| Tax Accounting |
| As a grandparent, can I open an education savings account for my grandson and take the tax credit/deduction? |
529 plans are usually a good idea and the investment earnings grow free of tax. Some states have credits/deductions for these plans but there are no credits or deductions on your federal return.
... |
| I had a scottrade account and cancelled it. I am still being taxed but made no money! HOW MUCH WILL THEY TAX?! |
You are not being taxed. Report all the sales and all the costs and you should come up with your net loss. ... |
| What office do you get a hold of to put a lien on a perosn income tax return refound and back accounts? |
you'll never get paid, the only people who attach tax returns is IRS, child support, and federal student loans. All the court judgement is good for is to go back to court again if he didn'... |
| Tax-free funding of IRA with non-retirement-plan funds? Any retroactive nontaxation of earnings? |
You can't "roll" funds from a non-retirement account into a retirement account, period.
You could open an IRA and fund it (up to the normal annual contribution limit, $4,000 or $5... |
| $10,000 in a fire proof box vs CD tax liability? |
It is better to make more money than to NOT make more money. You would only have to pay taxes on the growth. Most people would have to pay roughly $175 (25%) taxes. Short-term investments pay th... |
| Can anyone tell me about the special pension-related protection attached to receiving child tax credit? |
you are not right, this is not correct.
it applies to job seekers incapacity sickness and other means tested benefits bit it does not apply to child tax credits
or child benefit ... |
| Lucky Break into Accounting? |
Such a problem!! I live in Michigan where the unemployment is highest in the nation and no jobs. I'm currently looking and envy your situation.
It might be a gamble if you don't put ... |
| How does Capital Gains Tax work? |
You have to report all of the trades that you made, with their sales price, basis, dates of purchase and sale, and show the gain or loss on that trade. You split out long term (items held for at l... |
| Can an international student with a valid student visa have a TIN for tax purposes? |
Yes.
The information below is from the IRS web site noted below. This is an exerpt. Follow the link for the full discussion.
ABOUT ITINS
What is an ITIN?
An Individual Taxpayer Identifica... |
| Question to Conservatives about tax cuts? |
There are so many false ideas in your question that I'm not sure where to begin.
The basic principal of less taxation on a populace allows the economy to expand quicker is sound. The problem ... |
| Where to look for a job in auditing/tax? |
The truth is that you need to work for an accounting firm to gain audit experience. If your company does not oblige you, you need to post your resume with a quality placement agency life Robert Ta... |
| Any information about the field of tax law? |
It doesn't matter what degree you have in undergraduate school when you go to law school. You get a JD and then, after the JD, can get a LLM in taxation. Keep in mind, though, that a LLM can... |
| If making an early withdrawal from an IRA account, do you pay regular tax and a 10% penalty? |
Yes, if it is as regular IRA. If it is a Roth IRA, you would just pay the penalty. ... |
| Tax on transferring large amount of money?? |
Yes. You have made a gift of $30,000 to your sister. Since the gift exceeds the annual $12,000 limit, you will need to file a gift tax return.
If your sister was married, you could transfer $24... |
| Is capital gain tax on forex trades executed with a cdn dealer due in Canada?And with a foreign dealer? |
The Tax law in Canada and the USA both want cap gains on earnings from forex trades.
Currently there is no IRS form that is sent from ther broker to you but is you do not report earnings it is a... |
| Can you transfer money into spouses bank account without penalty under uk tax & spouse use interest as income? |
Yes you can. This is a common approach if your spouse is on a lower tax bracket than you. However, note that then the money belong's to your spouse, and he/she can do anything with it :) ... |
| Will the IRS be able to subpeonas people's bank accounts this year to find tax avasation regarding how the |
Even if it is legal, which it MAY be, the odds of them going after an individual taxpayer are extremely minute.
They want the "bigger fish". ... |
| What's a capital distrubution (in accounting) and how is it taxed? |
I would assume that you have received a K-1 from a partnership or S-corp that has a line that says "capital distribution" (line 16D on an 1120S K-1 and line 19 on a 1065 K-1) and that is ... |
| Do You Shop At Walmart? They're Tax Cheats!!!? |
before you bite off on these critics of Walmart who, by the way, get paid pretty good money to sit at the computer and flame WalMart, you should take a few minutes to see the other side of the stor... |
| If the IRS has federal tax leins on you can they take your bank accounts, pension, social security,etc? Thanks |
A federal tax lien attaches to, in legalese, "all property or rights to property." IRS can levy on all assets that are not exempt. This includes bank deposits, cars, wages and social se... |
| Is their any tax on a self directed IRA account until withdrawn.? |
Depending on the investments in your self directed IRA there could be. Your IRA has the potential to be subjected to unincorporated business income tax (UBIT). This is a very complicated subject, b... |
| What are the tax ramification on opening a savings account in childs name and social security number? |
It depends on the earnings. Beware of the Kiddie tax and potential control issues. Remember, when they are 18 the money will legally be THEIRS.
From the site - (Because it is worded so well...... |
| Where can I find tax help for a small business withouth getting broke???? |
Contact your state or local Enrolled Agent Society for a listing of EAs in your area. Or look for them in the phone book with EA after their name.
EAs have demonstrated competence by passing a d... |
| Council tax (if you live in scotland)? |
Hi
Your best advise is to start working with the council and give them what they are asking for, contact them and make a payment arrangement because if you don't then they will start upping... |
| I am a 29 year old employee in a MNC. I earn Rs.2,65.000 p.a . What would be my tax on Salary for this year? |
just go to the taxation department site online and check there schedule of owed taxes / ... |
| Property tax question? |
Send a letter to follow up on conversation. Ask for a response in writing and copy of transactions. Having a negative escrow balance is really no big deal, it happens sometimes even without mistake... |
| Misc tax question....? |
You can't file short form (Form 1040A) with self-employment income. That child-care income is self-employment income. You must file Form 1040.
Also file Schedule C or C-EZ to account fo... |
| I am 58 yrs old. closed annuity and am reinvesting in a mutual fund with another co. will i avoid tax burden? |
You must complete the rollover by the 60th day following the day on which you receive the distribution.
An exception to this rule is if the annuity was from a qualified retirement plan (other t... |
| Accounting Careers? |
I was a bean counter for some, I guess 20, 25 years before I retired a couple of years ago, so I guess that I can give you some idea of the fun and disappointments that I had.
I have worked for ... |
| How do you avoid tax consequences of cashing out SEP account before the age of 59? What are the pros and cons? |
Gee, wait until you are 59 1/2, that's the easiest solution. Otherwise, here's what you do.
Because the funding vehicle for an SEP is a Traditional IRA, the distributions rules of a Tr... |
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