Advance Taxes Income Tax Questions

by AK
(India)

Advance Taxes Income Tax Questions

In India I took business after death of my father in last quarter of year and paid advance tax in last month of year that is March.

Will I be asked to pay interest of earlier months non payment of tax while I can not expected of earning?

Back Taxes

If my ex husband filed bankrupcy on the irs am I now responsible for the tax debt since we filed joint for those years. If so how do I go about getting the irs to leave me alone? I have a letter that he signed when we divorced that states they are his taxes from his company and I have always had taxes taken out of my check and filed. Now the irs is after me for his debt of $44,000!

Back Taxes

My husband is about to get an inheritance from grandmother passing, he owes back taxes, when he goes to cash the check can irs sieze it?

Circuit Breaker Tax

If my daughter turned 18 in November 2010 can she file a mo.ptc for that year?

Combining Personal and Business Tax

by Toni
(San Diego, CA, USA)

I just closed an LLC that never made any income. My accountant closed the company and added the loss to our personal income tax as income. The IRS just audited us saying our reported income from our W2 forms does not match what we claimed. My accountant is not returning my calls or emails. Did my accountant do his job correctly? Should I contest the IRS or should I just pay my penalty and move on?

Deduction of Property Tax

by j clark
(panama beach, FL)

If you co-habitate with unemployeed spouse to be, and have been for years, if I have peen paying the house payment can I take the interest deduction on my taxes? She has taken it in the past even though she has been unemployeed for 3 years, I have been paying the house payment for two years.

Do We Have To Pay Income Tax or Not

We are commission agent of trucks received commission 600/- (six hundred per truck)from truck feright transporter. paid all feright cheque to us to our fraim name. we paid cash to truck owner after clearing cheque and deduct 600/-(six hundred)from the same. we load 70(seventy)trucks per month. how much we have to pay income tax? and how we proceed the same? please tell us and help us.

Estate Tax

My father passed away in 2010. He had a will that left everything 50/50 between my brother and me. He had various bank and investment accounts that were designated "transfer on death" 50/50. How much of this money is subject to federal tax? I live in Ohio.

Federal Income Tax on an Insurance Policy to be Cashed in

by Kay
(Erie, Pa USA)

My husband has had a $5000 life ins policy since 1968 and it is paid up many years ago. It has earned dividends since and is now worth over $9,000 cash if he surrenders it. How do we find out how much income tax or capital gain we must pay on that money when we cash it in this year 2011? We have no idea what the total amount of monthly payments we made till it was paid up. We got a letter from the Company and they were very vague and came up with This answer: The cost basis is approximately $649.99 A cash surrnder would result in a taxable gain of $3,400.01. Policy was issued prior to Aug. 13, 1982 and surrender value does not exceed $5,000 the IRS does not require this ins company to produce a Form 1099-R. However, this ruling does not neccessrily relieve a taxpaper to report gain .
How will we know whether to report it or not?

Federal Tax Withheld

by Christine
(Illinois)

My husband making about $28,000/yr only has about $550 withheld for federal taxes for 2010. I make $55,000/yr and have over $5,300 taken out for federal tax. Why such a huge difference? I use an online tax service and when I enter his W-2 info, it shows a return but after mine in entered, we owe over $1600 - only W-2 information and before itemizing. I don't understand. We both claim zero dependents throughout the year.

Geothermal Tax Credit

Is my geothermal tax credit limited to how much I paid in federal taxes for the year? No one in the process ever mentioned this to me but that is how I understand it.

Husband and Wife LLC Tax Year Question

by Pamela
(Oregon)

My husband and I formed an LLC for the purpose of Construction Contracting in October of last year. We had activity but no profit and the information I could find indicated we didn't have to file a tax return.

Now I find out I was suppose to file a 1065 form for the LLC regardless of whether we made a profit or not. Since we started having activity in October AND the deadline for the calendar year has already passed (resulting in $195 per month per partner penalty for late filing) I would like to use a fiscal year of Oct 1 - Sept 30 (52-53 week tax year). I'm confused though an a few points.

The instructions on setting a tax year state that partnerships have to use the tax year that the majority partner uses - that would be me. Obviously before now I was an employee and required to file based on a calendar year and I have already filed my taxes for 2010. Can I change my own tax year to Oct-Sept with the tax year starting Oct 2010 now that I am self employed. And if yes, do I need to file form 1128 as an individual to do so? Also, it seems there is a possible exception for LLCs when the only members are husband and wife that would eliminate the requirement to file a 1065. Is this true and would that be better/easier than trying to get approval for an Oct-Sept tax year?

Massachusetts State Tax

by David
(Massachusetts)

I made less than $20,000 in 2010 in Massachusetts and yet I still owe $170 even after getting tax money with held and not being penalized by not having Health Insurance. Does this seem accurate? Does anyone know if there is a minimum income that a person can have in Massachusetts so that he or she would not pay taxes or less?

Need To Pay Taxes ?

by Pat
(NY)

I didn’t work in 2010 due to medical problems & was being paid by workers comp until June & have over $7000 in out of pocket medical expenses. I withdrew $8000 from 401K & need to pay taxes on the withdrawal. Do I have to file taxes in 2010 ? I know I had no income but does the $7000 in medical expenses effect the taxes I need to pay on my 401K withdrawal? Thanks !

