earning $7.25/hour.If you have claimed as Single, 0 allowance on your W-4, working 40 hours a week, weekly paycheck:
Weekly Gross Pay $290.00
Federal Withholding $29.27
Social Security $12.18
Medicare $4.21
Texas $0.00
Net Pay $244.34your wages 7.25/hr will be taxed 5.65% for FICA, possibly 1% or more for a state employee tax
if you receive any tips, you need to report that to your employer who adds it to your gross and calculates the same taxes
your income tax amounts will depend on how you filed your W-4 with your employer,ie. status, and frequency of the payroll
And what answer did www.paycheckcity.com give you when you specified Texas, single, 0 and 7.25 for the number of hours you expect to work each week?
Would depend on how many hours you work per week, and what you put on your W-4.
I will be earning $7.25/hour.If you have claimed as Single, 0 allowance on your W-4, working 40 hours a week, weekly paycheck:
Weekly Gross Pay $290.00
Federal Withholding $29.27
Social Security $12.18
Medicare $4.21
Texas $0.00
Net Pay $244.34your wages 7.25/hr will be taxed 5.65% for FICA, possibly 1% or more for a state employee tax
if you receive any tips, you need to report that to your employer who adds it to your gross and calculates the same taxes
your income tax amounts will depend on how you filed your W-4 with your employer,ie. status, and frequency of the payroll
And what answer did www.paycheckcity.com give you when you specified Texas, single, 0 and 7.25 for the number of hours you expect to work each week?
Would depend on how many hours you work per week, and what you put on your W-4.
How much (percentage%) of my New Zealand tax will I get back?
-I was given an estimation recently and it was absolutely ridiculous! 4% (2% of which goes to my accountant). Why do they keep so much of it? I'm not a citizen or permanent resident. I have left the country and won't be returning so it's not like I get to reap the benefits of what my tax dollars have paid for. When I claimed tax back from Australia, I got about 60% of my money back (after paying the accountant's fees). Why are they so stingy? I'm just wondering if this is normal or has a mistake been made with my tax claim.Don't listen to Bay of Plenty, I doubt she's ever worked a day in her life or attempted to get her tax back (she's still at high school and very immature at that).
Unfortunately, you're unlike to get much tax back unless you're still in school or you have just finished.
Don't use any tax companies. There have been reports that these companies aren't giving accurate reports of what you should get back
You can ring IRD (although if you're not in New Zealand this will not be a toll free call). Your estimate is probably correct. My brother got $300 back and he earned over $15,000 and he'd just left high school. I haven't tried to see if I will get a refund. A lot of people won't get a refund and have to pay money back.
I don't think the New Zealand government are stingy. If you don't get much back, it means that you were being taxed at the correct rate throughout the year. In Australia you were probably being taxed too high, which is why you got so much back.
....
Unfortunately, you're unlike to get much tax back unless you're still in school or you have just finished.
Don't use any tax companies. There have been reports that these companies aren't giving accurate reports of what you should get back
You can ring IRD (although if you're not in New Zealand this will not be a toll free call). Your estimate is probably correct. My brother got $300 back and he earned over $15,000 and he'd just left high school. I haven't tried to see if I will get a refund. A lot of people won't get a refund and have to pay money back.
I don't think the New Zealand government are stingy. If you don't get much back, it means that you were being taxed at the correct rate throughout the year. In Australia you were probably being taxed too high, which is why you got so much back.
....
UK: What is the DIFFERENCE between BR tax code and 0T tax code?
-0T means no tax allowances (it is "zero" T). Income will be taxed at all the rate bands, depending on how much you earn. If you earn 拢90,000 you will pay tax of 拢29,000
BR means that all your income, no matter how much, will be taxed at 20%. 拢90,000 income will mean tax of 拢18,000.
BR means that all your income, no matter how much, will be taxed at 20%. 拢90,000 income will mean tax of 拢18,000.
How much do you have to make before you have to pay taxes?
-What's the minimum?if you are self employed, your minimum is $400
if you are single, no dependents, currently $9500 for 2011
or if you are a dependent, $950 of investment income, $5800 earnings
if you are single, no dependents, currently $9500 for 2011
or if you are a dependent, $950 of investment income, $5800 earnings
Why did the economy get so bad after Bush's tax cuts?
-Tro is wrong. It was already tanking in October 2008. Obama was not elected until 2009.
The economy got bad because of the mortgage meltdown, which happened because the Federal Reserve Bank raised interest rates too quickly.because it was meant to boost the economy & have people spending more, except people still didn't have money to spend so it didn't do anything that it was intended to do. People weren't spending money they didn't have and because of that businesses were suffering.
is that when it tanked? I thought it happened the worst after Obama was elected
The economy got bad because of the mortgage meltdown, which happened because the Federal Reserve Bank raised interest rates too quickly.because it was meant to boost the economy & have people spending more, except people still didn't have money to spend so it didn't do anything that it was intended to do. People weren't spending money they didn't have and because of that businesses were suffering.
is that when it tanked? I thought it happened the worst after Obama was elected
First time home buyer credit in 2009, is it transferrable to another house bought in 2011 ?
-We bought a house in 2009 and got the $8000 first time home buyer tax credit, however, we have to relocate to another state and have to buy another house and sold off the house this year, we do have to re-pay back the tax credit in this year tax return. Wonder if the tax credit can be claimed with the house credit "transferrable" to another house since we move to another state ?No, you can't get a credit or transfer your old one to your new house.
The credit is not transferable. You have to pay it back.
The loss is not carried forward or anything. It just goes away if that's what your asking.
The credit is not transferable. You have to pay it back.
The loss is not carried forward or anything. It just goes away if that's what your asking.
I Purchased a Business?
-I purchased a business for $100,000 in NY. I'd like to know if it is possible to claim that amount as a business expense or something like it on my 1040 Schedule C form for my taxes? Or I can't really do anything with that amount?
Legit answers only pleasethe $100000 is your investment, it represents, assets you purchased, ie. equipment, furnishings, blue sky etc and will be part of your Balance Sheet as assets
your investment is not an expense you can report on your Sch C
the assets may be eligible for depreciation or amortization which would be an expense but not the entire amount
You and the seller have to fill out matching IRS form 8594. You use the numbers from that form to show how you spent your money. Eg, inventory becomes your starting balance for cost of goods sold, amounts on fixtures can be depreciated, etc.
Legit answers only pleasethe $100000 is your investment, it represents, assets you purchased, ie. equipment, furnishings, blue sky etc and will be part of your Balance Sheet as assets
your investment is not an expense you can report on your Sch C
the assets may be eligible for depreciation or amortization which would be an expense but not the entire amount
You and the seller have to fill out matching IRS form 8594. You use the numbers from that form to show how you spent your money. Eg, inventory becomes your starting balance for cost of goods sold, amounts on fixtures can be depreciated, etc.
Income tax question ?
-I an getting mine by mail and it says on the status it got sent out July 1 when should I receive it in the mailWithin seven days, maximum.
Most likely sometime this week.
Allow ten business days.
yesterday
Most likely sometime this week.
Allow ten business days.
yesterday
What is the GST on $415.12?
-If GST is 5% what is it on $415.12$415.12x0.05=$20.76.
The GST is $20.76.
The GST is $20.76.
Tax incentives 3 months out of the uk?
-tax deductions for being out of the ukNone - 9 months here and 3 months there means you pay tax here.
I have done some consultancy - engineering design work for a foreign company. How to receive the payment and w?
-I have done some design work for a foreign company. What are the regulations concerning receiving the payment and what are the taxes applicable?
How to get PAYE tax back?
-My last employer got my last pay statement & P45 'lost in the post' - where do I go from here?
I need it to get my tax back as I was 16 at the time. I've asked them to make another one but they say they don't have it.
I need it to get my tax back as I was 16 at the time. I've asked them to make another one but they say they don't have it.
Do you still pay tax if you buy an item online?
-Say I bought something at whatever_ store.com, would I still be paying tax on that random item I'm buying?Some big orders don't include taxes, and some websites just don't at all. But most do. It depends where you are shopping.if the online vendor has a nexus in your state they will charge you sales tax, if they don't most states have got on the band wagon and require you to total your online and out of state purchases and calculate the sales tax to be paid with your state return
Some companies charge you a sales tax, some states ask you to report it on your income tax.
YES THEY DO!!!!!
Some companies charge you a sales tax, some states ask you to report it on your income tax.
YES THEY DO!!!!!
New York Unemployment question?
-I live in NY and I been getting my unemployment check for over 2 months now. I was going to claim my last week since I got a job BUT totally forgot to do it before sunday 11:59pm deadline because of various reason. what can I do? what are my options?
Are wheel chair ramps are tax deductible?
-We are building a ramp for our home. It is a necessity and we own the home. Is it tax deductible and and how do you claim it as a deduction? Thank you for any help that you able to provideThe problem with medical expenses is that the first 7.5% of AGI doesn't count.
You also have to be able to claim one or both of the individuals as dependents in order to claim this as a medical deduction. See IRS publication 501 for normal dependency rules, but also IRS publication 502 since there is a slightly different definition for medical expenses. Sometimes you can claim the expense even if you can't claim the individual if their income is too high.
If you make $100,000 and spend $5000 building a ramp (and have no other expenses), you won't have anything to deduct as $5000 is less than $7500. If you have more than $7500 of expenses, the excess is part of schedule A as an itemized deduction. If you do not itemize, the expense makes no difference on your taxes.It is a home improvement. First figure how much your home value increases because of it. Whatever it cost you minus the home improvement value is a medical expense if you qualify to itemize.
If you can tie it in to your medical expense or disability, yes
If it is a medical expense maybe
I'm assuming it can be but I'd check to be sure !
You also have to be able to claim one or both of the individuals as dependents in order to claim this as a medical deduction. See IRS publication 501 for normal dependency rules, but also IRS publication 502 since there is a slightly different definition for medical expenses. Sometimes you can claim the expense even if you can't claim the individual if their income is too high.
If you make $100,000 and spend $5000 building a ramp (and have no other expenses), you won't have anything to deduct as $5000 is less than $7500. If you have more than $7500 of expenses, the excess is part of schedule A as an itemized deduction. If you do not itemize, the expense makes no difference on your taxes.It is a home improvement. First figure how much your home value increases because of it. Whatever it cost you minus the home improvement value is a medical expense if you qualify to itemize.
If you can tie it in to your medical expense or disability, yes
If it is a medical expense maybe
I'm assuming it can be but I'd check to be sure !
My car was repoed & now owe the IRS money?
-In 2009 the bank repoed a car I finaced for my scumbag of step father and he never paid. The car was repossed, I owed money on the loan. The car was sold at an auction and after that I still owed money. The bank sold the debt to a collection agency, who then I settled with and payed the lump sum. NOw I get a letter from the IRS saying my reported income was less than what they see, which I believe is wrong they are showing the amount I payed to settle as income is this possible? I didnt earn this I payed the bank this amount? Now they are charging me $1300 saying I owe that tax. What can i do any one have an idea whats going on? I dont want them to think this was money i earned when I'm still paying for the amount I settled.When you settled the debt for less than the total that was due, the difference became cancelled debt income. You were supposed to get the 1099-C in 2009 (and the IRS obviously did). You can exclude the money from income if you can show you were insolvent at the time. If you can't, you owe.Call the toll free number that appears in the upper right hand side of the letter your received from the IRS. About 70% of the computer produced notices they send out are in error; you will have to ask exactly what paperwork you will have to fax to them to show the money as an expense and not as income. I have a saying that really has come true in this high tech age; "We are surrounded by idiots and now they have computers". You will come out all right on this so don't get bent out of shape.
What happened was that the bank reported the amount you paid as a charge-off. If the debt was a charge-off, this is money that the IRS treats as income (money you owed but are no longer required to pay). However, since you did pay this amount (I assume you paid the full difference), the it should not be counted as income. Call the IRS - you may be required to submit copies of your receipts showing you paid off the entire debt.
When you settle, you pay less than what you owe. The difference (the amount that you avoid paying by settling instead) is income.
The amount that you did pay is not income.
The amount that you owed and did not pay is income, by law. And you do owe tax on it.
You owe tax for cancellation of debt, for tax on the amount that you owed but did not pay when you settled. You should have gotten a form 1099-C for the amount.
If you have "forgiveness of debt" that is considered income. It is really lousy since you get a doubt whammy on this one.
you probably received a 1099 C, cancellation of debt, and that is considered income to you
Pickup the phone and call the IRS, and write to them certified letter. The IRS MAKES PLENTY OF MISTAKES.
What happened was that the bank reported the amount you paid as a charge-off. If the debt was a charge-off, this is money that the IRS treats as income (money you owed but are no longer required to pay). However, since you did pay this amount (I assume you paid the full difference), the it should not be counted as income. Call the IRS - you may be required to submit copies of your receipts showing you paid off the entire debt.
When you settle, you pay less than what you owe. The difference (the amount that you avoid paying by settling instead) is income.
The amount that you did pay is not income.
The amount that you owed and did not pay is income, by law. And you do owe tax on it.
You owe tax for cancellation of debt, for tax on the amount that you owed but did not pay when you settled. You should have gotten a form 1099-C for the amount.
If you have "forgiveness of debt" that is considered income. It is really lousy since you get a doubt whammy on this one.
you probably received a 1099 C, cancellation of debt, and that is considered income to you
Pickup the phone and call the IRS, and write to them certified letter. The IRS MAKES PLENTY OF MISTAKES.
At 66yrs and tax allowance of 9,ooo why am i paying tax on my income of 5,500?
-This link will explain your tax rate at 66 you should be on almost max allowance.
Which in year 2011-2012 is 拢9,940
http://www.hmrc.gov.uk/rates/it.htm
Phone them up etc. . . .give them your NI number of tax ref number if you've got one.This link will explain your tax rate at 66 you should be on almost max allowance.
Which in year 2011-2012 is 拢9,940
http://www.hmrc.gov.uk/rates/it.htm
Phone them up etc. . . .give them your NI number of tax ref number if you've got one.If you are in the UK it will all be to do with how much you have been paid so far. Your tax allowance is divided by 12 (if you are monthly paid) so you get a 12th of it every month so so far, as June was month 3 of the tax year you've had 拢2250 tax allowance. If you've been paid more than that so far this year then you will have paid tax but if, as we go through the year you get paid less then you will start getting the tax back and eventually it will all balance out and assuming you do not earn more than 拢9000 for the whole year you'll end up having not paid anything.
Saying that, I'm assuming your employer's have you on the right tax code - it might be worth checking!
I don't know but as long as you do not have any other income from private pensions or a huge amount of savings you should not be paying tax. Give tax office a call or do it online.
You shouldn't be paying any tax at all on 拢5k- contact your Inland Revenue department.
If that 拢5500 is your total income e.g. state pension, private pension and earnings then you shouldn't be paying any tax. Contact your tax office.
Which in year 2011-2012 is 拢9,940
http://www.hmrc.gov.uk/rates/it.htm
Phone them up etc. . . .give them your NI number of tax ref number if you've got one.This link will explain your tax rate at 66 you should be on almost max allowance.
