Author Archive
Stocks to Outperform Bonds Next Year
Posted by admin in US Tax Questions on December 27th, 2010
Margie Patel of Wells Fargo Advantage Funds makes predictions for next year and explains how the tax breaks will help to bring stocks ahead of bonds in 2011.
Can I receive a tax reduction if I babysat and my food was used, bed, and other personal items?
Posted by admin in US Tax Questions on December 25th, 2010
Ive been babysitting since September with a break for about two or two and a half months but now I am still babysitting. Can i qualify for a tax deduction?
what type of proof would i need? i was only doing it from my home(not a licensed provider) and being paid in cash.
RI tax breaks
Posted by admin in US Tax Questions on December 21st, 2010
rhode island’s wealthiest residents will have a smaller tax bill! the state department of revenue says the state’s 30 richest taxpayers will pay over 5-hundred thousand dollars less under the new income tax law. originally, officials said those taxpayers would end up paying over 5 million dollars more combined.
Does my business have to make any money for me to take tax deductions?
Posted by admin in US Tax Questions on December 21st, 2010
I set up a business that has brought in zero amount of money. I have invested money in materials to do this business and I am wondering if I can take business tax deductions when no income can be reported from it.
IRS Question Standard deductions and personal exemptions?
Posted by admin in US Tax Questions on December 20th, 2010
Hey I was wondering, if I dont work and I want to build up some credit, why dont I just declare about 16,000 dollars as income and with all the standard deductions and exemptions i wont have to pay a penny of tax. I am married and i am allowed about 10,700 of standard deduction and about 7000 of personal exemption. Any ideas????
Give Up Tax Breaks For Simpler Tax Code?
Posted by admin in US Tax Questions on December 16th, 2010
Fmr. US Representative from NY Susan Molinari on the uncertainty facing the tax bill.
I have a Question about Rental Tax deductions.?
Posted by admin in US Tax Questions on December 15th, 2010
Basic Facts:
I own a duplex and live in one half.
I charge 0 for rent for a total of ,600.
My Tax Bracket is 25% so my taxes are ,400
With Depreciation(,000), Interest (,000), Expences( ,000), Advertising(0) etc($). I have spent well over ,000
I make around ,000 at my personal job
My Questions:
Can I take the overage (tax deductions) and apply it towards my personal taxes that I will owe?
I am hoping to get a good return this year! Any adivce is appreciated! I can edit and add to this question if you have questions for me! P.S. I do my own taxes…I use turbo tax, and this is the 1st full year of having the duplex, last year H & R Block did them and the lady didn’t know much about rentals so I didn’t get much help…but I paid 0! Won’t be doing that again!
Very Good and Detailed answers!
When your payroll check is done, are the taxes calculated on total earnings – even with pre-tax deductions?
Posted by admin in US Tax Questions on December 15th, 2010
I have pre-tax medical and retirement taken out but when I calculate out how much of my total gross I take home, the percentages indicate the taxes are being calculated on total earnings, not the total after pre-tax deductions. I thought that was the benefit of pre-tax deductions – you didn’t get taxed on it. If anyone knows of the legal writings for payroll practices, I would like to know, thanks.
I owed and paid taxes last year on my personal tax return, can I deduct what I paid on this years' taxes?
Posted by admin in US Tax Questions on December 9th, 2010
I"m self-employed. I owed over 00 last year. I paid the entire amount I owed. This year I will owe again from being self-employed and I did not pay any taxes throughout the year. Can I use/deduct the 00 I paid last year to the IRS and apply it as a deduction to this year’s tax return? If so, how do I and what form do I use?
Thanks in advanced
Protest at Senator Wu’s office – “No Tax Breaks For The Rich” Portland Oregon 12.2.10
Posted by admin in US Tax Questions on December 9th, 2010
filmed outside Congressman David Wu’s office in Portland Oregon. A protest to say “NO TAX BREAKS FOR THE RICH” This was a protest against extending the Bush tax breaks to the very wealthy, one person in the crowd was “from the wealthy tax bracket” and she and her husband “wanted to pay *their share of taxes”. After the protest on the steps there was a group who went inside to talk to the Senator staff, as the one police officer monitored from across the street.
Are there any special tax deductions available to HIV+ people?
Posted by admin in US Tax Questions on December 8th, 2010
Are there any tax deductions made available to HIV+ people or people living with AIDS? Specifically in relation to medical expenses, etc…?
Can ones personal tax liability be over 50% of their total income unadjusted for AGI in a single year?
Posted by admin in US Tax Questions on December 5th, 2010
So if a person was living in New York and had a tax bracket of 35% and State and local taxes of 12-16% wouldn’t that mean that person is paying over 50% in taxes, given if they don’t have charitable contributions, single and make over 0k/year, no mortgage just taking the normal standard deduction etc. But wouldn’t that be over taxing aforementioned person?
Is it ethical for a well-off family to get tax deductions for their kids?
Posted by admin in US Tax Questions on December 2nd, 2010
Taxes are big topic of conversation in the US. One issue – if a given amount of money must be taken in by the treasury and people who are well off (say > ,000/y) get tax deductions for their kids, it means other people who don’t have kids have to pay more. Is this ethical? Please don’t equate being ethical with being legal.
How does the charitable giving tax deduction work?
Posted by admin in US Tax Questions on November 30th, 2010
This issue sometimes comes up about giving at church and deducting it from personal taxes but I don’t understand the whole concept.
Basically, the question is this. If a person gives their church (a qualified non-profit organization) a donation or offering, and the person reports the gift on their income taxes, does the IRS simply just not tax the amount that was given?
In other words, does the gift increase the amount of non-taxable income?
Then, secondly, what kind of supporting documentation would the IRS require to substantiate the claim. Churches don’t normally give receipts for offerings taken during service.
Please state your qualifications if you have an informed answer. Thanks.