NM State Income Tax

by Bob
(Las Cruces, NM, US)

I work in texas and live in new mexico. Do I have to pay NM state income tax?

Regarding Tax Catogari

by jinnugu venkat rao
(hyderabad)

We are running businees name of kumar trailer services , basically our business related commsion basis on total hire so plz let me known we are going to which catagari

Service Tax

dear sir,
pls guide me

is service tax applicable for job work of tax free goods

i.e. "A" has done job work for "B".
material(i.e. cotton sedds) supplied by "B" to "A"

"A" processed on seeds. product is cotton seeds cake & cotton seeds oil. excise(cenvat) is not applicable

should "A" collect service tax from "B"

SSI and Taxes

by Amber Egbert
(Seattle, WA, US)

I am on SSI. I currently (as of the last 1 1/2 years) have also been attending community college. I have been receiving pell grants and the last 2 quarters 2 separate grants for needy people. Do I need to file. I have only filed for taxes 1 time ever and it was a friend's mom who did it. I do not know anything about taxes nor can afford to pay to find out. Do i file for receiving either SSI or grants to pay for school. Thank you.

Stolen Tax Money.

by Angela Harris
(Birmingham, AL)

Recently, when I filed my deceased husband's 2010 taxes, the forms were kicked out because someone had claimed my husband as a dependent. My questions are since I have his 2010 W2s, will I be able to obtain these tax monies and will the person who claimed him as a dependent have to pay back these monies?

TAN TAX

by Kim
(Ohio)

I am a salon owner and have to submit for 720. Do I pay 10% of the taxes paid on packages or 10% on packages sold?

Tax

by Helen
(Newark, OH USA)

How much can a 70 year old earn before tax?

Tax

My grandfather died and left his house to 8 grandchildren we have decided to rent the house out do we have to pay tax on this if so how do we go about doing that?

TAX

Hi, I am filing jointly tax return 2011. I have a baby but no child care expense my relative take care my baby.my husband not working last year. Which way I am filing tax 1040, 1040ez or efiling pls explain and answer my question.

Tax

Can I claim someone as a dependant on my taxes if they don't work, got a lump sum from social security and a 1099 from them?

Tax

How much per day can I claim for exspences away from home for work purposes?

Tax

by tony
(peoria heights ill)

I was tryin to see can i get a income tax I worked 5mth in 2011?

Tax

by BJ
(houston tx)

Aubrey Brown is a decorated veteran of the Vietnam War. As a result of his exposure to Agent Orange during the war, Aubrey developed lung condition and is unable to work. He received $12,000 of Social Security disability payments in the current year. He reasons that the payments should be excluded from his gross income because the payments are compensation for the physical injury he suffered as a result of his service in the armed forces. Aubrey has asked you if his thinking is correct. Your response should be based on the structure of the file memo discussed in class on Thursday (see copy attached) and supported by tax law authorities.

Tax Audit

by krishna
(kolkata)

I am trading in shares in future segment in nifty. my monthly turnover in purchase and sale of nifty lot (ie number of shares*market price and not PROFIT+LOSS) per month is around 2.5 crores.as 1 lot consist of 50 shares and nifty is around 5000 level and i buy sell minimum 2 lots everyday.

So I wanted to ask 1) am i liable to tax audit 2)how is the turnover computed in case of shares in F & O segment
i have not yet filled my income tax of py-2010-2011..so if i am liable to tax audit what is the last date and fine if any i am liable to pay
plzzz help me out

also plzz tell me if possible how to claculate profit/loss in case trading in F &O

Tax Benefit Under 80c

by Surendra
(Hamirpur H.P. (India))

sir, I and my wife both are Govt. Employees. I have some LIC policies in my name but nominee is my wife.I do not want to get tax benefit against these policies,as I have sufficient saving in my GPF. So kindly tell me that can my wife get tax benefit against my policies.

Tax Deductibility of Administrative Fees on Contributions

If I give $1000 to a college foundation for a scholarship that they will administer (choose the student), and I am charge a $50 fee, how much is tax deductible to me? $1000 or $950?

How much should the recognition letter from the foundation say is tax-deductible?

Tax Differences

by Jane Smith
(Philadelphia PA USA)

In 2006 I filed taxes and the tax account said I owed 1,500.00. I forgot to mail in my tax statement from the accountant. Now the IRS sent me a letter saying I owe 6,000.00 for 2006. I don't understand do I need to get a lawyer?

Tax Dues/Arrears

by G.Singh
(kolkata, india)

Is there any way of finding if there is any pending tax demand notice of 15/20 years back or any old dues/arrears/taxes that are still due against me. for this whom to contact.
is therer a law of limitation that IT india can not ask papers/details/old tax dues after a reasonable period?

Tax Help

Need help with questions regarding taxes for self employment..

Tax Liability

by suresh khanna
(noida)

I give amount of rs- 2100000/- to my wife is this any liability on this amount if yes, than how much?