Which in year 2011-2012 is 拢9,940
http://www.hmrc.gov.uk/rates/it.htm
Phone them up etc. . . .give them your NI number of tax ref number if you've got one.If you are in the UK it will all be to do with how much you have been paid so far. Your tax allowance is divided by 12 (if you are monthly paid) so you get a 12th of it every month so so far, as June was month 3 of the tax year you've had 拢2250 tax allowance. If you've been paid more than that so far this year then you will have paid tax but if, as we go through the year you get paid less then you will start getting the tax back and eventually it will all balance out and assuming you do not earn more than 拢9000 for the whole year you'll end up having not paid anything.
Saying that, I'm assuming your employer's have you on the right tax code - it might be worth checking!
I don't know but as long as you do not have any other income from private pensions or a huge amount of savings you should not be paying tax. Give tax office a call or do it online.
You shouldn't be paying any tax at all on 拢5k- contact your Inland Revenue department.
If that 拢5500 is your total income e.g. state pension, private pension and earnings then you shouldn't be paying any tax. Contact your tax office.
If i make $13 an hour how much taxes will be taken out of my paycheck?
-im trying to get a nurse assistant job in vermont making 13 an hour and working 40 hours a week. im also trying to get my own apartment so i was wondering how much money will be taken out of my paycheck for taxes? i need to know so i can figure out how much rent i can afford thanks for any help :)I use this weird formula I came up with that is amazingly accurate. For a 40 hour work week you times the amount you get paid by 9 and minus that from the total you would be paid so : 9*13 = 117 and subtract from 13*40 which is 520 = $403 and that is take home with social security medicare, unemployment, state tax, and federal tax taken out.
In Vermont, you can expect to pay 17% in State taxes and another 14% in federal. Factor in social security, FICA, etc and your total tax would be between 43 and 45% depending if you work overtime or not. So to be on the safe side, consider your take home pay $7.50 a hour. ($300 a week). Hope that helps
you know that 5.65% will be withheld for FICA, possibly 1% or more for a state employee tax,
the income tax will depend on how you filed your W-4 with your employer, your gross, your status and the frequency of the payrolls
Around $100 deducted a week if you have single/1 allowance on your W-4
$130 p/week
In Vermont, you can expect to pay 17% in State taxes and another 14% in federal. Factor in social security, FICA, etc and your total tax would be between 43 and 45% depending if you work overtime or not. So to be on the safe side, consider your take home pay $7.50 a hour. ($300 a week). Hope that helps
you know that 5.65% will be withheld for FICA, possibly 1% or more for a state employee tax,
the income tax will depend on how you filed your W-4 with your employer, your gross, your status and the frequency of the payrolls
Around $100 deducted a week if you have single/1 allowance on your W-4
$130 p/week
How much do you have to make before you have to pay taxes?
-What's the minimum?if you are self employed, your minimum is $400
if you are single, no dependents, currently $9500 for 2011
or if you are a dependent, $950 of investment income, $5800 earnings
if you are single, no dependents, currently $9500 for 2011
or if you are a dependent, $950 of investment income, $5800 earnings
Can I be considered an independent on my taxes?
-So someone told me that I can only be considered an independent on my taxes if I'm married or emancipated and I would like to know if this is true. I'm 20 years old at the end of the month. I would like to file my taxes as an independent, because I'd rather my parents not find out about my career (webcam model), which I started this year. I'm on their health insurance, but will start paying for my own if this would affect my dependency. I will be paying for my own school, but I have to use their salary info on the FAFSA for student aid, though I'd be willing to pay for it out of pocket if the aid would affect my dependency (it's a community college, so it's not that expensive). In October of last year, I moved out to a different state to live with my boyfriend, and next month I will be moving in another state with my boyfriend and his parents.' I pay for all of my own bills and I've moved out 9 months ago (as a permanent move, not temporary). Can someone please tell me if I can be considered an independent, and if not what can I do to be considered an independent? Of course, I would talk it over with my parents and let them know that I'm claiming myself. I'm not sure when I'm going to school, but I'm going to try to in the fall or in the spring of next year. Thanks!Yes you can claim yourself since you aren't living with them over half of 2011. If you aren't in school full time during at least five months of 2011, you could claim yourself even if you were still living with them.
And finally, even if they were still able to claim you, you could still file your own return and they wouldn't be able to see it unless you showed it to them.As long as your parents aren't claiming you (and it doesn't sound like they can since they aren't providing for 50%+ of your expenses this year), you can certainly claim yourself as a dependent. FAFSA does not affect this. Like you said, however, you will still need their salary and other info to fill out the FAFSA to be eligible for certain scholarships, grants, etc.
http://www.crossloop.com/cshort3
What you were told is not true.
You must be considered as independent if you provide over 1/2 of your own support.
None of which is really relevant.
Even if you filed as a dependent, there would be no reason for your parents to learn of your "career".
The difference between being "independent" or not "independent" is who claims the "exemption" and whether certain credits are available. Either way, you must file your own return (even if you are not "independent") and you must report your webcam income on your tax return. You are not obligated to disclose it to your parents.
You have permanently moved out of your parents house, so you can claim your own personal exemption ( "independent' ) for 2011.*** You ARE an adult at age 18. {Emancipation is usually used for teenagers under age 18 who get the courts permission to not be under their parents rule, etc.}
Being on your parents health care insurance has no bearing on anything. It is your right and privilege until age 26 [single, married, living at home or not] under Obamacare as long as your parents will go with the plan (and you pay, they pay, the employer pays; whatever).
Going to college while truly living on your own (with a husband, bf, or by yourself) does not revert you back to the status of a dependent on your parents return.
*** re 2010 taxes, which you seem to be talking about; it depends on whether you were in school 5 or more months in 2010, and how much support your parents provided. See IRS guidelines for rules and worksheets. I am assuming your parents would have filed by now. The discussion (re your tax status) should have happened before they file, but on the surface it does sound like you can claim your own exemption. {But the IRS will come asking for proof if your parents already claimed you as an exemption.}
Dependents who make money file their own return, and there is no (legal) need for the parents to see it.
Tell your parents that you will be filing your own return, which means that they should not claim you as a dependent. They will not see what you file.
Unless you are a full time student, you are already too old for them to claim you as a dependent anyways.
You can file your own taxes at any age. One person, and only one person gets to claim you as a dependent (people filing as married filing jointly count as one person for this purpose). If you claim the standard deduction on your own taxes, you are claiming yourself. If you claim the standard deduction, nobody else can claim you as a dependent. (If they do, the IRS will send them a mean letter.)
Whether or not you file your own tax return and claim the standard deduction, you are too old for someone to claim you as dependent unless you are a full-time student (or disabled).
If you are indeed a full-time student, then let a parent (or both if they file married filing jointly) claim you as a dependent. You can still file your own return (which they will not see) as long as you don't claim the standard deduction.
And finally, even if they were still able to claim you, you could still file your own return and they wouldn't be able to see it unless you showed it to them.As long as your parents aren't claiming you (and it doesn't sound like they can since they aren't providing for 50%+ of your expenses this year), you can certainly claim yourself as a dependent. FAFSA does not affect this. Like you said, however, you will still need their salary and other info to fill out the FAFSA to be eligible for certain scholarships, grants, etc.
http://www.crossloop.com/cshort3
What you were told is not true.
You must be considered as independent if you provide over 1/2 of your own support.
None of which is really relevant.
Even if you filed as a dependent, there would be no reason for your parents to learn of your "career".
The difference between being "independent" or not "independent" is who claims the "exemption" and whether certain credits are available. Either way, you must file your own return (even if you are not "independent") and you must report your webcam income on your tax return. You are not obligated to disclose it to your parents.
You have permanently moved out of your parents house, so you can claim your own personal exemption ( "independent' ) for 2011.*** You ARE an adult at age 18. {Emancipation is usually used for teenagers under age 18 who get the courts permission to not be under their parents rule, etc.}
Being on your parents health care insurance has no bearing on anything. It is your right and privilege until age 26 [single, married, living at home or not] under Obamacare as long as your parents will go with the plan (and you pay, they pay, the employer pays; whatever).
Going to college while truly living on your own (with a husband, bf, or by yourself) does not revert you back to the status of a dependent on your parents return.
*** re 2010 taxes, which you seem to be talking about; it depends on whether you were in school 5 or more months in 2010, and how much support your parents provided. See IRS guidelines for rules and worksheets. I am assuming your parents would have filed by now. The discussion (re your tax status) should have happened before they file, but on the surface it does sound like you can claim your own exemption. {But the IRS will come asking for proof if your parents already claimed you as an exemption.}
Dependents who make money file their own return, and there is no (legal) need for the parents to see it.
Tell your parents that you will be filing your own return, which means that they should not claim you as a dependent. They will not see what you file.
Unless you are a full time student, you are already too old for them to claim you as a dependent anyways.
You can file your own taxes at any age. One person, and only one person gets to claim you as a dependent (people filing as married filing jointly count as one person for this purpose). If you claim the standard deduction on your own taxes, you are claiming yourself. If you claim the standard deduction, nobody else can claim you as a dependent. (If they do, the IRS will send them a mean letter.)
Whether or not you file your own tax return and claim the standard deduction, you are too old for someone to claim you as dependent unless you are a full-time student (or disabled).
If you are indeed a full-time student, then let a parent (or both if they file married filing jointly) claim you as a dependent. You can still file your own return (which they will not see) as long as you don't claim the standard deduction.
I have been out of work since December, and been on Newstart allowance since; what happens at tax time?
-I have been out of work since December (medical reasons), since leaving I have been on New start allowance (center link). I am expecting my group certificate from work to arrive shortly, I heard today that I will also be issued a payment summary (group certificate) from Center link also; what happens here? will my tax return be effected by the center link payment summary? as I will be needing the full amount of my tax return when I receive it! Thank you all!Hi there, I'm Marian, I work for Centrelink.
Newstart Allowance is a taxable payment, which means that it should be included in your taxable income. You should contact the Australian Taxation Office to enquire about how your income will effect your tax assessment. The ATO's contact number is 13 28 61.
Newstart Allowance is a taxable payment, which means that it should be included in your taxable income. You should contact the Australian Taxation Office to enquire about how your income will effect your tax assessment. The ATO's contact number is 13 28 61.
Accounting deprecation schedule need help from a pro because I'm sure not one?
-Prepare a depreciation schedule showing depr. exp., accumulated depreciation and ending book value, year-by-year.
3 schedules for the 3 methods: straight-line, units-of-production, double decline basis. Asset is a delivery Truck.
Est. Life 鈥︹€︹€︹€? 5
Orig. Cost Basis 24,500.00
Est. Residual Value 2,500.00
Est. total milage 100,000
miles driven, Yr 1 21,400
miles driven, Yr 2 19,700
miles driven, Yr 3 18,900
miles driven, Yr 4 23,400
miles driven, Yr 5 16,600
Part 2:
Assuming the truck is sold at the end of yr. 3, give the gen. journal entry to record the sale (straight-line method)
assume it was sold for:
11,720.00Straight-line
(24,500 - 2,500) / 5 years = 4,400 depreciation per year
Year 1 (4,400) (4,400) (20,100)
Year 2 (4,400) (8,800) (15,700)
Year 3 (4,400) (13,200) (11,300)
Year 4 (4,400) (17,600) (6,900)
Year 5 (4,400) (22,000) (2,500)
Units-of-production
(24,500-2,500) / 100,000 miles = .22 per mile depreciation rate
Year 1 (21,400 x .22 = 4,708) (4,708) (19,792)
Year 2 (19,700 x .22 = 4,334) (9,042) (15,458)
Year 3 (18,900 x .22 = 4,158) (13,200) (11,300)
Year 4 (23,400 x .22 = 5,148) (18,348) (6,152)
Year 5 (16,600 x .22 = 3,652) (22,000) (2,500)
Double Declining Balance
(1 / 5) x 2 = 40% depreciation rate
Year 1 (24,500 x 40% = 9,800) (9,800) (14,700)
Year 2 (14,700 x 40% = 5,880) (15,680) (8,820)
Year 3 (8,820 x 40% = 3,528) (19,208) (5,292)
Year 4 (5,292 x 40% = 2,117) (21,325) (3,175)
Year 5 (Limited by residual value to 675) (22,000) (2,500)
Part 2
Debit Cash 11,720
Debit Accumulated Depreciation - Truck 13,200
Credit Truck 24,500
Credit Gain on Sale of Truck 420
3 schedules for the 3 methods: straight-line, units-of-production, double decline basis. Asset is a delivery Truck.
Est. Life 鈥︹€︹€︹€? 5
Orig. Cost Basis 24,500.00
Est. Residual Value 2,500.00
Est. total milage 100,000
miles driven, Yr 1 21,400
miles driven, Yr 2 19,700
miles driven, Yr 3 18,900
miles driven, Yr 4 23,400
miles driven, Yr 5 16,600
Part 2:
Assuming the truck is sold at the end of yr. 3, give the gen. journal entry to record the sale (straight-line method)
assume it was sold for:
11,720.00Straight-line
(24,500 - 2,500) / 5 years = 4,400 depreciation per year
Year 1 (4,400) (4,400) (20,100)
Year 2 (4,400) (8,800) (15,700)
Year 3 (4,400) (13,200) (11,300)
Year 4 (4,400) (17,600) (6,900)
Year 5 (4,400) (22,000) (2,500)
Units-of-production
(24,500-2,500) / 100,000 miles = .22 per mile depreciation rate
Year 1 (21,400 x .22 = 4,708) (4,708) (19,792)
Year 2 (19,700 x .22 = 4,334) (9,042) (15,458)
Year 3 (18,900 x .22 = 4,158) (13,200) (11,300)
Year 4 (23,400 x .22 = 5,148) (18,348) (6,152)
Year 5 (16,600 x .22 = 3,652) (22,000) (2,500)
Double Declining Balance
(1 / 5) x 2 = 40% depreciation rate
Year 1 (24,500 x 40% = 9,800) (9,800) (14,700)
Year 2 (14,700 x 40% = 5,880) (15,680) (8,820)
Year 3 (8,820 x 40% = 3,528) (19,208) (5,292)
Year 4 (5,292 x 40% = 2,117) (21,325) (3,175)
Year 5 (Limited by residual value to 675) (22,000) (2,500)
Part 2
Debit Cash 11,720
Debit Accumulated Depreciation - Truck 13,200
Credit Truck 24,500
Credit Gain on Sale of Truck 420
Ive been awarded £5200, deductions are 25% plus vat.what will i be left with?
-25% of 拢5200 is 拢1300 20% vat on 拢1300 is 拢260 so your deductions are 拢1560 leaving you with 拢3640.25% of 拢5200 is 拢1300 20% vat on 拢1300 is 拢260 so your deductions are 拢1560 leaving you with 拢3640.Well done bunion the cat, spot on 拢3,640.
Only answered to confirm amount, but exactly what I got.
Hope I, sorry, we, have helped.
拢5200 minus 25% equals 拢3900 20%Vat from that is 拢3120.
It sounds like a real rip off to me.Good Luck Jake
拢3640
Only answered to confirm amount, but exactly what I got.
Hope I, sorry, we, have helped.
拢5200 minus 25% equals 拢3900 20%Vat from that is 拢3120.
It sounds like a real rip off to me.Good Luck Jake
拢3640
What's the average amount someone has to pay for taxes in California &what are taxes?
-I'm just curious :P I wouldn't know yet, I'm 15. But assuming the average income is $30,000 and the person is a homeowner & car owner, about how much is the average amount a person would have to pay for taxes?
