| Other Taxes |
| Is there a tax consequence for someone repaying a loan? |
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If you loan money to someone and years later they repay it there is absolutely to tax consequence on you. Tax would only be paid on the interest or any amount over the original loan. I hope ... |
| How do you feel about a flat tax (in the U.S.)? |
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I'm totally opposed to it. I came to that conclusion by rational analysis of what a flat tax would do. Here's my justification in a small nutshell.
The tax rate would need to be... |
| Is advertising my business on my vehicle a tax deduction? |
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You can deduct the cost of the sign and you can deduct the mileage use for business, but you cannot deduct personal use of a business car. You knew that, didn't you?
-MM... |
| Is there a website I can print out a tax exempt form for a non profit organization? |
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The first answerers are correct about going through the IRS to get your non-profit organization set up on the federal level (you'll probably be looking for Form 1023 if you are looking t... |
| Renter Rebate checks? |
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Just because you applied for it doesn't mean they will be sending you a check. You need to contact the place where you applied and ask them what your status is. They may take up to 6 mo... |
| How are accumulated depreciation and expense depreciation related? Thank you so much for your help.? |
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If a business has an asset that will be useful for more than a year, it is not allowed to claim the entire cost as an expense all at once. Instead, the asset is recorded on the Balance Shee... |
| Why is NY the most taxed state, What is being done to lower taxes in NY? |
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Actually, NY is #2. See list in my link. Maine is #1.
As far as I know nothing is being actively done by politicians to lower taxes. There are enough wealthy people in the state to handl... |
| Year end Taxes? |
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They don't. You don't claim federal income taxes as a deduction in the first place, or as income if you get a refund.
On state and local income taxes, you can claim that as a ded... |
| Compute recaptured depreciation and capital gain (lost) on a mixer that was purchased 2 yrs. ago for $120,000? |
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The mixer is Section 1245 property. Thus, the gain is "recaptured" to the extent of the depreciation taken on the mixer. Calculate the depreciation taken on the mixer and you hav... |
| How can I pay my father back without taxes? |
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Write up the loan document for the original amount borrowed. returning the principal is not taxed. Only the interest portion is taxed.... |
| Is there software for me to track my 1099? |
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Or you can use turbotax from last year, and track this stuff on the actual Schedual C. That is to say, jsut imput your current numbers on a seperate account that the one you did your real ta... |
| Does anyone know any reason why my employer does not want to set up a cafetiria plan for my health insurance? |
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Yes, it would be too expensive to offer such a plan to a small company. Economies of scale would kick in perhaps when the company grows to over 50 people...but that is just my guess. You m... |
| TDS deduction, how much it should be? |
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I believe the max rate is 30% but it is lower for amaller income levels.... |
| Do children have to report taxes if an investment is in their name, if so at what age,or time.? |
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Yes at any age, they have to pay at their own low rate for the first bit then at the parents rate. People were putting investments in the babies name to avoid taxes so the IRS put a stop to ... |
| Tax Levies and Children? |
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If you file a joint return and meet all the requirements for claiming the dependent care credit, you'll still be able to take it even though his salary has been garnished by the IRS.... |
| Should U.S. companies be allowed to incorporate overseas to lessen their U.S. income taxes? |
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Not to be ridiculous, but if a corporation is organized outside the US, it is by definition NOT a US Corporation.
I think I know what your question aims at, and quite simply if a Corp has... |
| Journal entries and producing revised trial balance? |
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depends where it has been posted initially, you would need to reverse it
e.g if it was posted DR : debtors CR: sales you would have to reverse it and do DR : sales CR: debtors
hope thi... |
| Tax free countries need accountants? |
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Taxation is only one subset of accounting. Truth is, most accountants are not involved in taxation directly but in auditing, business management, etc.... |
| Our job takes taxes out of our pay check. What do they do with that money until tax time? |
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Your employer submit the payroll deduction to the IRS, they don鈥檛 keep the money in the bank account. If they pay you weekly they have to submit the deductions weekly to IRS, if bi-weekly th... |
| If I make 30,000 and my company buys a service overseas for 15,000 can i deduct this? |
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If the service of which you speak is related to the income of the LLC and is normal customary and legal for a business of your type to us such a service, the cost of that service would be a... |
| Can I deduct this? |
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Two things.
1. If the service you purchase is a reasonable and necessary expense for the production of your income then it's deductible.
2. Daytrading income is NOT capital gai... |
| Single family home sold in CA, 2006, but I now live in NY; am I liable for capital gains? |
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What you do with the profits has no tax implications for the CG tax if any is due. That's the old rollover replacement rule which has been dead for about 10 years now. It was replaced ... |
| Do I need a tax I.D. number to issue 1099 forms to prople that do security work for me? |
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If you are being contracted by another company, and are not considered an employee of that company, then you are operating as a self-employed individual. Since you said you haven't set ... |
| I didn't file an extension on my taxes this year. I am expecting a refund. Will I be penalized? |
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If you are getting a refund, there won't be any penalty for filing late on your federal taxes. For your state return, laws vary on this.... |
| Will our taxes rise? |
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they will probably introduce some new tax on smoking in the street - you'll probably have to buy a permit or something stupid like that... |
| Need courses for tax deduction purposes only? |
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Paying money out just so you can get a tax credit doesn't make a lot of sense, since you'll pay out more than you get back.
You say you saved around $1500 taking the courses last ... |
| How does indian economy work?how r taxes implemented according to income? |
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Like most countries, Indian economy also works on the basis of its agricultural, industrial and service sector performances. On an average India has been showing a 8-9% GDP for the past deca... |
| Is my home equity loan still tax deductible if I no longer have a mortgage? |
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Till your loan is fully paid off, you can claim the interest amount as paid by you or accrued on the loan as Income Tax benefit but if you money pay it otherwise you are unnecessary paying i... |
| Is a new W4 form required by an employee every year? |
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Not normally. However, if you claimed EXEMPT from withholding in 2006, you would have to file a new W-4 by Feb 2007 if you wished to claim the same status in 2007. Most taxpayers can't... |
| Think the rich are burdened with taxes? |
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Let's not forget that Mr Buffett just GAVE AWAY about $30 billion to the Bill and Melinda Gates Foundation, doubling the size of the foundation.
The B&MGF is the largest transparent... |
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