Tax Mix Up

by Sean
(Capitol Heights, Maryland, United States)

Question if someone claim me on there taxes that is no relation but i asked them too then my adoptd father new wife who is not legal to me claims me what will happen to the first one

Tax on Divorced Settlement

by Jeanette Dayton
(North Andover, MA)

I am currently a resident of Massachusetts. My husband and I divorced recently this year (2011) and I recieved a settlement of $150,000 from my ex-spouse. I am moving to Puerto Rico to be close to family but am concerned as to how much I will be taxed on this settlement for next year. Could you please email me an approximate amount.? Thank you for your help! Jeanette Dayton

Tax on Inheritance Money

by Michael
(Brooklyn, NY)

A relative of mine passed away in November 2010 and I was the beneficiary to their bank account. Do I have to pay an inheritance tax, or any tax, on the money I received? I live in NYC.

Thanks for any help

Tax on Investments

I have an IRA rollover from retirement and this year I invested $6000 more into the mutual fund. If I want to now take my 6,000 out I shouldn't have to pay taxes on it as I have already paid taxes on this $6000 right?

Tax on Previous Year

I'm serving in navy last 3 year. In training time I received 4000 rs a month only. After training I received 180000 rs in a month. My tax deducted was 15000 rs. In my form 16, no arrears show from previous year.

Can I show some amount in section 89? If my actual income is below 200,000 rs but after adding the arrears it becomes 341,000. What do I do?

Tax on Service Tax

Is TDS applicable on service tax ? Do I show income including service tax and then deduct service tax to arrive at actual income ?
Regards

Tax on Sick Leave Compensation

I just retired from teaching and my district is paying me for all un used sick days for a total of $11,600. They are not taking taxes out of it since it is compensation not additional income. How much should I take out for taxes on this amount?

Tax Refund

by Salvj
(TX)

Do I have to list my refund from my last income tax return as income on my 2010?

Tax Return

I am getting ready to mail my state and federal income taxes. I am in Kansas. I am not sure if I need to send a copy of my State with my Federal or My Federal with my State or if this is required?

Tax Schedule On Net Income.

Please help me determine how much taxes I should on net income of $2,799 single, no dependent. Thank you for your help.

Tax Question

by Nyc
(Doggz)

If I file married, filing jointly but my wife makes less than $8000.00 per year. Do I still have to file her income?

Child And Grandchild Tax Question

by Mary
(Dallas TX, USA)

Around how much could my husband and I get back on my taxes if I carry my daughter and grandchild? Income is around 65,000 a year.

Domestic Partner Tax Question

by Ken
(Clermont FL)

Can my domestic partner file me as a dependent? I have lived in the home for the past year. I am disabled and I receive disability benefits.

My benefits don't cover all of my expenses and daily living. My domestic partner covers those for me.

Tax Question

Im a single mom of two I claimed my two kids on my w2 form when I started working at the place im currently working at. My children's father is trying to claim our two kids without my permission can he do that?

Tax Question For Ontario, Canada...

by Cody
(ont, canada)

Which one of these would be the right answer?

1. if a Canada based corporation makes $500,000 BUT I want to take out $100,000 as a salary, that means I would have to pay $27,400 in personal income tax AND then I would pay an additional $78,000 in corporate tax, right?

OR…

1. or if the corporation makes $500,000 I still pay $97,500 in corporation tax regardless if I take out any personal income. Like for example, if I took out $100,000 in personal income would I be taxed the $27,400 (in personal income tax) on top on the $97,500 in corporation taxs?


thanks

Tax Write Off For Renting To an Individual on SSI or SSD in CA

by Shaynna
(San Diego)

Can someone who rents to an individual on SSI or SSD or to low-income college students receive tax write-offs or any other special benefits? I am that college student on SSI and I would like to find a plus towards someone renting to me. Thank you!

Taxes

by Sonya
(Hilliard Florida)

I have been cleaning houses this year self employed i made less then 10,000 i was trying to find out if i could file and if i would have to pay any taxes if i do have to pay taxes is there a way they could take that out of my refund?

Taxes

by Deanna Gonzalez
(Fridley, mn )

We are a family of 6 and my husband makes 36,000 a year, would he have to pay the IRS or would he get a refund?

Taxes

by Sandra
(Nashville)

If I worked a year for 5,000 dollars but out of those 5,000 I had no txes refund and I show those to my tax refund how much would I get back???

Taxes

My mother claimed me on her taxes and didnt use my w-2 form what happens?

Taxes

Wondered if my son can claim rent that he pays to me ( his mother) I only charge him 300 a month he works fulltime so i figured he might as well help, but iam not sure if Revenue Canada would accept a rent receipt from his mother, I will claim it on my income when i do my taxes this year thanks for any help

Taxes For People Living Outside The United States

by Dayala
(Saudi Arabia)

Hi, I am married and a father for 3 kids and my income salary per year is 32000 dollars and i'm living outside the united states(currently in jeddah KSA)...I would like to know what taxes I should be paying and how much per year this would cost me?

Taxes on Lottery Win of Season Bronco Tickets

by Pam
(Aurora, CO arapahoe)

We just won a lottery 2nd chance drawing. It was on a non-winning scratch ticket. We entered this drawing and won Season Bronco Tickets. They say they are worth $6700 and we will be getting a 1099 so we need to pay the taxes.