And, what are people taxed on? XD I'm a bit confused about taxes.there is no average
the person earning $30000 may be married with children, he also may have enough to itemize and reduce his taxes
the car is a personal thing unless he is r'qrd to use it for work, and will not affect his taxes
the lowest rate in Calif. is 1.25 and rises to 9.55%
And, what are people taxed on? XD I'm a bit confused about taxes.there is no average
the person earning $30000 may be married with children, he also may have enough to itemize and reduce his taxes
the car is a personal thing unless he is r'qrd to use it for work, and will not affect his taxes
the lowest rate in Calif. is 1.25 and rises to 9.55%
What all forms I need to submit in income tax amendment?
-Hello,
For filling tax amendment what all form one need to submit with 1040X ? This amendment is being filled to correct one stock sales transaction that were missed in original return. In orignial return schedule - B, D, D-1 and M were used along with a few tax calculation worksheet.
All other details are same.The rule of thumb is anything that is new or different. If the original schedule has NOT changed (same amounts, same totals), do not send it.
Since the only change you mention is a stock sale, include the entire schedule D/D-1.
For filling tax amendment what all form one need to submit with 1040X ? This amendment is being filled to correct one stock sales transaction that were missed in original return. In orignial return schedule - B, D, D-1 and M were used along with a few tax calculation worksheet.
All other details are same.The rule of thumb is anything that is new or different. If the original schedule has NOT changed (same amounts, same totals), do not send it.
Since the only change you mention is a stock sale, include the entire schedule D/D-1.
I have been out of work since December, and been on Newstart allowance since; what happens at tax time?
-I have been out of work since December (medical reasons), since leaving I have been on New start allowance (center link). I am expecting my group certificate from work to arrive shortly, I heard today that I will also be issued a payment summary (group certificate) from Center link also; what happens here? will my tax return be effected by the center link payment summary? as I will be needing the full amount of my tax return when I receive it! Thank you all!Hi there, I'm Marian, I work for Centrelink.
Newstart Allowance is a taxable payment, which means that it should be included in your taxable income. You should contact the Australian Taxation Office to enquire about how your income will effect your tax assessment. The ATO's contact number is 13 28 61.
Newstart Allowance is a taxable payment, which means that it should be included in your taxable income. You should contact the Australian Taxation Office to enquire about how your income will effect your tax assessment. The ATO's contact number is 13 28 61.
Can i got education loan i have completed matric in 1991 in india?
-i had completed my matriculation in 1991.and i cant continue my further studies.now i wants to do my further studies . but my financial condition is so poor. i am 38 years old. can i got education loan to do study in abroad or in india?
Taxes on the sale of unimproved property?
-I sold a piece of property and i am looking for taxes owed. Or how i can reinvest the money instead of paying the taxesSale of the unimproved nonbusiness property has been completed and will have to be reported as the sale of a personal capital asset and will be reported on the schedule D of the 1040 income tax return and if it was owned for MORE than 1 year will be reported in section II as a long term capital gain on your 2011 income tax return when it is filed next year in the 2012 tax filing season.
2010 Instructions for Schedule D
Next year you will have the use the 2011 schedule D for this situation that you are now in at this time for the 2011 tax year.
http://www.irs.gov/instructions/i1040sd/鈥?/a>
Hope that you find the above enclosed information useful. 07/04/2011
Deborah,
If the sale has not closed, you still have time but you need to act fast.
1. Figure out how much capital gain tax you will really owe. If it's relatively low, your best option may be to pay.
2. If you provide owner financing, meaning that you will not be paid the full amount up front but receive payments over several years - you can spread your capital gain taxes too.
3. The most common approach however is "1031 exchange" also known as "like-kind exchange" or "tax-deferred exchange." It can allow you to buy another property and avoid paying capital gain tax until you sell the new property. The key is that you MAY NOT touch the money from the sale. The money has to be escrowed and then applied towards your next property directly from escrow. The only practical way to do this is to hire a third party known as "qualified intermediary." There're several companies who provide this service, and I suggest you stay away from small companies that can easily fold in today's economy.
Some potential pitfalls:
- The intermediary must be engaged BEFORE you close the sale, so do not wait a single day. Find such company ASAP and get them involved.
- Once you sell this property, you will only have 45 days to find the new property, and you will have to identify your new target property in writing.
- You will have 6 months to actually close on the new property, starting from the date of sale for your existing land.
- You can buy any US real property, developed or undeveloped, or even several properties under the exchange transaction. However, they must be used for investment or as a rental property, not personal. It means you cannot buy a house for yourself via exchange.
- The rules are extremely strict, and there're more of them than I mentioned. One misstep, and the game is over. Find an experienced intermediary company and follow their instructions very carefully.
Also, please read my article referenced in links. Good luck!
Michael Plaks, EA, Houston TX
Real estate specialist
www.MichaelPlaks.com
Since you have already sold the property, the ONLY option you have is to pay the taxes.
Had you asked before you sold (or even when you bought the property), we could have given you suggestions.
There is no reinvest rule. Now or ever. The poster who says you have 1 year is wrong.
You could have reinvested in like kind property under Internal Revenue Code Section 1031 and defer taxes on the gain. You should have done your research before closing the sale because it is too late now.
no, it doesn't work that way
you will pay taxes on the gain you make with the sale
First guy is correct but you have one year to invest it if you invest in another house you won't have to pay capital gains tax as for state sales tax it varies by state. You can call a local Realtor and they can advise you on the law where you sold the house and where you can invest it at. You could by U.S. savings bonds wit hit and it would be considered invested but talk ot a real estate agent to be sure or a tax accountant.
2010 Instructions for Schedule D
Next year you will have the use the 2011 schedule D for this situation that you are now in at this time for the 2011 tax year.
http://www.irs.gov/instructions/i1040sd/鈥?/a>
Hope that you find the above enclosed information useful. 07/04/2011
Deborah,
If the sale has not closed, you still have time but you need to act fast.
1. Figure out how much capital gain tax you will really owe. If it's relatively low, your best option may be to pay.
2. If you provide owner financing, meaning that you will not be paid the full amount up front but receive payments over several years - you can spread your capital gain taxes too.
3. The most common approach however is "1031 exchange" also known as "like-kind exchange" or "tax-deferred exchange." It can allow you to buy another property and avoid paying capital gain tax until you sell the new property. The key is that you MAY NOT touch the money from the sale. The money has to be escrowed and then applied towards your next property directly from escrow. The only practical way to do this is to hire a third party known as "qualified intermediary." There're several companies who provide this service, and I suggest you stay away from small companies that can easily fold in today's economy.
Some potential pitfalls:
- The intermediary must be engaged BEFORE you close the sale, so do not wait a single day. Find such company ASAP and get them involved.
- Once you sell this property, you will only have 45 days to find the new property, and you will have to identify your new target property in writing.
- You will have 6 months to actually close on the new property, starting from the date of sale for your existing land.
- You can buy any US real property, developed or undeveloped, or even several properties under the exchange transaction. However, they must be used for investment or as a rental property, not personal. It means you cannot buy a house for yourself via exchange.
- The rules are extremely strict, and there're more of them than I mentioned. One misstep, and the game is over. Find an experienced intermediary company and follow their instructions very carefully.
Also, please read my article referenced in links. Good luck!
Michael Plaks, EA, Houston TX
Real estate specialist
www.MichaelPlaks.com
Since you have already sold the property, the ONLY option you have is to pay the taxes.
Had you asked before you sold (or even when you bought the property), we could have given you suggestions.
There is no reinvest rule. Now or ever. The poster who says you have 1 year is wrong.
You could have reinvested in like kind property under Internal Revenue Code Section 1031 and defer taxes on the gain. You should have done your research before closing the sale because it is too late now.
no, it doesn't work that way
you will pay taxes on the gain you make with the sale
First guy is correct but you have one year to invest it if you invest in another house you won't have to pay capital gains tax as for state sales tax it varies by state. You can call a local Realtor and they can advise you on the law where you sold the house and where you can invest it at. You could by U.S. savings bonds wit hit and it would be considered invested but talk ot a real estate agent to be sure or a tax accountant.
What is the highest amount sent to any state dead file?
-In any state a bank account that has no withdrawal or deposit in seven or so years is to be sent to the state dead file.
What is the highest amount sent to any state dead file to date?in 50 states there are a lot of possibilities, hard to even imagine
What is the highest amount sent to any state dead file to date?in 50 states there are a lot of possibilities, hard to even imagine
I work 40 hour week and rate is 8.25 per hour.north carolina..how much i will get after cut tax?
-Cut tax? If you are asking how much your take-home pay will be, go here for some handy pay calculators: http://www.PayCheckCity.com
CHART OF ACCOUNT- HEAD OF ACCOUNT?
-What should i open an account head in computer for:
a. New website opening charges (we made a new website).
b. Website Development charges (we develped an old website).
Thanks for your answering in advance.If they are informative websites, then I would put these costs under Computer Expenses. But if they are interactive websites where people can shop online and if you are gaining sales directly from these websites, then I would post the costs to Advertising & Promotions, or Website Costs, it's up to you. You can choose between Computer Expenses and Advertising & Promotions. The important thing is to make sure that once you choose where to post these expenses, you must make sure that future transactions are treated the same to maintain consistency.ewwwww
a. New website opening charges (we made a new website).
b. Website Development charges (we develped an old website).
Thanks for your answering in advance.If they are informative websites, then I would put these costs under Computer Expenses. But if they are interactive websites where people can shop online and if you are gaining sales directly from these websites, then I would post the costs to Advertising & Promotions, or Website Costs, it's up to you. You can choose between Computer Expenses and Advertising & Promotions. The important thing is to make sure that once you choose where to post these expenses, you must make sure that future transactions are treated the same to maintain consistency.ewwwww
When do I add the VAT?
-I need to sell a few items and include the VAT, but do I VAT the trade price or the sale price?Sale price - you only charge VAT on the amount the customer is actually charged.
Can I qualify for unemployment?
-I live in Louisiana. I quit my job in January of this year because my husband got a new job out of town so we had to move. I did not get a new job because I was pregnant and did not think anyone would hire me. Now my the company my husband is working for are cutting back hours to try to get rid of employees who are not doing their job right. I am now 7 1/2 months pregnant and at high risk/bed rest so have no chance of getting a job now, but we desperately need extra income just until my husband's hours pick up again. Is it possible for me to get even temporary unemployment in this situation? Thanks for your help.No. Even if you had unemployment, you could not keep it. "Unemployment" is only for individuals who can work -- no exceptions. Being unable to work for any medical reason is an automatic disqualifier.
If you cannot work because of a medical condition, including high risk pregnancy, then you can qualify for "disability", which may be as much money as unemployment, or more, but not for "unemployment".
So, yes, you can get extra income, but not "unemployment".In some states, quitting a job because your spouse took a job out of town and you moved with your spouse does not disqualify you from unemployment, it's one of the few situations where you can quit and maybe still get benefits.
Right now though, if you're unable to work because of the pregnancy and bed rest, you wouldn't be eligible.
Not likely, but you can file and see what happens.
If you quit for any reason, you must attend a hearing to determine eligibility for benefits. Unemployment benefit applications should be filed in the state where the work was performed.
Check out this official U.S. Department of Labor List Of State Unemployment Agencies to determine the correct filing location. http://workforcesecurity.doleta.gov/unem鈥?/a>
Most states today allow unemployment benefit applications to be filed via telephone, in person, or through the Internet.
You cant wait months and months to apply for UI. You may qualify for disability. Since you have not been working you may not qualify for anything.
If you cannot work because of a medical condition, including high risk pregnancy, then you can qualify for "disability", which may be as much money as unemployment, or more, but not for "unemployment".
So, yes, you can get extra income, but not "unemployment".In some states, quitting a job because your spouse took a job out of town and you moved with your spouse does not disqualify you from unemployment, it's one of the few situations where you can quit and maybe still get benefits.
Right now though, if you're unable to work because of the pregnancy and bed rest, you wouldn't be eligible.
Not likely, but you can file and see what happens.
If you quit for any reason, you must attend a hearing to determine eligibility for benefits. Unemployment benefit applications should be filed in the state where the work was performed.
Check out this official U.S. Department of Labor List Of State Unemployment Agencies to determine the correct filing location. http://workforcesecurity.doleta.gov/unem鈥?/a>
Most states today allow unemployment benefit applications to be filed via telephone, in person, or through the Internet.
You cant wait months and months to apply for UI. You may qualify for disability. Since you have not been working you may not qualify for anything.
Can someone please explain UK VAT rates?
-I am registered as a self employed caterer. I dont expect my turnover to go over the VAT threshhold at this time. However, I am paying VAT on all the food I buy so I am considering registering for VAT voluntarily. What does this mean for me? I can claim back the VAT I pay at the wholesalers for the food I buy to re-sell but do I have fees to pay for being registered? Does it affect my earnings etc?
Any help appreciated, as always
Thank guys and gals xxA lot of the food you buy will be zero rated but as you supply catering, what you sell will be standard rated. The result of registering for VAT will probably mean an increase in the prices making you less competitive.
Where it could be useful is if you are incurring a lot of VAT on capital expenditure or potentially rent.
You're not paying VAT on food you buy. Almost all food is zero rate, so the input reclaim will be minimal, but you will have to raise your prices by 20% to cover the VAT you charge.
Don't register voluntarily, there's no advantage.
I didn't think there was vat on food?
"Onestep..." If no vat is paid upon purchase... why would vat be charged upon sale? Surely if its vat free its vat free?
You would of course be able to reclaim the vat on fuel , a van, and other business expenses.
It should not affect your earnings.
Any help appreciated, as always
Thank guys and gals xxA lot of the food you buy will be zero rated but as you supply catering, what you sell will be standard rated. The result of registering for VAT will probably mean an increase in the prices making you less competitive.
Where it could be useful is if you are incurring a lot of VAT on capital expenditure or potentially rent.
You're not paying VAT on food you buy. Almost all food is zero rate, so the input reclaim will be minimal, but you will have to raise your prices by 20% to cover the VAT you charge.
Don't register voluntarily, there's no advantage.
I didn't think there was vat on food?
"Onestep..." If no vat is paid upon purchase... why would vat be charged upon sale? Surely if its vat free its vat free?
You would of course be able to reclaim the vat on fuel , a van, and other business expenses.
It should not affect your earnings.
If I were to build a poolside cabana, about how much more taxes a year in New York state?
-With a bedroom, bathroom, and wetbar
2011年8月3日星期三
Why did the economy get so bad after Bush's tax cuts?
-Tro is wrong. It was already tanking in October 2008. Obama was not elected until 2009.
The economy got bad because of the mortgage meltdown, which happened because the Federal Reserve Bank raised interest rates too quickly.because it was meant to boost the economy & have people spending more, except people still didn't have money to spend so it didn't do anything that it was intended to do. People weren't spending money they didn't have and because of that businesses were suffering.
is that when it tanked? I thought it happened the worst after Obama was elected
The economy got bad because of the mortgage meltdown, which happened because the Federal Reserve Bank raised interest rates too quickly.because it was meant to boost the economy & have people spending more, except people still didn't have money to spend so it didn't do anything that it was intended to do. People weren't spending money they didn't have and because of that businesses were suffering.
is that when it tanked? I thought it happened the worst after Obama was elected
200 million dolars kitna hoga Indian rupees mein?
