Pay Cut Income Tax Question

Pay Cut Income Tax Question

My company cut our pay by 3% can I deduct that as a loss on my income tax?

Pay Off Installment Plan

by Krystle
(Michigan)

For the 2010 taxes, I set up an installment plan. I now was able to open up a credit line and was wondering if it was possible to pay off that installment plan so I do not have any more tax liabilities. Is this even possible to pay it off all at once? If so, can you tell me how I go about this? Thank you!

Pay Taxes on Settlement

by Linda
(Petaluma, CA sonoma)

I got a settlement of 6000.00 for a auto accident, was I required to pay taxes on it?

Paycheck

by John
(Arizona)

How do I get more taken out of my paycheck so I dont owe at the end of the year?

Paying Back The 1st Time Homebuyers Credit

by Leah
(Bloomington, IN)

Hi! Last year, we took advantage of the 1st time home buyers tax credit. We closed on the house in April 2010.

Now, we have a had some significant changes in our lives and we're expecting our first child! The only problem is that our quaint little turn of the century bungalow is now starting to seem more than a little cramped.

Are we stuck? I think I heard that if we move within the first two years, we have to pay back the $8,000...does anyone know if it is prorated, or if there are allowances for extenuating circumstances that would allow you to not have to pay it back?

Thanks!!

Leah

Paying Child Support and Living With Ex and Kids

by James
(Garden Grove, CA, USA)

I am paying child support and living with ex wife and our kids. We are back together and I am the soul provider. Custody agreement says she has soul custody. My ex wife and I dont want to go through the hassle of changing the agreement. We are going to get remarried in the future.... Anyway, can I claim our children on my taxes? she usually claims them but she makes less than 10k a year and I really need the tax break.

Paying Off House With An IRA

by Keith Priddy
(Lancaster, PA)

I have 90,000 in an IRA and I would like to possibly pay off my house with it, I need to know what my tax would be next year if I did this, what % would be charged for federal, state, and local? I reside in PA.

Paying Out-Of-State Taxes

by Mark
(Cambridge, MA)

Hi,

I live/work in Massachusetts, but earned some consulting income (reported on a 1099 form) from a California source. All the work was performed in MA - I never set foot in California during the tax year. Am I expected to pay CA non-resident state tax, assuming the earned amount is above the dollar-amount threshold that requires a CA return to be submitted?

Thanks in advance!

Paying Tax on Dividends

If I take out a mortgage to invest in a project that pays me quarterly dividends, can I repay the mortgage first out of the dividends before having to pay tax on the dividends?

PAYMENT OF TAX

by BRIAN CRESSY
(EAST KNGSTON,NH USA)

WE ARE TRYING TO RASISE MONEY FOR A HOMLESS SHELTER. WE ARE HAVING A DANCE DO WE HAVE TO PAY TAXES ON THE MINEY RAISED WE ARE NOT A 501C

Redundency Pay

I was made redundant a year ago and given a lump sum. only 20% was paid in tax so I face a tax bill of £10,000. they have now asked me to fill in a self assesement.
I am worried that the sum I was also given a lump sum which my employer said was tax free (£30k) how do I declare this without addinging furthuer to the £10k tax demand they already want?

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