If I gamble and win a jackpot over $1200 I am also issued a 1099 but I keep track of my gambling losses so I can offset it. What I am not sure of is since it was a lottery drawing but it was for something other than cash can I still offset the taxes by my gambing losses? I am very concerned because I dont have a job right now and cant afford the $1900 for the approx. taxes.

Taxes Paid on Money from Sale of Home

by Kelly Green
(Oklahoma)

Sale of Home

A friend of the family, 73 year old women owned her house outright. 15 years ago her and her husband owned a small homebased business for 2 years (it was not profitable). He has since past away, she sold her home recently and made $50,000 on the sale, will she have to pay taxes on this?

The Sale of Property and Income Taxes

My dad died recently. He had property with a trailer on it and titled it in my name, so that when he died all that I would have to do is sell the property and split the money equally with 2 other siblings. Since the property is in my name , do I have to claim the money on income taxes. It's value is $50,000 or less.
The property and I are both located in the state of WV.

What Taxes are owed by Retired Couple aged 74

by Jerome Wisneski
(Grand Rapids, MI)

Many of my friends are as old as we are and seem to pay no taxes while we pay 9% of our income for federal taxes.

we own our home worth $200,000
we have $50,000 in IRA
we make $37,000/year from michigan state pension
we make $40700/yr from social security

we pay $1700 quarterly for federal income tax.
we are both 74 years old is this near correct?

WITHOLDING TAX

I am 64 years old, disabled and totally dependent on my wife. I get social security and ssi benefits of around $700 per month.
If my wife goes back to work, can she claim me as a dependent on her W4 form in order to cut back on the amount of tax being witheld from her pay?

Tax Rebate on Parents Maintenance Expenses

I am incurring Rs.10,000 towards my old ailing parents maintenance and medical. Can I claim tax rebate.

Tax Return

Can I claim I claim a tax return if I'm a full-time student, collect food stamps, and child support as my only source of income?

Short Sale Tax Liability

by Carol
( Illinois)

Someone told me if you sell your home through a short sale the normal tax liability is waived if sold by December 2012. Is this correct? What exactly is the situation if this is not correct. I do not have a HAFA loan.
Thank you.

How to Unlock Login Pan in Income Tax

by Harish Aggarwal
(Saharanpur, UP)

Neither I have filed my incometax e-return nor I have login my pan card , how can ie. filed my income tax return.
or tell me the mobile no. if any from where I can unlock my pan.

Self Employment Tax

Do you have to pay self employment tax even if there is no federal tax due? (In fact a minus)There is Self employment listed on line 56.

Fica Tax

by Michael Bottrell
(Loveland, Colorado)

What do you do if your total fica on your w2 is not 6.2%. It comes out to $8 short of the 6.2 percent?

Tax claim

by Chelle
(Ca)

My father added me on his house deed back in 2009. I have been claiming the house since then when filing my personal income tax however I received a notice from the IRS and being audited because from their books I should not be claiming it for tax purposes.

What are the legalities of home tax credits ? Should I be submitting this claim or should my father do this on his own personal income tax? I thought I can since this was advised by our tax person.

HELP

Service Tax

by MANOJ RATHOD
(MALKAPUR)

DEAR FRIENDS

PLD GUIDE ME

WE ARE DOING JOB WORK OF CRUSHING COTTON SEEDS FOR A GINNING & PRESSING COTTON SEEDS ARE PROVIDED FROM THE UNIT.

SHOULD WE CHARGE SERVICE TAX IN JOB WORK BILL
I MEAN IS SERVICE TAX APPLICABLE FOR THIS TYPE OF JOB WORK

MANOJ RATHOD

Forgot to Pay Tax

Hello, I filed my ITR and in this I have some taxable income income but i did not pay that tax. Now I don't know what to do and how to rectify my this mistake. Actually in my Form 16, there is no taxable income.

How Much Tax liability

by Ankit Kumar
(Saharanpur)

How Much Tax Liability

We have a prakash shikshan prashishan ainwam shoudh sansthan and we credit a amount Rs. 160875. and TDS deducted will be 16088.

In this amount how much is our tax liability and how much will be refunded to us? Which return form should we file?

House Tax

by Earl Warruck
(Hereford TX)

My husband and I are in our 70's. We want to sell our home of 35 years for 90,000 to 100,000 dollars will we have to pay tax on it?

Tax on Real Estate

by Nola
(Normal, IL Re)

Does someone pay both real estate and income tax on the proceeds of the dale of real estate?

Child Taxes

Hi can my fiance claim my daughters on his taxes? They do live with us all year and he is the main support.

Nicoles Taxes

by Lisa
(New York City)

My 20 year old daughter is a full time college student and is working part time. Her earnings for last year were about $4100, yet her employer only deducted 39.11 in federal taxes for the year. Does she have to file and is her employer doing something wrong?

What happens if I haven't paid my state (MN) taxes yet?

I filedform 4868 for an extension and I did pay my Federal taxes on June 1, 2011. However, I still owe MN state tax. When is the latest you can pay without having liens and such put on?

Tax Penalties

If I have not filed my takes in over six years, will I get penalized when I file them.

Tax Liability on Spouse.

I am constructing a house in a site which is in the name of my wife. The construction expenses will be borne by me through my income. My wife is a house wife without any income. It would be very helpful if you can tell me about the tax liability on me and my wife.