-200 000 000 * 47
= 94 00 000 000 Indian rupees
i.e. 940 Crores Indian rupees1$ = 44.4353 Rs (Dt 08-July-2011)
200 Million $= 200,000,000
200,000,000 * 44.4353= 8887060000 Rs.
Around Rs.9,000/-.
= 94 00 000 000 Indian rupees
i.e. 940 Crores Indian rupees1$ = 44.4353 Rs (Dt 08-July-2011)
200 Million $= 200,000,000
200,000,000 * 44.4353= 8887060000 Rs.
Around Rs.9,000/-.
CHART OF ACCOUNT- HEAD OF ACCOUNT?
-What should i open an account head in computer for:
a. New website opening charges (we made a new website).
b. Website Development charges (we develped an old website).
Thanks for your answering in advance.If they are informative websites, then I would put these costs under Computer Expenses. But if they are interactive websites where people can shop online and if you are gaining sales directly from these websites, then I would post the costs to Advertising & Promotions, or Website Costs, it's up to you. You can choose between Computer Expenses and Advertising & Promotions. The important thing is to make sure that once you choose where to post these expenses, you must make sure that future transactions are treated the same to maintain consistency.ewwwww
a. New website opening charges (we made a new website).
b. Website Development charges (we develped an old website).
Thanks for your answering in advance.If they are informative websites, then I would put these costs under Computer Expenses. But if they are interactive websites where people can shop online and if you are gaining sales directly from these websites, then I would post the costs to Advertising & Promotions, or Website Costs, it's up to you. You can choose between Computer Expenses and Advertising & Promotions. The important thing is to make sure that once you choose where to post these expenses, you must make sure that future transactions are treated the same to maintain consistency.ewwwww
I bought an Energy Star Home is it tax deductible?
-I recently bought a New Construction home. It is from an energy start builder. There are energy star appliances and features on the home. Is the cost of all those items tax deductible?There are credits available to the builder but those credits do not pass through to you.
For the builder, not for you.
For the builder, not for you.
Attic fan and tax credit?
-Guys, i am planning to buy an attic fan, can I claim it during tax filing as part of home improvement? I heard some solar powered ones are eligible upto 30% tax credit, what about non-solar ones?If it is energy saving you may be able to deduct it or receive a credit. Call the manufacturer and ask them.
Solar only.
not applicable
Solar only.
not applicable
I Purchased a Business?
-I purchased a business for $100,000 in NY. I'd like to know if it is possible to claim that amount as a business expense or something like it on my 1040 Schedule C form for my taxes? Or I can't really do anything with that amount?
Legit answers only pleasethe $100000 is your investment, it represents, assets you purchased, ie. equipment, furnishings, blue sky etc and will be part of your Balance Sheet as assets
your investment is not an expense you can report on your Sch C
the assets may be eligible for depreciation or amortization which would be an expense but not the entire amount
You and the seller have to fill out matching IRS form 8594. You use the numbers from that form to show how you spent your money. Eg, inventory becomes your starting balance for cost of goods sold, amounts on fixtures can be depreciated, etc.
Legit answers only pleasethe $100000 is your investment, it represents, assets you purchased, ie. equipment, furnishings, blue sky etc and will be part of your Balance Sheet as assets
your investment is not an expense you can report on your Sch C
the assets may be eligible for depreciation or amortization which would be an expense but not the entire amount
You and the seller have to fill out matching IRS form 8594. You use the numbers from that form to show how you spent your money. Eg, inventory becomes your starting balance for cost of goods sold, amounts on fixtures can be depreciated, etc.
If i make $13 an hour how much taxes will be taken out of my paycheck?
-im trying to get a nurse assistant job in vermont making 13 an hour and working 40 hours a week. im also trying to get my own apartment so i was wondering how much money will be taken out of my paycheck for taxes? i need to know so i can figure out how much rent i can afford thanks for any help :)I use this weird formula I came up with that is amazingly accurate. For a 40 hour work week you times the amount you get paid by 9 and minus that from the total you would be paid so : 9*13 = 117 and subtract from 13*40 which is 520 = $403 and that is take home with social security medicare, unemployment, state tax, and federal tax taken out.
In Vermont, you can expect to pay 17% in State taxes and another 14% in federal. Factor in social security, FICA, etc and your total tax would be between 43 and 45% depending if you work overtime or not. So to be on the safe side, consider your take home pay $7.50 a hour. ($300 a week). Hope that helps
you know that 5.65% will be withheld for FICA, possibly 1% or more for a state employee tax,
the income tax will depend on how you filed your W-4 with your employer, your gross, your status and the frequency of the payrolls
Around $100 deducted a week if you have single/1 allowance on your W-4
$130 p/week
In Vermont, you can expect to pay 17% in State taxes and another 14% in federal. Factor in social security, FICA, etc and your total tax would be between 43 and 45% depending if you work overtime or not. So to be on the safe side, consider your take home pay $7.50 a hour. ($300 a week). Hope that helps
you know that 5.65% will be withheld for FICA, possibly 1% or more for a state employee tax,
the income tax will depend on how you filed your W-4 with your employer, your gross, your status and the frequency of the payrolls
Around $100 deducted a week if you have single/1 allowance on your W-4
$130 p/week
Can i got education loan i have completed matric in 1991 in india?
-i had completed my matriculation in 1991.and i cant continue my further studies.now i wants to do my further studies . but my financial condition is so poor. i am 38 years old. can i got education loan to do study in abroad or in india?
Do you still pay tax if you buy an item online?
-Say I bought something at whatever_ store.com, would I still be paying tax on that random item I'm buying?Some big orders don't include taxes, and some websites just don't at all. But most do. It depends where you are shopping.if the online vendor has a nexus in your state they will charge you sales tax, if they don't most states have got on the band wagon and require you to total your online and out of state purchases and calculate the sales tax to be paid with your state return
Some companies charge you a sales tax, some states ask you to report it on your income tax.
YES THEY DO!!!!!
Some companies charge you a sales tax, some states ask you to report it on your income tax.
YES THEY DO!!!!!
Whats 399.99$ plus 8.750% state tax?
-is it 343.00????
well i live in california and want to buy something that costes 399.99 but need to know the full amount of the product helpppWell, you know your answer must be wrong as you are adding tax to a product and coming out with a total that is less than the product itself.
The easiest way to figure it out is to multiply $399.99 x 1.0875 = $434.99The answer is $399.99 x 8.750% which equals $35, next you add $399.99 + $35 = $434.99
well i live in california and want to buy something that costes 399.99 but need to know the full amount of the product helpppWell, you know your answer must be wrong as you are adding tax to a product and coming out with a total that is less than the product itself.
The easiest way to figure it out is to multiply $399.99 x 1.0875 = $434.99The answer is $399.99 x 8.750% which equals $35, next you add $399.99 + $35 = $434.99
Tax ramifications on incurred expenses on an unsuccessful business attempt?
-I am working on a tax case where the client is currently an attorney that works as a loan officer at a bank. Job history is 1190-1995, she worked for a law firm (she also represented clients on the side but it was sporadic), from 1995 to 2009, she worked as a loan officer at a bank (which did not require her to be an attorney) and due to cutbacks she was terminated in Dec. 2009. In Jan. 2010 she decided to practice law on her own and she purchased fax machine, copier, computer and printer. She had stationary printed. She also incurred and paid other expenses such as hotel, business meals, postage, supplies, telephone, and car rental for business. She paid for and attended conventions and seminars in order to network. With all this effort, she was unable to obtain even one client. In February, she then decided to take a position that opened up as a loan officer at another bank so at this point, she discontinued pursuing any clients as an attorney.
Now, my struggle with this case is that what exactly is the code section this is dealing with. I know that it has to do with expenses incurred in the attempt to acquire a new business, however, I cannot find the specific authority that explains the treatment of these kind of expenses which most likely will not be deductible since the business was unsuccessful and ceased.
Please help... I need any further guidance, not necessarily the answer.assuming she actually set herself up for business and was available to serve the date of that opening is her business date
anything she invested in the business prior to that is pre opening expenses and can be amortized over a 5 yr period, currently this is now like a 179 deduction in that up to $10000 is allowed as preopening expenses at one time- you can find the code sections in the instructions for 4562
the expenses she incurred once she opened the business would now be her operating expenses and since she didn't get a client would be a loss
Now, my struggle with this case is that what exactly is the code section this is dealing with. I know that it has to do with expenses incurred in the attempt to acquire a new business, however, I cannot find the specific authority that explains the treatment of these kind of expenses which most likely will not be deductible since the business was unsuccessful and ceased.
Please help... I need any further guidance, not necessarily the answer.assuming she actually set herself up for business and was available to serve the date of that opening is her business date
anything she invested in the business prior to that is pre opening expenses and can be amortized over a 5 yr period, currently this is now like a 179 deduction in that up to $10000 is allowed as preopening expenses at one time- you can find the code sections in the instructions for 4562
the expenses she incurred once she opened the business would now be her operating expenses and since she didn't get a client would be a loss
How to get tax information from spouse?
-Me and my husband are separated and I am currently living with my parents trying to apply for school. I will definitely qualify for financial aid, but they are asking detailed tax question and my (legally) husband refuses to give me the information (I won a sweepstakes and won around $10,000 in prizes which was my only income, all that paperwork is with him), what can I do?You should be able to get duplicate info on the prizes you won - and should get the end-of-year paperwork - be sure they contest people have your new address.
As far as the info for the FAFSA application, if you need info of his for years when you didn't file jointly and he won't give it to you, you're out of luck. If you filed jointly, request a transcript from the IRS.
You could file for divorce and get the information as part of the financial information that needs to be shared as part of the divorce negotiations.
if he won't furnish information on all income, file your return separately, you will need to claim your winnings on your return
If you filed joinly with him you can call the IRS and get a transcript of your return for free.
As far as the info for the FAFSA application, if you need info of his for years when you didn't file jointly and he won't give it to you, you're out of luck. If you filed jointly, request a transcript from the IRS.
You could file for divorce and get the information as part of the financial information that needs to be shared as part of the divorce negotiations.
if he won't furnish information on all income, file your return separately, you will need to claim your winnings on your return
If you filed joinly with him you can call the IRS and get a transcript of your return for free.
Do you have to qualify for itemized deductions when you own a business?
-I have a business. Total deductions for the tax year 2011 will total about 7K or so.
If you are in business, do you have to reach a certain amount of deductions before you qualify to be able to itemize them? Or can I deduct the very first dollar I spend?Deductions for your own business go on Schedule C and are not "itemized deductions". You can deduct the very first dollar, but only if you do not call it an "itemized" deduction.
An "itemized deduction" is a deduction that goes on Schedule A, for things like medical expenses, home mortgage interest, etc., that do not have anything to do with your business. You can deduct all the dollars, or the "standard" deduction", but not both; if the standard deduction is more, then it is better not to deduct the itemized deductions.
Schedule A, itemized deductions, have nothing to do with schedule C, business income.
You deduct the first dollar of "ordinary and necessary expenses" incurred after you opened the business. There are limitations on expenses incurred before the business started. Some expenses are not immediate, but depreciated/amortized over time.
Never but never tread in the world of taxes without classroom training and study. Itemized deductions have nothing to do with the world of business and etc. Go to IRS.GOV and download the free Pub 17 or order it to be delivered; ditto for a Sch C and instructions therefor. What you don't know can wind up putting you in bankruptcy court when it comes to finance and taxes and etc.
You just have to file a Schedule C with your federal tax return. There is no threshold to meet with a schedule C like there is with a Schedule A.
If you don't have at least $7K in business income, the IRS may call this a hobby, not a business, and disallow the deductions. See my source for the rules.
For a business, you can deduct any eligible expense, even if the total is just $1. There is no "standard deduction" for businesses like there is for personal returns.
itemized deductions are your personal items on sch A
if you have a business and incur business expenses you report them on Sch C as you also report your income
business expenses are not itemized deductions
depends how you spent it and what you spent it for.
talk to your accountant
If you are in business, do you have to reach a certain amount of deductions before you qualify to be able to itemize them? Or can I deduct the very first dollar I spend?Deductions for your own business go on Schedule C and are not "itemized deductions". You can deduct the very first dollar, but only if you do not call it an "itemized" deduction.
An "itemized deduction" is a deduction that goes on Schedule A, for things like medical expenses, home mortgage interest, etc., that do not have anything to do with your business. You can deduct all the dollars, or the "standard" deduction", but not both; if the standard deduction is more, then it is better not to deduct the itemized deductions.
Schedule A, itemized deductions, have nothing to do with schedule C, business income.
You deduct the first dollar of "ordinary and necessary expenses" incurred after you opened the business. There are limitations on expenses incurred before the business started. Some expenses are not immediate, but depreciated/amortized over time.
Never but never tread in the world of taxes without classroom training and study. Itemized deductions have nothing to do with the world of business and etc. Go to IRS.GOV and download the free Pub 17 or order it to be delivered; ditto for a Sch C and instructions therefor. What you don't know can wind up putting you in bankruptcy court when it comes to finance and taxes and etc.
You just have to file a Schedule C with your federal tax return. There is no threshold to meet with a schedule C like there is with a Schedule A.
If you don't have at least $7K in business income, the IRS may call this a hobby, not a business, and disallow the deductions. See my source for the rules.
For a business, you can deduct any eligible expense, even if the total is just $1. There is no "standard deduction" for businesses like there is for personal returns.
itemized deductions are your personal items on sch A
if you have a business and incur business expenses you report them on Sch C as you also report your income
business expenses are not itemized deductions
depends how you spent it and what you spent it for.
talk to your accountant
Where does the money from NYS cigarette tax go?
-The general fund.General fund. In CA they claim it's for anti-smoking education but they always dip into the fund when they want money (which is all the time)
If your"e late mother leaves you a house and has been claiming coucil tax beifits that she wasnot entitled to?
-If the Council find out before PROBATE is granted they may attempt to reclaim out of her Estate ... if there is insufficient cash in the Estate to settle, any property she owned may have top be sold.
Note, however, many debtors just write off unsecured (eg Credit Card) and disputed debts when some-one dies ...
If Probate is granted, too bad = Probate is a court ruling that all her (known, acknowledged, secured) debts have been settled and the remainder of her Estate legally distributed ...What is your question?
Do you have to pay it back?
Yes, more than likely that you will have to pay the Council back.
Note, however, many debtors just write off unsecured (eg Credit Card) and disputed debts when some-one dies ...
If Probate is granted, too bad = Probate is a court ruling that all her (known, acknowledged, secured) debts have been settled and the remainder of her Estate legally distributed ...What is your question?
Do you have to pay it back?
Yes, more than likely that you will have to pay the Council back.
I work 40 hour week and rate is 8.25 per hour.nc..how i wiil get after cut tax?
-check your other posting for some informationUmm......what is this after cut tax?
I want to know my name middle name and surname in pan card?
-i want to know my correct first name, middle name, surname given at the time of applied timeIf you have PAN card these detail are clearly mentioned therein. Otherwise there is no direct method to know these details. However you may follow an indirect method to know the correct name as per IT data base. For this purpose follow following link at www.incometaxindia.gov.in > Pay taxes on line > Click challan ITS 280 > Fill this challan with fake detail except PAN detail, (Fill PAN Correctly) and proceed further > You will reach on next page where name behind PAN Filled by you is given. Note the name as desired by you. Do not follow further.
Wouldnt it be the same kiddo!?!
Wouldnt it be the same kiddo!?!
200 million dolars kitna hoga Indian rupees mein?
-200 000 000 * 47
= 94 00 000 000 Indian rupees
i.e. 940 Crores Indian rupees1$ = 44.4353 Rs (Dt 08-July-2011)
200 Million $= 200,000,000
200,000,000 * 44.4353= 8887060000 Rs.
Around Rs.9,000/-.
= 94 00 000 000 Indian rupees
i.e. 940 Crores Indian rupees1$ = 44.4353 Rs (Dt 08-July-2011)
200 Million $= 200,000,000
200,000,000 * 44.4353= 8887060000 Rs.
Around Rs.9,000/-.
I bought an Energy Star Home is it tax deductible?
-I recently bought a New Construction home. It is from an energy start builder. There are energy star appliances and features on the home. Is the cost of all those items tax deductible?There are credits available to the builder but those credits do not pass through to you.
For the builder, not for you.
For the builder, not for you.
I have done some consultancy - engineering design work for a foreign company. How to receive the payment and w?
-I have done some design work for a foreign company. What are the regulations concerning receiving the payment and what are the taxes applicable?
What is the GST on $415.12?
-If GST is 5% what is it on $415.12$415.12x0.05=$20.76.
The GST is $20.76.
The GST is $20.76.
Im 16, need help with my wage slip. UK Only.?
-I gave my p45 forms in in march. On a wage slip from April my tax code was 647L and no tax (tax TD) was paid. i changed my bank account a few week later, and in a wage slip from june it says my tax code is BR and that ive paid tax TD :( Why did this happen and what can i do to stop paying tax.You have not kept your address up to date - somewhere there is a "notice of coding" making it's way back to the tax office. So write or phone HMRC (address and number on the website). Is this your only or main employment? Your main job gets the tax allowances (7475 now or code 747L).
Other income? HMRC clearly thinks you have another source of money.
You or your employer should call your tax office, You are currently on emergency tax and you need to get that sorted, any tax they have deducted will be given back.
Find your nearest local tax office and speak to someone there about personal taxation. You should find your office in the yellow pages or at http://www.hmrc.gov.uk
Other income? HMRC clearly thinks you have another source of money.
You or your employer should call your tax office, You are currently on emergency tax and you need to get that sorted, any tax they have deducted will be given back.
Find your nearest local tax office and speak to someone there about personal taxation. You should find your office in the yellow pages or at http://www.hmrc.gov.uk
Shopping in the USA and bringing it back to Canada (where i live) -- the duties and taxes?
-My mom and i were away for 120 hours in the states, how much stuff are we aloud to bring back TOGETHER like $800US? ($400 US each???) thats what iv'e herd but not sure.. And if we bring back more like say for example $900US all together what are the duties and taxes (like percentages) we would have to pay on the extra stuff we brought back?
Thanks so much!Yes, you include tax paid on items purchased.
Remember, you cannot combine your exemptions. You much each make a claim on your own. Also remember you must make the claim in Canadian dollars, so you have to convert at the current exchange rate.
If you exceed your personal exemption, you pay duty and sales tax on the excess. Duty varies by item, so it's not possible to give you an estimate.
Thanks so much!Yes, you include tax paid on items purchased.
Remember, you cannot combine your exemptions. You much each make a claim on your own. Also remember you must make the claim in Canadian dollars, so you have to convert at the current exchange rate.
If you exceed your personal exemption, you pay duty and sales tax on the excess. Duty varies by item, so it's not possible to give you an estimate.
Can someone please explain UK VAT rates?
-I am registered as a self employed caterer. I dont expect my turnover to go over the VAT threshhold at this time. However, I am paying VAT on all the food I buy so I am considering registering for VAT voluntarily. What does this mean for me? I can claim back the VAT I pay at the wholesalers for the food I buy to re-sell but do I have fees to pay for being registered? Does it affect my earnings etc?
Any help appreciated, as always
Thank guys and gals xxA lot of the food you buy will be zero rated but as you supply catering, what you sell will be standard rated. The result of registering for VAT will probably mean an increase in the prices making you less competitive.
Where it could be useful is if you are incurring a lot of VAT on capital expenditure or potentially rent.
You're not paying VAT on food you buy. Almost all food is zero rate, so the input reclaim will be minimal, but you will have to raise your prices by 20% to cover the VAT you charge.
Don't register voluntarily, there's no advantage.
I didn't think there was vat on food?
"Onestep..." If no vat is paid upon purchase... why would vat be charged upon sale? Surely if its vat free its vat free?
You would of course be able to reclaim the vat on fuel , a van, and other business expenses.
It should not affect your earnings.
Any help appreciated, as always
Thank guys and gals xxA lot of the food you buy will be zero rated but as you supply catering, what you sell will be standard rated. The result of registering for VAT will probably mean an increase in the prices making you less competitive.
Where it could be useful is if you are incurring a lot of VAT on capital expenditure or potentially rent.
You're not paying VAT on food you buy. Almost all food is zero rate, so the input reclaim will be minimal, but you will have to raise your prices by 20% to cover the VAT you charge.
Don't register voluntarily, there's no advantage.
I didn't think there was vat on food?
"Onestep..." If no vat is paid upon purchase... why would vat be charged upon sale? Surely if its vat free its vat free?
You would of course be able to reclaim the vat on fuel , a van, and other business expenses.
It should not affect your earnings.
Do i pay sales tax if i buy a house?
-Do i have to pay sales tax if i purchase a homeNot generally a "sales tax" but many states have "transfer tax" and "recording" fees that amount to a one-time tax. In NH, for instance, it is currently15 dollars per thousand dollars of what you paid, plus a small fee for each page that you want recorded in the county registry of deeds.
As a habit, the transfer tax is split evenly between buyer and seller at closing, thus each would be responsible for $7.50 per thousand, unless otherwise agreed.
You do not pay sales tax on the purchase of the home.
You have to pay sales tax on other things, the same as if you did not purchase a home.
You also have to pay taxes on homes, but not sales tax.
not yet but part of the Obama health care bill(and what has that to do with buying a house?) in 2013 there will be sale tax on the purchase of a home
Yes and no. The builder pays sales tax on materials he buys to build the house. Those will be figured into the price you pay.
in most states no, but many have real estate transfer taxes.
No.
no
As a habit, the transfer tax is split evenly between buyer and seller at closing, thus each would be responsible for $7.50 per thousand, unless otherwise agreed.
You do not pay sales tax on the purchase of the home.
You have to pay sales tax on other things, the same as if you did not purchase a home.
You also have to pay taxes on homes, but not sales tax.
not yet but part of the Obama health care bill(and what has that to do with buying a house?) in 2013 there will be sale tax on the purchase of a home
Yes and no. The builder pays sales tax on materials he buys to build the house. Those will be figured into the price you pay.
in most states no, but many have real estate transfer taxes.
No.
no
Is there a way to avoid paying property taxes in Texas?
-I have heard that if your home/property is owned by an llc or a corporation, you can write that property off as tax deductible. Is this true? If so how do I go about doing this to avoid paying property taxes either partialy or completely?Yes you can write off the maintenance of a business property, as well as the morts age interest payments on it, but then you can write off interest on your primary residence too. This would not keep you out of paying property taxes, just help you to offset them with other deductions on your income taxes.
All this being said, you would have to actually use your property for business to do this, otherwise it would be tax fraud and you could end up in prison. It's better to just pay your taxes than go in prison.... Ask Wesley Snipes.
If this is your home, you have property taxes and a homestead exemption. If you itemize, you can deduct the property taxes.
If this is property that is not your home, you have the SAME property taxes and no homestead exemption. The LLC or corporation can only deduct the taxes if is renting it out--and renting it to you doesn't count.
The only way not to have to pay them is to not own property in Texas.
As Texas has not income tax, its property taxes tend to be high.
Also, when it comes to taxes, the phrase "I have heard......." is normally followed by incorrect information about 98% of the time.
The only way to avoid property tax in Texas is to have the property belong 100% to a not-for-profit corporation. The hassle of obtaining 501c(3) status and maintaining that status far outweighs the property taxes you'd pay.
if you don't want to pay property taxes, don't buy property
the LLC could purchase property but it still would pay the taxes on it
an LLC pays taxes just like any other taxpayer
Make an appointment with a Tax Attorney. Highly unlikely.
070611
h
All this being said, you would have to actually use your property for business to do this, otherwise it would be tax fraud and you could end up in prison. It's better to just pay your taxes than go in prison.... Ask Wesley Snipes.
If this is your home, you have property taxes and a homestead exemption. If you itemize, you can deduct the property taxes.
If this is property that is not your home, you have the SAME property taxes and no homestead exemption. The LLC or corporation can only deduct the taxes if is renting it out--and renting it to you doesn't count.
The only way not to have to pay them is to not own property in Texas.
As Texas has not income tax, its property taxes tend to be high.
Also, when it comes to taxes, the phrase "I have heard......." is normally followed by incorrect information about 98% of the time.
The only way to avoid property tax in Texas is to have the property belong 100% to a not-for-profit corporation. The hassle of obtaining 501c(3) status and maintaining that status far outweighs the property taxes you'd pay.
if you don't want to pay property taxes, don't buy property
the LLC could purchase property but it still would pay the taxes on it
an LLC pays taxes just like any other taxpayer
Make an appointment with a Tax Attorney. Highly unlikely.
070611
h
How much would tax be?
-I'm lookin forward to renting a place for my abuelitas wedding and neither of us know math very well. How much taxes would I have to pay for 6.5% sales tax of $1470? I don't want the total of it all, just the amount of taxes I'd have to pay.I guess you don't know math well.
iT'S 1470 * .065 or 95.55
Go to your Accountant.
iT'S 1470 * .065 or 95.55
Go to your Accountant.
Im 16, need help with my wage slip. UK Only.?
-I gave my p45 forms in in march. On a wage slip from April my tax code was 647L and no tax (tax TD) was paid. i changed my bank account a few week later, and in a wage slip from june it says my tax code is BR and that ive paid tax TD :( Why did this happen and what can i do to stop paying tax.You have not kept your address up to date - somewhere there is a "notice of coding" making it's way back to the tax office. So write or phone HMRC (address and number on the website). Is this your only or main employment? Your main job gets the tax allowances (7475 now or code 747L).
Other income? HMRC clearly thinks you have another source of money.
You or your employer should call your tax office, You are currently on emergency tax and you need to get that sorted, any tax they have deducted will be given back.
Find your nearest local tax office and speak to someone there about personal taxation. You should find your office in the yellow pages or at http://www.hmrc.gov.uk
Other income? HMRC clearly thinks you have another source of money.
You or your employer should call your tax office, You are currently on emergency tax and you need to get that sorted, any tax they have deducted will be given back.
Find your nearest local tax office and speak to someone there about personal taxation. You should find your office in the yellow pages or at http://www.hmrc.gov.uk
What can i claim back being self employed?
-i am a groundworker and i would like to know what i am entitled to claim back onWhen you register as self employed with the Inland Revenue (within three months of starting or a fine) they send you a lot of relevant information that helps with this.
Some times it is worth using a paid for service for the first couple of years to see how it is best done and what can be claimed for. If you are talking about a bigger company and plant, staff and other things then an accountant will be worth the expense.
The accountants bill is tax deductible and will save you more than you pay in tax if done properly and legally
You need someone to help you do your accounts and tell you what you can list as legitimate expenses
I don't know what all you class as expenses but suggestively it might be tools, petrol costs, material costs etc
You don't claim them back from anyone, you merely list them as expenses against your business
Get an accountant ,even for one session and you'll benefit greatly in the long run
Also have a look at the HMRC website for self employed people
Some times it is worth using a paid for service for the first couple of years to see how it is best done and what can be claimed for. If you are talking about a bigger company and plant, staff and other things then an accountant will be worth the expense.
The accountants bill is tax deductible and will save you more than you pay in tax if done properly and legally
You need someone to help you do your accounts and tell you what you can list as legitimate expenses
I don't know what all you class as expenses but suggestively it might be tools, petrol costs, material costs etc
You don't claim them back from anyone, you merely list them as expenses against your business
Get an accountant ,even for one session and you'll benefit greatly in the long run
Also have a look at the HMRC website for self employed people
How much money will they take out of my paycheck for taxes?
-I just got married 5 months ago and my wife is pregnant and I am wondering if they will take less money out of my paycheck or will they still take the same amount out?if you changed your W-4 with your employer indicating you are now married, there should be less income tax withheld unless the wife works, or a second incomeSame amount until you change your W4, use a online calculator and figure your taxes ideally you never want a tax return, take your money now.
The same as they are now since you did not submit a new W4 changing your with holdings.
The same as they are now since you did not submit a new W4 changing your with holdings.
Pan card address and aadhaar address?
-I made aadhaar card using my permanent address. Now i want to make pan card for which i want to use my workplace address, where i am staying most of the time. Should pan address and aadhaar address match?
When do I add the VAT?
-I need to sell a few items and include the VAT, but do I VAT the trade price or the sale price?Sale price - you only charge VAT on the amount the customer is actually charged.
Whats 399.99$ plus 8.750% state tax?
-is it 343.00????
well i live in california and want to buy something that costes 399.99 but need to know the full amount of the product helpppWell, you know your answer must be wrong as you are adding tax to a product and coming out with a total that is less than the product itself.
The easiest way to figure it out is to multiply $399.99 x 1.0875 = $434.99The answer is $399.99 x 8.750% which equals $35, next you add $399.99 + $35 = $434.99
well i live in california and want to buy something that costes 399.99 but need to know the full amount of the product helpppWell, you know your answer must be wrong as you are adding tax to a product and coming out with a total that is less than the product itself.
The easiest way to figure it out is to multiply $399.99 x 1.0875 = $434.99The answer is $399.99 x 8.750% which equals $35, next you add $399.99 + $35 = $434.99
Can I qualify for unemployment?
-I live in Louisiana. I quit my job in January of this year because my husband got a new job out of town so we had to move. I did not get a new job because I was pregnant and did not think anyone would hire me. Now my the company my husband is working for are cutting back hours to try to get rid of employees who are not doing their job right. I am now 7 1/2 months pregnant and at high risk/bed rest so have no chance of getting a job now, but we desperately need extra income just until my husband's hours pick up again. Is it possible for me to get even temporary unemployment in this situation? Thanks for your help.No. Even if you had unemployment, you could not keep it. "Unemployment" is only for individuals who can work -- no exceptions. Being unable to work for any medical reason is an automatic disqualifier.
If you cannot work because of a medical condition, including high risk pregnancy, then you can qualify for "disability", which may be as much money as unemployment, or more, but not for "unemployment".
So, yes, you can get extra income, but not "unemployment".In some states, quitting a job because your spouse took a job out of town and you moved with your spouse does not disqualify you from unemployment, it's one of the few situations where you can quit and maybe still get benefits.
Right now though, if you're unable to work because of the pregnancy and bed rest, you wouldn't be eligible.
Not likely, but you can file and see what happens.
If you quit for any reason, you must attend a hearing to determine eligibility for benefits. Unemployment benefit applications should be filed in the state where the work was performed.
Check out this official U.S. Department of Labor List Of State Unemployment Agencies to determine the correct filing location. http://workforcesecurity.doleta.gov/unem鈥?/a>
Most states today allow unemployment benefit applications to be filed via telephone, in person, or through the Internet.