About Loan and Gift Tax

by sudhir jaiswal
(patna)

My wife wants to buy a commercial property worth rupees twenty lakhs. She has only five lakhs in her income tax file. I am a income tax payee, I have around twenty three lakhs in my file. Can I give gift to my wife? Then what will be tax implications? Or can I give loan to her? Then what will be the process? Please guide me.

Local Taxes

(Sharom PA)

I live in Sharon ,PA and work in Warre, Ohio. My W-2 shows my locality name as being Warren. I just want to be sure this is correct and how i should be filing this ?

How Much Tax Shoud I Be Paying

by Jennifer
(Kelowna BC Canada)

As of Jan 1st 2011 I will be operating a small child care business in my home. I will be making between $4500 and $7800 for the year im wondering if there is a % of each monthly payment i should be paying towards tax? or if there is a way of knowing how much I will need to put away for the end of year. Thanks in advance

Dividends Paid in Cash-no Federal Taxes Withheld

If I received dividends paid in cash from Foreign Ordinary shares and only Foreign Taxes were withheld, no Federal Taxes, do I have to report this on my taxes or is this expempt? The amount is less than $150.00
Thank you.

Taxes on Sale

by Karl
(Shelby NC)

Do I have to pay income tax on land the NC dot forced me to sell them I have lived here for 20 years and they paid for land and damages right of way is at my front door

Wages Calculated by ADP for Tax Reporting That I Never Received Payment For

by J Guffey
(Seattle, WA)

I worked for a company that used ADP to calculate wages. These wages were reported to the IRS quarterly. However, when I left my employment I had not been paid for four of those pay periods even though checks were run and taxes calculated through ADP. Shortly after leaving... the company went out of business. So my question is how do I report my earnings this year for tax purposes when the IRS will be told that I was paid for more than I actually was?

Payroll Taxes

by AC
(NJ)

What payroll taxes does a single ( no dependents ) individual pay if they live in New Jersey and work from a home office in New Jersey for a company in Connecticut on a W-2 basis ?

When filing a tax return do you also have to submit a return for Connecticut and will I get reimbursed my taxes paid to Connecticut ?

If I become unemployed while while working for a company in Connecticut where do I claim benefits ?

No Federal Taxes Being Withheld

by Amy

I just noticed that federal taxes have not been taken out all year. Will I still get a refund?

Combined Income Tax Return

by Mike
(Hartford,CT)

My wife is sole proprietorship with income 140,000
I'm sole proprietorship with loss -53,000
we have 2009 NOL carry to 2010 of -120,000
we both use sch.C married couple

How come I end up with Turbo Tax showing me
about $ 10,000 SE tax to pay

Should I Amend My Taxes?

by Dawn
(Alabama)

I accidentally checked retirement plan on box 13 of wage and income when I have not contributed any thing to my 401k in 2010. Do I need to amend my taxes and correct this mistake?

Health Care Taxes

My employer pays the majority of our health care, but deducts it from our pay each check and then monthly bonuses the money back to us and it shows up as income. Consequently, I have to pay in each year. Is there anything i can do?

Finder's Fee Taxable?

by Shelly
(Washington State)

A Washington State company will be collecting a Finder's Fee from a Canadian manufacturer. Do we need to collect GST?

What if the manufacturer was in the US, would we need to collect sales tax or is this considered a personal service and exempt from sales tax?

In my experience, a finder's fee is considered a commission. In the US, this would be considered a personal service which is exempt from sales tax.

GST applies to products & services "delivered in Canada". Since the Washington State company provided a service, was it rendered in Canada? If so, GST has to apply. If the service was rendered in the US, you would not charge GST on the services.

Following, is what the Canada Revenue Agency says about exported services:

"You do not charge GST/HST on services you perform totally outside Canada, or on services that relate to real property situated outside Canada.

Services (other than transportation services) you perform on temporarily imported goods are zero-rated. The goods must be brought into Canada for the sole purpose of having the service performed on them and must be exported as soon as possible. Any parts supplied along with these services are also zero-rated.

Certain services provided to a non-resident person (but not to an individual while the individual is in Canada) that are performed all or partly in Canada may be zero-rated, such as:

-certain advisory, professional, or consulting services;

-advertising services to an unregistered non-resident person;

-advisory, consulting, or research services to help a non-resident person establish a residence or business in Canada;

-services and parts for goods or real property acquired to fulfill an obligation under warranty for an unregistered non-resident person;

-custodial or nominee services for the non-resident person's securities or precious metals;

-training services to an unregistered non-resident person (other than an individual) to teach non-resident individuals or to give examinations for courses leading to certificates, diplomas, licenses, or similar documents, or classes or license ratings that attest to the individuals' competence or to give an exam to practice or perform a trade or vocation;

-services to an unregistered non-resident person of destroying or discarding goods, or the services of dismantling goods for the purpose of exporting them;

-services to an unregistered non-resident person of testing or inspecting goods acquired or brought into Canada for this service and the goods are to be destroyed or discarded in the course of providing the service or on its completion;

-services of acting as an agent for a non-resident person or services of arranging for, procuring, or soliciting orders for supplies by or to the person when the service relates to a zero-rated property or service, or if the supply to or by the non-resident person is made outside Canada;

-and services made in Canada to a non-resident person by electronic means, may be zero-rated. For more information, see GST/HST Technical Information Bulletin B-090, GST/HST and Electronic commerce.