You cant wait months and months to apply for UI. You may qualify for disability. Since you have not been working you may not qualify for anything.
If you cannot work because of a medical condition, including high risk pregnancy, then you can qualify for "disability", which may be as much money as unemployment, or more, but not for "unemployment".
So, yes, you can get extra income, but not "unemployment".In some states, quitting a job because your spouse took a job out of town and you moved with your spouse does not disqualify you from unemployment, it's one of the few situations where you can quit and maybe still get benefits.
Right now though, if you're unable to work because of the pregnancy and bed rest, you wouldn't be eligible.
Not likely, but you can file and see what happens.
If you quit for any reason, you must attend a hearing to determine eligibility for benefits. Unemployment benefit applications should be filed in the state where the work was performed.
Check out this official U.S. Department of Labor List Of State Unemployment Agencies to determine the correct filing location. http://workforcesecurity.doleta.gov/unem鈥?/a>
Most states today allow unemployment benefit applications to be filed via telephone, in person, or through the Internet.
You cant wait months and months to apply for UI. You may qualify for disability. Since you have not been working you may not qualify for anything.
Are you exempt from taxes just because you have animals on your land?
-My boyfriend is convinced that if you have animals on your property you are tax exempt. I think it's probably if you are using the land for agricultural purposes/livestock. He wants to put horses on his land. He lives in Texas. Is he crazy or am I wrong.There are tax shelters for ranchers but I'm sure there are limits on size of acreage etc. Horses on the land would qualify as livestock. (They also eat a lot and need water and care.)Animals are cool but don't get you out of paying taxes, there are certain tax deductions that may be available to some farmers that raise certain animals that the government wants to encourage people to raise, but these are exceptions not the rule. In any event even those are not blanket tax exemptions.
Btw I am not saying I agree with the government offering such programs, I am just stating that a few of them exist.
No. In some places, there are lower (or no) taxes for farmland. However, simply having some animals somewhere on the property does not automatically make the entire property tax exempt; you cannot avoid paying taxes on an office building by putting a goldfish bowl in the cafeteria.
Property Taxes
In my state you pay very little in Property Taxes if you are raising livestock or have a produce farm, or even grow hay on your land. I think the law requires you to have a certain amount of workers.
This is all worth looking into
Where my brother lives you pay less in property taxes if a certain amount of livestock is raised on the land. You don't get exempt, just a reduction is taxes. (Utah) I know this is available in at least several other states too.
When the tax-man comes knocking on your door you can say,"that's okay, I have a cat."
No. You are not tax-exempt because you have animals. Even farmers pay taxes.
yeah if we have animals we can be exempted from taxes but i think this site might be the answer for your question
any queries reagrading tax problems can be addressed here
myirstaxrelief.com
If you are a working ranch raising products for sale you are a business & have certain tax advantages.
Just keeping animals on you land does not earn you tax breaks.
land is generally assessed on its value, animals on the land has nothing to do with assessment
Boyfriend is an idiot. No exemption.
The land would still be subject to property tax. So would the horses.
Congrats.....you are fine.
He is crazy.
Btw I am not saying I agree with the government offering such programs, I am just stating that a few of them exist.
No. In some places, there are lower (or no) taxes for farmland. However, simply having some animals somewhere on the property does not automatically make the entire property tax exempt; you cannot avoid paying taxes on an office building by putting a goldfish bowl in the cafeteria.
Property Taxes
In my state you pay very little in Property Taxes if you are raising livestock or have a produce farm, or even grow hay on your land. I think the law requires you to have a certain amount of workers.
This is all worth looking into
Where my brother lives you pay less in property taxes if a certain amount of livestock is raised on the land. You don't get exempt, just a reduction is taxes. (Utah) I know this is available in at least several other states too.
When the tax-man comes knocking on your door you can say,"that's okay, I have a cat."
No. You are not tax-exempt because you have animals. Even farmers pay taxes.
yeah if we have animals we can be exempted from taxes but i think this site might be the answer for your question
any queries reagrading tax problems can be addressed here
myirstaxrelief.com
If you are a working ranch raising products for sale you are a business & have certain tax advantages.
Just keeping animals on you land does not earn you tax breaks.
land is generally assessed on its value, animals on the land has nothing to do with assessment
Boyfriend is an idiot. No exemption.
The land would still be subject to property tax. So would the horses.
Congrats.....you are fine.
He is crazy.
Will america invest in there future and not be shelfish and pay more taxes?
-Probably noProbably noYes, I think Americans should give at least 50% of what they earn to the government.
Why should we want to buy anyting for ourselves - we are so darn selfish
I assure, we will not be shelfish.
Why should we want to buy anyting for ourselves - we are so darn selfish
I assure, we will not be shelfish.
How much more would I get if I add myself as a dependent?
-I make $1,324.27 a check (Gross without any dependents) I have a domestic partner and he claims me, so if the partnership ends and I claim one dependent (myself) How much more would I get?Around $10 a week more in your paycheck.
BUT - since you make over $3700 for the year, he can't legally claim you as a dependent anyway, you make far too much for him to claim you since you're not related.you can never claim yourself as a dependent, you indicate yourself on your tax return and you have personal exemption of $3700 for 2011, dependents would be children, parents, foster children etc. that you would list on the return with names, SSn's and relationship
you best file your W-4 as single, you can find a W-4 calculator at www.irs.gov(use the search box)
your partner could very well be in trouble at year's end and have to pay, you do know you cannot file jointly
Are you in the US? If you are not a child and your income per year is more than $3700, no one can claim you as a dependent at all at the federal level.
Thus you could change your W-4 to single/1 or single/2. To see the effect, go to www.paycheckcity.com.
In those states where RDPs are recognized, you would need to consider the impact of filing jointly or MFS.
I agree with the tax lady..
BUT - since you make over $3700 for the year, he can't legally claim you as a dependent anyway, you make far too much for him to claim you since you're not related.you can never claim yourself as a dependent, you indicate yourself on your tax return and you have personal exemption of $3700 for 2011, dependents would be children, parents, foster children etc. that you would list on the return with names, SSn's and relationship
you best file your W-4 as single, you can find a W-4 calculator at www.irs.gov(use the search box)
your partner could very well be in trouble at year's end and have to pay, you do know you cannot file jointly
Are you in the US? If you are not a child and your income per year is more than $3700, no one can claim you as a dependent at all at the federal level.
Thus you could change your W-4 to single/1 or single/2. To see the effect, go to www.paycheckcity.com.
In those states where RDPs are recognized, you would need to consider the impact of filing jointly or MFS.
I agree with the tax lady..
What is the tax rate when you sell shares in australia?
-The difference between how much you paid and how much you sell the shares for is a capital gain. Capital gains in Australia are treated as income and as a result the tax rate is whatever rate of tax your income is subject to.
There are a few things that can reduce the capital gain though. The first is if you have held your shares for longer than 12 months before selling them, you will receive a 50% discount. So if you made $1000 profit (You bought for $500 and then sold for $1500), then you will be taxed on $500. It is important to note that the discount applies on AFTER you have applied any capital losses you have made during the financial year. For example, if you made $1000 from you sale, but lost $400 from a sale of another set of shares then your discount will be $1000-$400 = $600. Then apply the 50% discount and you will be taxed on $300.
If you acquired the shares before 1985 then you pay no tax and if you acquired before 1999 then there is index method you can use. If this is the case then ask another yahoo question:)
So, when you sell shares in Australia the gain you make between buying and selling price is added to your income (after discount is applied if you are eligible) and is taxed at whatever marginal tax rate you are on.
There are a few things that can reduce the capital gain though. The first is if you have held your shares for longer than 12 months before selling them, you will receive a 50% discount. So if you made $1000 profit (You bought for $500 and then sold for $1500), then you will be taxed on $500. It is important to note that the discount applies on AFTER you have applied any capital losses you have made during the financial year. For example, if you made $1000 from you sale, but lost $400 from a sale of another set of shares then your discount will be $1000-$400 = $600. Then apply the 50% discount and you will be taxed on $300.
If you acquired the shares before 1985 then you pay no tax and if you acquired before 1999 then there is index method you can use. If this is the case then ask another yahoo question:)
So, when you sell shares in Australia the gain you make between buying and selling price is added to your income (after discount is applied if you are eligible) and is taxed at whatever marginal tax rate you are on.
What is the highest amount sent to any state dead file?
-In any state a bank account that has no withdrawal or deposit in seven or so years is to be sent to the state dead file.
What is the highest amount sent to any state dead file to date?in 50 states there are a lot of possibilities, hard to even imagine
What is the highest amount sent to any state dead file to date?in 50 states there are a lot of possibilities, hard to even imagine
Child Tax Credit (extra payments)?
-Hi,
I am confused here, I have received 5 payments of child tax credits in 5 days (twice in a week), first payment was on Friday (拢115, 拢352 & 拢529) but today I have checked my account today and some more payments have come through for child tax credit (拢1300 & 拢400).
I have recently renewed my tax form and our circumstances have changed as we have a new baby in family. Can someone who has knowledge or experienced this before explain it to me.
Thanks and regards.ring them and ask , last thing u want with a new baby is to find out they have over paid you and want it back again.
I am confused here, I have received 5 payments of child tax credits in 5 days (twice in a week), first payment was on Friday (拢115, 拢352 & 拢529) but today I have checked my account today and some more payments have come through for child tax credit (拢1300 & 拢400).
I have recently renewed my tax form and our circumstances have changed as we have a new baby in family. Can someone who has knowledge or experienced this before explain it to me.
Thanks and regards.ring them and ask , last thing u want with a new baby is to find out they have over paid you and want it back again.
We are a family of three, with a 7 month old son. My husband is the only one that works. What should he claim?
-He makes about $54,000.00 a year. He claims 0 now and has an extra $50.00 taken out of every check, but that was when we were both working and didn't have a child. What should he claim now?your personal exemptions are $3700 each, this is $11100, as non taxable
married filing jointly your standard deduction is probably $11900, now $23000 is not taxable leaving $31000 as taxable
$500 child tax credit will reduce any income tax liability by that amount, the tax rate is probably about 15%(tax of approx. $4650)
Why give the government a free loan?
Claim at least 2 and use the extra $ to fund either an IRA or 401k.
He could claim married and up to six allowances - I'd stick with five. He doesn't need to have extra taken out.
married filing jointly your standard deduction is probably $11900, now $23000 is not taxable leaving $31000 as taxable
$500 child tax credit will reduce any income tax liability by that amount, the tax rate is probably about 15%(tax of approx. $4650)
Why give the government a free loan?
Claim at least 2 and use the extra $ to fund either an IRA or 401k.
He could claim married and up to six allowances - I'd stick with five. He doesn't need to have extra taken out.
UK corporation tax query?
-This is the first year that we will be paying corporation tax on our business and I just wanted to know whether there is a buffer zone to make the payment or do you have to pay it as soon as you receive the bill, which i think is in November? We do have an accountant but it takes a while for them to get back to us and so this is just a quick query that i have?
How to claim 80DDB while filling of returns?
-I want to claim rebate u/s 80DDB while filling my IT returns(Chronic renal failure for my father) in India. I have my form 16 and form 10-I approved by the medical board.
Please let me know:
1. How to claim the rebate while filling returns. Should I enter in the ITR1 the amount that is聽mentioned in the聽Form 16 or the recalculated one after deduction of the claim?
2. Can I do it via efilling or it can be done only manually?
3. Do I need to attach the certificate (original/copy?) along with the ITR1/acknowledgement for verfication?
4. What other documents are required?
Kindly provide info in this regard. Thanks1- There are colomn for deductions u/s 80DDB under chapter VI A in Form ITR 1, you need to prepare a computation sheet seperate to Form 16.
2- It is your choice to e file or manual file. However proceesing is faster in case of E Filing.
3- Form at present are annexure less form hence no attachment should be attached to ITR
4- No other documents are required to attached.
Please let me know:
1. How to claim the rebate while filling returns. Should I enter in the ITR1 the amount that is聽mentioned in the聽Form 16 or the recalculated one after deduction of the claim?
2. Can I do it via efilling or it can be done only manually?
3. Do I need to attach the certificate (original/copy?) along with the ITR1/acknowledgement for verfication?
4. What other documents are required?
Kindly provide info in this regard. Thanks1- There are colomn for deductions u/s 80DDB under chapter VI A in Form ITR 1, you need to prepare a computation sheet seperate to Form 16.
2- It is your choice to e file or manual file. However proceesing is faster in case of E Filing.
3- Form at present are annexure less form hence no attachment should be attached to ITR
4- No other documents are required to attached.
I have an IRS question can you help me?
-My dad wants to know who can he speak to to lower his tax debt. He's unemployed and RETIRED, shouldn't he be able to find some agency or something that may lower his debt? If so, what are they called?Unless he can complete the rather complicated forms himself, he will have to pay someone to represent him. The offer in compromise process others have referred to may not be a good option for him because it requires the taxpayer to pay the offered amount. If he can't come up with that, he is not in the game. He may be in a position where IRS would determine that he is unable to pay what he owes and put the account on ice. This is half a loaf; the debt doesn't go away, but IRS does not make active efforts to collect it until the person's situation improves, if it ever does.
.The only options are a) offer in compromise which has the IRS compare ALL of his assets to his debt and what the IRS can reasonably expect to collect in the next 5-10 years or b) a financial analysis of his income and his expenses to determine how much money is available.
If your father has more than social security coming in--say a pension or IRA--he won't be eligible for currently not collectible status.
As for what your father deserves, well, he should have been spending less during the years he built up his IRS debt. Had he paid the debt like most of us did, he wouldn't owe now. Some people work until they are 70, how old is your dad?
If he owes a lot in back taxes and wants to file an Offer in Compromise he should find a local enrolled agent with experience in that area. Stay away from the companies that advertise on TV - they're long on promises (and high cost), but short on delivery.
Note that filing an Offer in Compromise doesn't mean it gets accepted - most are not.
Read http://www.irs.gov/businesses/small/arti鈥?/a> first.
He should be able to find the ombudsman at his local IRS office. This is the person to talk with concerning his particular problem, and they can either steer him to a proper agent to negotiate a lower settlement, or to try to resolve the original issue.
This is the ONLY place he can get any help. Just being retired doesn't mean that he doesn't have the means to pay the taxes that he owes. Check out the IRS web site:
http://www.irs.gov/newsroom/article/0,,i鈥?/a>
the money he would spend with one of these companies would be better spent bringing the tax debt down
he can make an Offer in Compromise himself
Pretty much all of the "settle your taxes for less" firms that advertise heavily on TV, radio and the web are scams.
He should have paid his debt when it was due. He needs to contact an Enrolled Agent.
.The only options are a) offer in compromise which has the IRS compare ALL of his assets to his debt and what the IRS can reasonably expect to collect in the next 5-10 years or b) a financial analysis of his income and his expenses to determine how much money is available.
If your father has more than social security coming in--say a pension or IRA--he won't be eligible for currently not collectible status.
As for what your father deserves, well, he should have been spending less during the years he built up his IRS debt. Had he paid the debt like most of us did, he wouldn't owe now. Some people work until they are 70, how old is your dad?
If he owes a lot in back taxes and wants to file an Offer in Compromise he should find a local enrolled agent with experience in that area. Stay away from the companies that advertise on TV - they're long on promises (and high cost), but short on delivery.
Note that filing an Offer in Compromise doesn't mean it gets accepted - most are not.
Read http://www.irs.gov/businesses/small/arti鈥?/a> first.
He should be able to find the ombudsman at his local IRS office. This is the person to talk with concerning his particular problem, and they can either steer him to a proper agent to negotiate a lower settlement, or to try to resolve the original issue.
This is the ONLY place he can get any help. Just being retired doesn't mean that he doesn't have the means to pay the taxes that he owes. Check out the IRS web site:
http://www.irs.gov/newsroom/article/0,,i鈥?/a>
the money he would spend with one of these companies would be better spent bringing the tax debt down
he can make an Offer in Compromise himself
Pretty much all of the "settle your taxes for less" firms that advertise heavily on TV, radio and the web are scams.
He should have paid his debt when it was due. He needs to contact an Enrolled Agent.
How much money will they take out of my paycheck for taxes?
-I just got married 5 months ago and my wife is pregnant and I am wondering if they will take less money out of my paycheck or will they still take the same amount out?if you changed your W-4 with your employer indicating you are now married, there should be less income tax withheld unless the wife works, or a second incomeSame amount until you change your W4, use a online calculator and figure your taxes ideally you never want a tax return, take your money now.
The same as they are now since you did not submit a new W4 changing your with holdings.
The same as they are now since you did not submit a new W4 changing your with holdings.
Tax ramifications on incurred expenses on an unsuccessful business attempt?
-I am working on a tax case where the client is currently an attorney that works as a loan officer at a bank. Job history is 1190-1995, she worked for a law firm (she also represented clients on the side but it was sporadic), from 1995 to 2009, she worked as a loan officer at a bank (which did not require her to be an attorney) and due to cutbacks she was terminated in Dec. 2009. In Jan. 2010 she decided to practice law on her own and she purchased fax machine, copier, computer and printer. She had stationary printed. She also incurred and paid other expenses such as hotel, business meals, postage, supplies, telephone, and car rental for business. She paid for and attended conventions and seminars in order to network. With all this effort, she was unable to obtain even one client. In February, she then decided to take a position that opened up as a loan officer at another bank so at this point, she discontinued pursuing any clients as an attorney.
Now, my struggle with this case is that what exactly is the code section this is dealing with. I know that it has to do with expenses incurred in the attempt to acquire a new business, however, I cannot find the specific authority that explains the treatment of these kind of expenses which most likely will not be deductible since the business was unsuccessful and ceased.
Please help... I need any further guidance, not necessarily the answer.assuming she actually set herself up for business and was available to serve the date of that opening is her business date
anything she invested in the business prior to that is pre opening expenses and can be amortized over a 5 yr period, currently this is now like a 179 deduction in that up to $10000 is allowed as preopening expenses at one time- you can find the code sections in the instructions for 4562
the expenses she incurred once she opened the business would now be her operating expenses and since she didn't get a client would be a loss
Now, my struggle with this case is that what exactly is the code section this is dealing with. I know that it has to do with expenses incurred in the attempt to acquire a new business, however, I cannot find the specific authority that explains the treatment of these kind of expenses which most likely will not be deductible since the business was unsuccessful and ceased.
Please help... I need any further guidance, not necessarily the answer.assuming she actually set herself up for business and was available to serve the date of that opening is her business date
anything she invested in the business prior to that is pre opening expenses and can be amortized over a 5 yr period, currently this is now like a 179 deduction in that up to $10000 is allowed as preopening expenses at one time- you can find the code sections in the instructions for 4562
the expenses she incurred once she opened the business would now be her operating expenses and since she didn't get a client would be a loss
Unpaid Council Tax (even though I paid)?
-I've been having an ongoing struggle with the council about WHY they think I owe it (apparently it's from 2008!) even though I don't, is there anyone besides the council, (who would argue black was white if they could get money that way) I can go to, does anybody regulate councils?
Even today on the phone part of the conversation was "It looks like it was cleared", so I tried to say something and she interrupted just saying "but now it's not".
And do they normally threaten bailliffs before asking you to attend court? (They've never actually sent bailliffs just threats and I refuse to pay until they tell me why it's owed)Go to your CAB and they might be able to help you, or they might refer you to your local financial ombudsman. Don't worry, there are people out there who can give you legal help so it's not like the council is the absolute and final word, you can argue with them if it's not right. I think you should also let them know that you have no intention of paying anything or trying to justify yourself further - if you know that you don't owe anything and they claim you do, then it is their responsibility to prove it, not yours. Even if they do end up threatening court acion, there is nothing they will be able to do if they don't have cold hard proof, so it might be inconvenient for you but will just be a waste of your time rather than you facing a bill.I'd suggest you find out who your local councillor is and have a word with him/her. They are often in a position to get some sense out of the bean counters.
Even today on the phone part of the conversation was "It looks like it was cleared", so I tried to say something and she interrupted just saying "but now it's not".
And do they normally threaten bailliffs before asking you to attend court? (They've never actually sent bailliffs just threats and I refuse to pay until they tell me why it's owed)Go to your CAB and they might be able to help you, or they might refer you to your local financial ombudsman. Don't worry, there are people out there who can give you legal help so it's not like the council is the absolute and final word, you can argue with them if it's not right. I think you should also let them know that you have no intention of paying anything or trying to justify yourself further - if you know that you don't owe anything and they claim you do, then it is their responsibility to prove it, not yours. Even if they do end up threatening court acion, there is nothing they will be able to do if they don't have cold hard proof, so it might be inconvenient for you but will just be a waste of your time rather than you facing a bill.I'd suggest you find out who your local councillor is and have a word with him/her. They are often in a position to get some sense out of the bean counters.
I Purchased a Business?
-I purchased a business for $100,000 in NY. I'd like to know if it is possible to claim that amount as a business expense or something like it on my 1040 Schedule C form for my taxes? Or I can't really do anything with that amount?
Legit answers only please
Legit answers only please
What is Carbon Tax?????
-I need help on bad things about it and good things about it!!!A carbon tax is an environmental tax that is levied on the carbon content of fuels. It is a form of carbon pricing. Carbon atoms are present in every fossil fuel (coal, petroleum, and natural gas) and are released as carbon dioxide (CO2) when they are burnt. In contrast, non-combustion energy sources鈥攚ind, sunlight, hydropower, and nuclear鈥攄o not convert hydrocarbons to carbon dioxide. A carbon tax can be implemented by taxing the burning of fossil fuels鈥攃oal, petroleum products such as gasoline and aviation fuel, and natural gas鈥攊n proportion to their carbon content.
How much was your tax refund this year and why was it that amount?
-i am curious because i want to know how to get a big one with claiming other kids that are my friends. some of them are out of work and need help financially. so they agreed i can claim them next year due to the fact that i help them when i can with money.
i could really use the money for savings to try to go for my masters next year. they have kids and get big refunds when they only worked fast food, so why cant i when they are not working? it is not fair to give people with kids and incomes under 45,000 or less all these tax credits to throw all in people's faces like that. what about working people like myself that deserve extra money to put toward school and other things that cost too much to pay without any help?i am not saying everyone, just the people who have no kids and need to pay for school or any expenses that they need a little boost on also?why only pity the people with kids?
any help would be so nice. thanks!If you want the "big one" get kids of your own. You'll quickly learn that the piddling amount of tax benefit does not come CLOSE to the cost of raising and providing for a child.
Claiming children that are not your children will get you busted by the IRS. This is a common fraud and the IRS is batting near 1,000 on nailing both the tax cheat (you) and the parents who colluded to commit fraud. Every once in a while the IRS will choose an unlucky poster child for tax fraud and I can promise you that you won't want to be the unlucky fool!
By the way, the EIC for someone making $45k is pocket change. Literally.You cannot claim someone else's children to "get a big one." That's fraud.
Both you *and* your friends will find out that a) the IRS figures it out and b) both of you will be barred from claiming EIC for 10 years.
If you're claiming a deduction for children not your own, you need to qualify as their primary source of support.
i could really use the money for savings to try to go for my masters next year. they have kids and get big refunds when they only worked fast food, so why cant i when they are not working? it is not fair to give people with kids and incomes under 45,000 or less all these tax credits to throw all in people's faces like that. what about working people like myself that deserve extra money to put toward school and other things that cost too much to pay without any help?i am not saying everyone, just the people who have no kids and need to pay for school or any expenses that they need a little boost on also?why only pity the people with kids?
any help would be so nice. thanks!If you want the "big one" get kids of your own. You'll quickly learn that the piddling amount of tax benefit does not come CLOSE to the cost of raising and providing for a child.
Claiming children that are not your children will get you busted by the IRS. This is a common fraud and the IRS is batting near 1,000 on nailing both the tax cheat (you) and the parents who colluded to commit fraud. Every once in a while the IRS will choose an unlucky poster child for tax fraud and I can promise you that you won't want to be the unlucky fool!
By the way, the EIC for someone making $45k is pocket change. Literally.You cannot claim someone else's children to "get a big one." That's fraud.
Both you *and* your friends will find out that a) the IRS figures it out and b) both of you will be barred from claiming EIC for 10 years.
If you're claiming a deduction for children not your own, you need to qualify as their primary source of support.
2011年8月1日星期一
Lot owned free and clear and default on homeowners dues and taxes?
-Can the Homeowners Association and the town go after other assets I own or only the property itself if I default?The liability for property taxes and HOA dues is tied to the property itself, not the owner. If they are unpaid the only recourse is against the property itself. You may lose title to the property of course but that's all that is at risk; neither the town nor the HOA can go after any other assets to attempt to satisfy the debt.
the homeowner's association will probably sue you for the unpaid dues, this would likely be a court action and could result in garnishment of your wages
unpaid property taxes will be the interest of the county and this may take a few years before they seize the property and auction it for the unpaid taxes
Banks and other institutions are mainly concerned with dealing with your primary residence in order to simplify their efforts.
They take the property, that's it.
the homeowner's association will probably sue you for the unpaid dues, this would likely be a court action and could result in garnishment of your wages
unpaid property taxes will be the interest of the county and this may take a few years before they seize the property and auction it for the unpaid taxes
Banks and other institutions are mainly concerned with dealing with your primary residence in order to simplify their efforts.
They take the property, that's it.
Hi please help me in this issue..pan number changed in pay slip?
-hi,
i am working in a company from one year and realised now after one yr like my pan number was typed wrongly all these months.my pf account number is corect only..how wil it affect me ..wil i lose any money because of this..because the tax wil be cut from someother account..please let me know i am really very afraidif company had deducted TDS then it will affect you. in that case you have to request your employer to revised their TDS Return so that it can be updated in income tax records.
Tulsi Gupta
No you will not loose. write to your circle officer and get it corrected
i am working in a company from one year and realised now after one yr like my pan number was typed wrongly all these months.my pf account number is corect only..how wil it affect me ..wil i lose any money because of this..because the tax wil be cut from someother account..please let me know i am really very afraidif company had deducted TDS then it will affect you. in that case you have to request your employer to revised their TDS Return so that it can be updated in income tax records.
Tulsi Gupta
No you will not loose. write to your circle officer and get it corrected
Monte Carlo TAX haven question?
-If I am an author from New Jersey, and I "move" to Monte Carlo, do I have to pay income tax to the US?
And what would I need to do so that my official residence would be considered Monte Carlo by the IRS?Yes you would continue to do so as you are supposed to have done in your past life time when you are a US citizen or Resident Alien you would report ALL of your worldwide sources of income on your correctly completed 1040 federal income tax return and would be required to pay your federal income taxes that would be due on any TAXABLE income amount that you would have at your marginal tax rate after the end of the tax year.
http://www.telegraph.co.uk/finance/globa鈥?/a>
Monaco might not charge residents income tax, but it's no tax haven
Monaco's policy of not charging residents income tax has fostered the common misconception that the country is an offshore tax haven, writes Evelyne Genta, the principality's ambassador to the UK.
Hope that you find the above enclosed Information useful. 07/01/2011US citizens are taxed on world wide income, regardless of where your residence is
You have to pay US Income Tax wherever you live in the world.
And what would I need to do so that my official residence would be considered Monte Carlo by the IRS?Yes you would continue to do so as you are supposed to have done in your past life time when you are a US citizen or Resident Alien you would report ALL of your worldwide sources of income on your correctly completed 1040 federal income tax return and would be required to pay your federal income taxes that would be due on any TAXABLE income amount that you would have at your marginal tax rate after the end of the tax year.
http://www.telegraph.co.uk/finance/globa鈥?/a>
Monaco might not charge residents income tax, but it's no tax haven
Monaco's policy of not charging residents income tax has fostered the common misconception that the country is an offshore tax haven, writes Evelyne Genta, the principality's ambassador to the UK.
Hope that you find the above enclosed Information useful. 07/01/2011US citizens are taxed on world wide income, regardless of where your residence is
You have to pay US Income Tax wherever you live in the world.
What is defered tax asset?
-This term is an improvised terminology for the term deferred tax credit. It primarily arose from the timing differences of certain expenditure recorded in the accounts but not allowed in computing taxable income. For example, the accounting depreciation could be higher than tax admissible depreciation and the differential is subsequently available in following years. Thus, while tax is paid on a higher taxable income in earlier years, this differential is available for adjustment in future which reduces the tax liability. Other examples are provisions made in the accounts but allowed for tax purposes only on actual payment basis which creates a tax credit for future. Since it may not always be a deferred tax credit and could be an expenditure amount for future reduction in tax, the term deferred tax asset more appropriately describes the available credits for determining future taxable income.An asset that is used to reduce the amount of tax that a company will have to pay in a later tax period. It is often associated with a loss carryover, and is used as a future write-off if the next tax period is expected to produce positive earnings.
Please Refer Accounting Standard 22 issued by the Institute of Chartered Accountants of India to know detail about DTA & DTL
Please Refer Accounting Standard 22 issued by the Institute of Chartered Accountants of India to know detail about DTA & DTL
What is best way appeal Ct. Cigarette Tax imposed on me. I am disabled and broke!! Thank you!?
-I had ordered cigarettes online for a couple of years. I stopped in 12/09. Apparenly the company I bought cigarettes from got "busted". All my info was put in the hands of the Ct. Dept. of Revenue services. They say I owe $3500. I am addicted to cigarettes, disabled and broke. No way to pay this amount. They pray on the poor people who can't afford them. I know I can appeal this, but don't know what to say or how to do this. I know I have to get a form from the State ofo Ct. This whole this has put me under a lot of pressure and fear. If you have any information or wording I can use to help me, it would be greatly appreciated. A Big
Thank You In Advance!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!鈥?/div>
"I know I can appeal this..." Really? How do you know that? You were caught evading taxes and you think that you deserve some consideration because you're disabled and broke? You should be thankful that CT hasn't decided to prosecute you for tax evasion and possibly even for illegal distribution of tobacco products as your neighbor state RI often does.
Your only option is to get on a payment plan. Give up the butts (If I can, you can too!) and use that money to make your payments.
There's not much you can do. They caught you for tax evasive basically and you owe the state that money you didn't pay them. If you're disabled I'm assuming you get health insurance through the state. Have the doctor help you quite smoking and use that money you save on buying cigarettes to pay them back. If you call them up and explain you're situation, they can work out a payment plan for you that you can afford
You owe the taxes. There is no reasonable excuse why you don't. What you did was to illegal evade paying the taxes you owed. The best you can do is tell them you can't pay it and see what happens. Maybe you won't have to pay and a couple weeks in jail will do the trick.