Remember that you can claim input tax credits to recover the GST/HST you paid or owe on purchases and expenses related to your zero-rated goods and services."

Thank you for your question. I hope my answer helped. If you are still unsure, you can contact the Canada Revenue Agency at http://www.cra.gc.ca

COMPUTATION OF INCOME TAX ON GRATUTY AMOUNT RECEIVED

by paresh gandalal padia
(rajkot, gujarat, india)

DEAR SIRS,

MY NAME IS SHRI PARESH PADIA AND AM SERVICING IN A LEADING AUTOMOBILE DEALERSHIP I.E. M/s AUTOMOTIVE MANUFACTURERS PVT LTD., RAJKOT (GUJARAT)

MY SERVICE LENGTH WITH THIS CO. AT A STRETCH 18 YRS AND THE CO. HAS PAID ME RS. 3,24,900/- (@ RS. 18,050/- X 18 AS PER MY LAST SALARY). FOR YOUR INFORMATION MY DATE OF JOINING 01.03.1993 AND DATE OF LEAVING 31.03.2011.

I HV REJOINED THE SAME CO. FROM 23.05.2011.

MY QUESTION TO THE HONARABLE SIR IS THAT THEY ARE ALLOWING TAX BENEFIT TO MY GRATUTY AMOUNT RS. 162450/- OUT OF RS. 3,24,900/- PAID TO ME UNDER THE HEAD OF GRATUTY AND BALANCE AMOUT RS. 1,62,450/- COUNTING UNDER TAXABLE FOR THE FIN. YR 2011-12 (ASSESMENT YR 2012-13)

IN THIS REGARD PLEASE CLERIFY THAT LIKE AMOUNT PAID TO ME I.E. RS. 3,24,900/- DO I GET TAX EXEMPTED ON 100% GRATUTY AMOUNT RS. 3,24,900/- AS PER IT SLAB OF RS. 10,00,000/- OR RS. 3,50,000/-

YOUR PROMPT RESPONSE IN THIS REGARD WILL BE HIGHLY APPRECIATED.

REGARDS

YOURS SINCIERELY

PARESH G PADIA

Understanding Gift Taxes

My uncle invested in gold when the price was low ($2000) and now has several bars of gold worth quite a bit ($25,0000). He would like to give each of the nieces and nephews a bar. Do the nieces and nephews have to declare a gift of $25,000 and pay taxes on the gift or is the gift considered a $2000 gift and therefore less than the $13,000 limit? In the latter case I would assume then that taxes would be paid on the gains at the time each niece or nephew sold the bar.

Can you help me understand this situation before he gives us his gift?

Thanks for your help.

Correcting Older Tax Returns

by Robert Harris
(Galt, CA)

Is it possible to correct or ammend tax returns from 2003-04-05? A mistake by a tax preparer has caused an arbitrary tax penalty that exceeded my total imcome. The issue is a line listing a loan to shareholder. This did not happen. I in fact had pledged assets of that amount when the business started. No loan was given to me. In addition this tax preparer did this each of 3 years.

The IRS in reviewing my tax filings after the business filed chapter 7 came after me for loans I did not pay back to the co and assessed taxes and penalties to the amount of about 265,000.00 then out of the goodness of their hearts reduced it to 25,000.00 and added it to my personal backruptcy 13 payments without a hearing , evidence or testimony. I was threatend with prison and that this was all I could do. After doing this they added on 2000.00 for 2008 taxes because of a future audit and filed with the court.

Now they have audited 2009 amd are about to audit 2010. I have those kind of covered but I would like to have the falsely assessed amounts changed if ammendment were possible. Enclosed is the page that has the preparers mistake. She realized by 2006 that she did not know how to prepare subchapter s corp with my income taxes and recommended I find someone who did. Also would want to ammend to joint return as she filed it with wife only.

About My Taxes

by Kimmy
(chula vista ca)

I did my taxes but still wating the girl who did them at frist sead that I was getting back 5300 then I receved this paper unploment and she sead it was going to be 4500.34.00 now could that be right? Couse I called that thing the Irs to chek when I'm getting it I put that last aumant that she sead and it tells me its wrong

Arrears and Taxes

by Kelly
(Michigan)

Hello, I was just wondering how long it takes to receive back child support. They took my ex husbands taxes and know im hearing they will go to his current wife because she filed a injured spouse claim. They already took it off his arrears and I was left with nothing. Do they apply it back to his arrears if his current wife gets the taxes instead of me?

Business Taxes

Can I use my dependants when filing small business taxes? Will my dependants affect my deductable for start up cost?

Can I Get Taxed?

So I've worked as a dancer at two places for 2010 one place was for 6 days the other club was for 7days, MY question is will I get a 1099 form for those days? I was told I would get a tax form or 1099 if I got payed in credit cards and if I worked a long time there, which I did not do either but I want to double check just in case I do get a form to be on the look out, since nobody knew that I worked there! Please help me with this situation is driving me crazy not knowing!
thank you.

Double Taxation Query

hello Sir,
I need a solution on my following question.
My Husband work with a MNC in Bombay. Now he has been deputed for one year to Norway.

He is getting his monthly salary regularly in India. Also he is getting salary in abroad where tax is deducted on his Indian as well as income in Norway. Also tax is deducted on his Indian income in Bombay office. So there is double taxation of Indian income.

So what is the way to avoid the double taxation? Also can he transfer his salary in abroad to his Indian salary account? and after transfer whether he is going to tax on that amount also.
Whether it is safe to bring the foreign currency and convert in Indian rupees later on?

Hoping ur expert opinion on my queries in reply.
Thanking u.
Mrs. Suchita Bhalerao

How Does a TAXID# Change Things?

by Lyle
(Tampa)

I have a side business as a freelance photographer, working with real estate agents and local businesses to get product photos taken and posted online. Several people have told me that I should apply for a Tax ID # because this would open up many new opportunities for me. I have contacted the IRS for more information and gotten no reply. I have spoken with professionals at H&R block. No one has been able to explain to me how my responsibilities change when tax season comes around if I have a TAX ID#. All they say is "It depends on your situation." Can someone please tell me if having a TAX ID # means you have to fill out different forms during tax season? Track certain other expenses? What, if anything changes? Any help would be appreciated. Thanks

Is There Gift Tax?

My mother left her home to myself and my siblings. I have bought out all siblings for the house. Two at fair market value and one sibling for $1.00. Do I owe additional gift tax on this "gift" from my brother even though we all paid gift tax back in 2002?

Property Tax

My father just showed me a file of all his local property tax payments (50 years worth) and told me to make sure I used these to reduce the cost basis of the house when I inherited it. Yes, he has never claimed property tax on his Schedule A.

He says he was told that the property tax would reduce the cost basis of the house, but I have looked through the IRS documents online and cannot find property tax as a cost basis reduction. Which one of us is right, and, if me, what can we do to claim any of those old property taxes?

Rejected Taxes

I have a stepchild that has lived with me for the past 10years, her mom has not been in her life for at least 3 years. The problem this year irs is saying her ss# can not be filed twice. What do I do. She's been with me for the full year. I think her mom claimed her. Please let me know what to do.

RRSP Tax Receipts

(Alberta Canada)

I forgot to include an 2010 RRSP tax Receipt on my return. Can I claim it next year for 2011?

The Nursing Home Takes My Mother Income

My mother is a resident of a nursing home and has an income of $14,700 a year from my deceased dad's pension. She also receives a small social security check. The nursing home takes all of it and gives her $50.00 a month. Does she need to file an income tax form? Thank you.

Salary After Taxes

If I am a single person, how much would my net income be per month and after taxes if I made $46,000 per year?

Filing Personal Taxes Including a K-1

Situation: A relative passed away in 2008. There is still money remaining in a bank account included in his estate. Currently we, his descendents, claim our portion of interest earned on that money each year on a K-1.

Last year, I claimed $11 in interest earned on my K-1. After tax preparer fees, an exemption, etc., on the interest that the remaining balance in the account earned, we owed no taxes last year.

Nothing has changed this year. The same amount of money is still in the account, the interest rate is the same, etc. Per a conversation with the Executor, he is in no hurry to file the estate taxes and provide the K-1s to us.

My situation: I am in quite a bind financially, I need to file my taxes asap. Can I estimate how much interest earned I will be claiming on this year's K-1 and file my taxes? If so, how much trouble will I create for myself when the estate taxes are finally filed and my K-1 is possibly off by a few dollars?

Normally, I would just wait to file. However, this year has special circumstances that could cause me to suffer great financial loss if I do not tend to them asap.

Thank you for your assistance.

Need Information About Income Taxes

by Amanda
(Moncks Corner SC)

I want to know if my boyfriend is able to put me on his income taxes with him since we are engaged.

Retirement Acct With AFTER TAX Dollars.

by Issy
(Florida)

I am 60 Years old and file jointly with my wife. If I deposit AFTER TAX dollars into a new or existing retirement account, then within a year withdraw most of the funds to purchase a new homestead, (current homestead in foreclosure), is that withdrawal subject to additional taxes or penalties? Is there an account that allows me to accomplish this?

Tax Debt

by Krista
(Kansas)

My soon to be ex-husband and I filed our taxes jointly in 2009. I had surrendered a life insurance policy that year and it added income onto my regular income.

I never received a 1099 for the life insurance policy, therefore didn't claim the extra income, which two years later resulted in an audit and a tax debt.

My husband and I seperated the end of 2010, therefore in 2011, he filed head of household. Can they take his income tax return for this year because we filed jointly the year the debt incurred?

The notices only list my social security number, but he gets copies of everything. They send them to both of us. My concern is that if they do, I am going to be responsible for paying him back what he would have received. (Ouch).

Thanks for any quidance!

Free of Income Tax

I am in abroad. I want to send money to India. How much money can I send per month to India without the problem of Income Tax?

Personal Taxes

We loaned our son $20000 a couple of years ago as a personal loan. we had a penalty of $6000 for early withdrawall. he paid it back in 2 yrs. including the penalty fee.