You are addicted to them? Good excuse. I guess that one will start to be used by crackheads who murder people for money to buy more crack. "Couldn't help it, I'm addicted."
You can't appeal. You admit you bought the cigarettes. You admit you never filed the use tax for them. You knew you were getting a "deal" when you bought online.
Of course the firm you bought from was busted--the state sees a tax leakage and goes after it.
You MIGHT be able to argue for a lesser amount using "offer in compromise."
you may be addicted to them but they are not a necessity and if you are broke purchasing cigarettes should be the last thing you would buy
there probably is no exclusion for you, or anyone else for that matter, cigarettes are definitely NOT a necessity, like food
Cigarettes are not a necessity you should have to pay just like everybody else. You can quit, others have.
Many states are cracking down on people who buy cigarettes online, but don't pay the tax in their own state like they're required to. Sorry, but you evaded the tax then, so still owe it. You can't appeal it unless you can show you didn't really buy them or that you did already pay the tax.
You need to get un-addicted. Not easy I know, but people do it. Would help both being broke AND your health.
Thank You In Advance!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!鈥?/div>
"I know I can appeal this..." Really? How do you know that? You were caught evading taxes and you think that you deserve some consideration because you're disabled and broke? You should be thankful that CT hasn't decided to prosecute you for tax evasion and possibly even for illegal distribution of tobacco products as your neighbor state RI often does.
Your only option is to get on a payment plan. Give up the butts (If I can, you can too!) and use that money to make your payments.
There's not much you can do. They caught you for tax evasive basically and you owe the state that money you didn't pay them. If you're disabled I'm assuming you get health insurance through the state. Have the doctor help you quite smoking and use that money you save on buying cigarettes to pay them back. If you call them up and explain you're situation, they can work out a payment plan for you that you can afford
You owe the taxes. There is no reasonable excuse why you don't. What you did was to illegal evade paying the taxes you owed. The best you can do is tell them you can't pay it and see what happens. Maybe you won't have to pay and a couple weeks in jail will do the trick.
You are addicted to them? Good excuse. I guess that one will start to be used by crackheads who murder people for money to buy more crack. "Couldn't help it, I'm addicted."
You can't appeal. You admit you bought the cigarettes. You admit you never filed the use tax for them. You knew you were getting a "deal" when you bought online.
Of course the firm you bought from was busted--the state sees a tax leakage and goes after it.
You MIGHT be able to argue for a lesser amount using "offer in compromise."
you may be addicted to them but they are not a necessity and if you are broke purchasing cigarettes should be the last thing you would buy
there probably is no exclusion for you, or anyone else for that matter, cigarettes are definitely NOT a necessity, like food
Cigarettes are not a necessity you should have to pay just like everybody else. You can quit, others have.
Many states are cracking down on people who buy cigarettes online, but don't pay the tax in their own state like they're required to. Sorry, but you evaded the tax then, so still owe it. You can't appeal it unless you can show you didn't really buy them or that you did already pay the tax.
You need to get un-addicted. Not easy I know, but people do it. Would help both being broke AND your health.
How much is the gst/hst cheque for July 2011 in Ontario?
-Hi everyone. Just wondering how much I'll receive for the gst/hst rebate. I tried looking online but can't find an answer... I make under 20 thousand, single parent abd have a 19 month old if that helps. Thanks to those who answer!!
If you were taxed more, wouldn't you just spend less?
-I'm a failure at understanding economics.
Wouldn't you want to continue saving (ex: 15% of your income) so you would have less to spend?
That means rich people would buy less boats, less of a house, less airplanes
And wouldn't more people be out of work with less things being built?
Looking for opposing views from someone that wants higher taxes.
(I'm not rich, but trying to understand honestly how this all works)The ONLY people who want higher taxes are the people who bottom feed off of the system and want bigger handouts and the people in Washington who cater to those people. Hard working Americans who support themselves and actually made something out of their life, don't want higher taxes. Do you know what happens when you raise taxes on businesses ( I know YOU know! LOL)?? They raise prices to compensate, move operations overseas, and/or close down permanently!! Those who want higher taxes and bigger handouts need to move to Norway......I'll even pack your bags!What people WANT and what they can AFFORD are 2 different things. For most people, if you raise their taxes they will continue to spend about the same amount and they will save less. if they do cut back, they'll do it in areas that hurt the economy like eating out less or spending less on entertainment.
When you talk about "rich" people in terms of taxes and tax cuts, its not the doctor who makes $150k/year. it means CEO's and investors, some of whom make $150k per DAY. Those people spend only a small fraction of their income and most of the rest just goes into investments.
I personally know someone who made $8.5 million on his investments in the month of April alone, and this was a typical month for him. His personal income is around $100 million per year and his net worth is rapidly approaching a cool BILLION. He already owns a large house with every luxury you can imagine, he already owns a Yacht bigger than my house that has plenty of amenities for his family and close friends to sail anywhere in the world that he decides to go, and he already drives a Bentley. There's nothing left for him to spend money on so most of his money goes back into investments to perpetuate his own wealth. Don't get me wrong, this guy is one of the nicest and most generous men I've ever met, he's not greedy. His goal in life is to give a BILLION dollars to charity and he's well on his way. But raising his taxes by 3% wouldn't affect how much he spends on things that stimulate the economy such as food, clothes, entertainment etc and it certainly wouldn't cost a single person their job.
It's all a matter of degree - and why progressive taxes (richer people paying more) are the norm.
Some rather extreme examples:
$10,000 annual income
a 10% tax is painful to this person
trying to live on $10,000 is nearly impossible, paying $1000 in taxes would be extremely difficult
$100,000 annual income
a 20% tax rate is annoying, but doable
they've still got $80,000 to live on, so they may not have all the toys they want, but they are secure
$1,000,000 annual income
a 30% tax rate - he may yell and scream, but it doesn't "hurt" him in any way
they've still got $700,000 to live on - i.e. way more money than they need
If you taxed him at 35%, he'd yell and scream even louder - but still would have more money than he needs, so no he wouldn't spend any less.
In these cases, it could easily be argued that the person paying the 10% tax is the one most in need of a tax break even though he's already at the lowest bracket.
of course if one pays more of his disposable income to the gov't it means he has less to buy the things he wants, or put it away for retirement etc.
a business man who has to pay more in taxes, has to cut is work force or other things he would really like to improve his business production
paying high taxes has never resulted in more jobs, and the gov't does not create jobs--just more civil servants that taxes have to be used to pay their salaries
No, the extra revenue for the government would benefit you another way. It is only a return to a previous tax rate. Wealthy people have many ways to avoid taxes and they end up paying less than people who work for them. No, it does not affect luxury items. It affects the lower income person.
We have had tax rate reductions since the 1980s. In the last 10 years only 2 million jobs were added to the economy despite lower income tax. Jobs have nothing to do with taxes. The U.S. pays less tax to its government than most countries.
The Dow Jones index is up 6,500 points since Obama took office, so the wealthy hedge fund managers and bankers profits are up 50% and everyone else is in a depression.
You're more or less right. The argument for higher taxes on the rich, however, is that yeah, they'll have less money but not so much less as to affect their buying habits.
Your assertion is much more applicable to the middle class. They feel it much more when their incomes are decreased than the rich.
Sure if taxes are increased and then people will most likely spend less money because their disposible income has declined.
Yes, the people down the chain are the ones hurt by this.
- less money being spent = less people needed to build, sale, and maintain the items.
The rich already don't spend all of their money.
If their taxes went up, they would save less but they wouldn't necessarily spend less.
They certainly haven't spent (or hired) any more with their taxes at an all-time low.
Not necessarily. I'm pulling around $80k per year. I could pretty easily absorb a 1 or 2 point increase in taxes without changing much. Much more than that and I may have to rethink a few things.
Very few people save regularly, and those who do cut that first when disposable income shrinks.
Wealthy individuals spend a FAR smaller portion of their total income than the poor and middle class. They can easily absorb a tax increase without touching spending or saving much at all. Taxes were modestly higher at the top of the income scale during the Clinton era yet the wealth at the top 5% still grew at an impressive rate.
The poor cannot tolerate any tax increase without dramatic impact on their lives or spending habits. For the most part, every penny goes to essentials leaving nothing more to tax. With the minimum wage kept artificially low -- it would be around $15 an hour if it had kept pace with inflation since the early 1960s -- it has become necessary to dig deeper into the public pot to ensure that they have marginally enough to survive on. Businesses being able to pay a minimum wage that is artificially low are the primary beneficiaries of such wage policies.
The really stupid thing is that many who are making noise in protest of suggested tax increases on personal incomes in excess of $500k per year would not pay a dime more in tax themselves! And tax cuts to INDIVIDUALS have NEVER created jobs, aside maybe from the odd illegal alien nanny or grounds-keeper.
The oft-repeated right wing talking point that "Tax cuts create jobs!" is quite simply a lie. If that were true, the so-called Bush tax cuts would have created MORE jobs than were created during the Clinton administration. Job growth under Clinton was 22 million. Under Bush it was 8 million until near the end of his presidency when 2 million of those were lost. If tax increases killed jobs and tax cuts created jobs, those numbers would have been reversed! Yet they right-wingers repeat it so often that even they begin to believe it. Don't be a sucker! The claim flies squarely in the face of the cold, hard numbers.
Wouldn't you want to continue saving (ex: 15% of your income) so you would have less to spend?
That means rich people would buy less boats, less of a house, less airplanes
And wouldn't more people be out of work with less things being built?
Looking for opposing views from someone that wants higher taxes.
(I'm not rich, but trying to understand honestly how this all works)The ONLY people who want higher taxes are the people who bottom feed off of the system and want bigger handouts and the people in Washington who cater to those people. Hard working Americans who support themselves and actually made something out of their life, don't want higher taxes. Do you know what happens when you raise taxes on businesses ( I know YOU know! LOL)?? They raise prices to compensate, move operations overseas, and/or close down permanently!! Those who want higher taxes and bigger handouts need to move to Norway......I'll even pack your bags!What people WANT and what they can AFFORD are 2 different things. For most people, if you raise their taxes they will continue to spend about the same amount and they will save less. if they do cut back, they'll do it in areas that hurt the economy like eating out less or spending less on entertainment.
When you talk about "rich" people in terms of taxes and tax cuts, its not the doctor who makes $150k/year. it means CEO's and investors, some of whom make $150k per DAY. Those people spend only a small fraction of their income and most of the rest just goes into investments.
I personally know someone who made $8.5 million on his investments in the month of April alone, and this was a typical month for him. His personal income is around $100 million per year and his net worth is rapidly approaching a cool BILLION. He already owns a large house with every luxury you can imagine, he already owns a Yacht bigger than my house that has plenty of amenities for his family and close friends to sail anywhere in the world that he decides to go, and he already drives a Bentley. There's nothing left for him to spend money on so most of his money goes back into investments to perpetuate his own wealth. Don't get me wrong, this guy is one of the nicest and most generous men I've ever met, he's not greedy. His goal in life is to give a BILLION dollars to charity and he's well on his way. But raising his taxes by 3% wouldn't affect how much he spends on things that stimulate the economy such as food, clothes, entertainment etc and it certainly wouldn't cost a single person their job.
It's all a matter of degree - and why progressive taxes (richer people paying more) are the norm.
Some rather extreme examples:
$10,000 annual income
a 10% tax is painful to this person
trying to live on $10,000 is nearly impossible, paying $1000 in taxes would be extremely difficult
$100,000 annual income
a 20% tax rate is annoying, but doable
they've still got $80,000 to live on, so they may not have all the toys they want, but they are secure
$1,000,000 annual income
a 30% tax rate - he may yell and scream, but it doesn't "hurt" him in any way
they've still got $700,000 to live on - i.e. way more money than they need
If you taxed him at 35%, he'd yell and scream even louder - but still would have more money than he needs, so no he wouldn't spend any less.
In these cases, it could easily be argued that the person paying the 10% tax is the one most in need of a tax break even though he's already at the lowest bracket.
of course if one pays more of his disposable income to the gov't it means he has less to buy the things he wants, or put it away for retirement etc.
a business man who has to pay more in taxes, has to cut is work force or other things he would really like to improve his business production
paying high taxes has never resulted in more jobs, and the gov't does not create jobs--just more civil servants that taxes have to be used to pay their salaries
No, the extra revenue for the government would benefit you another way. It is only a return to a previous tax rate. Wealthy people have many ways to avoid taxes and they end up paying less than people who work for them. No, it does not affect luxury items. It affects the lower income person.
We have had tax rate reductions since the 1980s. In the last 10 years only 2 million jobs were added to the economy despite lower income tax. Jobs have nothing to do with taxes. The U.S. pays less tax to its government than most countries.
The Dow Jones index is up 6,500 points since Obama took office, so the wealthy hedge fund managers and bankers profits are up 50% and everyone else is in a depression.
You're more or less right. The argument for higher taxes on the rich, however, is that yeah, they'll have less money but not so much less as to affect their buying habits.
Your assertion is much more applicable to the middle class. They feel it much more when their incomes are decreased than the rich.
Sure if taxes are increased and then people will most likely spend less money because their disposible income has declined.
Yes, the people down the chain are the ones hurt by this.
- less money being spent = less people needed to build, sale, and maintain the items.
The rich already don't spend all of their money.
If their taxes went up, they would save less but they wouldn't necessarily spend less.
They certainly haven't spent (or hired) any more with their taxes at an all-time low.
Not necessarily. I'm pulling around $80k per year. I could pretty easily absorb a 1 or 2 point increase in taxes without changing much. Much more than that and I may have to rethink a few things.
Very few people save regularly, and those who do cut that first when disposable income shrinks.
Wealthy individuals spend a FAR smaller portion of their total income than the poor and middle class. They can easily absorb a tax increase without touching spending or saving much at all. Taxes were modestly higher at the top of the income scale during the Clinton era yet the wealth at the top 5% still grew at an impressive rate.
The poor cannot tolerate any tax increase without dramatic impact on their lives or spending habits. For the most part, every penny goes to essentials leaving nothing more to tax. With the minimum wage kept artificially low -- it would be around $15 an hour if it had kept pace with inflation since the early 1960s -- it has become necessary to dig deeper into the public pot to ensure that they have marginally enough to survive on. Businesses being able to pay a minimum wage that is artificially low are the primary beneficiaries of such wage policies.
The really stupid thing is that many who are making noise in protest of suggested tax increases on personal incomes in excess of $500k per year would not pay a dime more in tax themselves! And tax cuts to INDIVIDUALS have NEVER created jobs, aside maybe from the odd illegal alien nanny or grounds-keeper.
The oft-repeated right wing talking point that "Tax cuts create jobs!" is quite simply a lie. If that were true, the so-called Bush tax cuts would have created MORE jobs than were created during the Clinton administration. Job growth under Clinton was 22 million. Under Bush it was 8 million until near the end of his presidency when 2 million of those were lost. If tax increases killed jobs and tax cuts created jobs, those numbers would have been reversed! Yet they right-wingers repeat it so often that even they begin to believe it. Don't be a sucker! The claim flies squarely in the face of the cold, hard numbers.
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