He has a business and is now trying to w9 us for the penalty fee as if it were interest. we charged him no interest on the money and the check was written out to him personally. Can he do that?

Tax Forms From College

by Lorena Fosta
(Seaside, CA USA)

Hello I recently filed my taxes about a week ago and the person who filed my taxes did not include any college credit. I was told that numerous students from my school at Heald College received $1,000.00 back just for having been a student.

I did not. Which makes no sense at all if I have been attending school for 2 years. She said that it would not have made a difference. What should I do if she only filed my one job that I had during my school year?

Combine Income Tax Allowances

by John
(Shropshire)

Can husband and wife pensioners combine income tax allowances?

Long Term Capital Gains Income Tax Question

by Kathy
(Colorado)

Long Term Capital Gains Income Tax Question

I bought my condo one year ago for 171,000. I want to sell it for 200,000. Will I have to pay capital gains and if so, how much?. Thanks!

Tax on Stock Dividend

My mother died 1-22-2011. I inherited shares of a family owned company where only family owns the stock. I was paid a dividend on this stock, I inherited the stock in march 2011 and was put in my name then.

I received a dividend in june 2011. I have a very low income and do not pay any income tax, just self-employment tax. do i owe 10% federal tax on this dividend or 0%? my mother had the stock for over 40 years.

When Taxes Go Wrong

What if the wrong birth day is put down when you file taxes? What will the irs do?

Income Tax For Short Consultancy in Afghanistan

by Silvana
(Arlington, Va)

I accepted an agreement for 20 days of work in Afghanistan. What are the rules for the taxes? Are my Per Diems taxable? How about my income?

Thank you

Tax Deduction If Person Changes 2 Companies

by Pandey
(Hyderabad)

Hello, I was working earlier in bangalore between March 2011 to June 2011 and joined new company in hyderabad from July 2011 to Till date.

I could not take my Form 16 papers from my pervious employeer, and now my present employee wants to deduct salary for whole year basing on present salary.

My present company people are paying 8 months salary and how come they wants to deduct 1 year salary as Tax i dont understand, please suggest me.

Regards
Pandey

Do I Have To Pay Income Tax?

by Kathy
(Royal Oak, MI USA)

Last year at the age of 64 I withdrew $3,000 from my IRA. That was my only income for last year. Do I have to pay income tax on that money?

Tax Deduction

We are retired and have bought an RV. We pulled the money out of our pension plan. Is there a deduction to lower the tax on what we pulled out? We keep the RV on the road at least 6 mo.

Did Not Have Taxes Taken Out of Unemployment.

by Dawn
(Dawson Springs, KY)

III made 11,136.00 (unemployment) I did not have taxes taken out. I usually claim head of household, claiming 1 (disabled, boyfriend). How do I do this years, taxes?

How Are Taxpayers That Dont Pay Taxes Receiving Refunds

by Splitweld
(Sacramento, CA, United States )

I have a friend that told me she had filed her taxes already and was being refunded $4,100.00. She stated she filed Head of Household but had no dependents to claim and had earned no real Income. She said there was a program or grant or something but that's all she new. Is it the Stimulus Check, or The Recovery and Revitalization Grant or what?

Thank you for your question about how are taxpayers that dont pay taxes receiving refunds.

In order to file Head of Household you have to pass certain requirements, one of which is that you are able to claim a dependent exemption. Therefore, there isn't anything that I've heard of that would enable her to file as Head of Household without a dependent. If she did so, she will likely be audited or sent a correction letter and bill for reimbursement.

Regards!

I Always Owe Income Taxes

by Dee
(Adrian, MI USA)

I Always Owe Income Taxes

For the last several years my husband and I always seem to owe income taxes. We are not what you would call rich by any means and are having a very difficult time keeping up with the tax bills.

We both claim zero all year long. Is there anything we can do throughout the year to alleviate some of this?

Retraining Tax Credit

Is there any type of tax credit i can take this year I have had to go back to school to be retrained due to loosing my job due to the economy.

Do I Have To Pay Taxes

by Angie
(Orange ct)

Our parents left us their house in the will and we sold it in new York state do I have to pay taxes on it , I also live in ct so do I pay taxes in both states. We sold the house in April 2011. The amount was 33,000.

I do not know anything about this so please explain in terms that are simple. I also do my taxes online with turbo tax so I do not know how to put it in. Any help would be good . Thanks, Angie

Domestic Partner Insurance Premiums Post-Tax?

by Christopher Burns
(Riverbank, CA, Stanislaus County)

My domestic partner's medical insurance through my work is taken out post-tax. I know for Federal purposes that can't be used as a deduction on income taxes.

However, I was wondering if anybody knew if it can be deducted on CA income taxes as CA recognizes domestic partners?

I've been searching the internet but haven't found anything concrete about this so I'm hoping to find something solid here.

Taxes Mistakenly Withheld

by Mary
(Duxbury, MA, USA)

My 17 year old son, a full time high school student made $3000 during 2011. His employer mistakenly withheld taxes for a couple of paychecks until my son realized he should be exempt. He filled out a corrected W-2 form. Should he file to get back his federal and state withholding?

Does he fill the forms out and write in 0 for tax or write exempt? Thanks for your help!

Dependents Who Owe Taxes

My sister owes taxes from last year but this year I completely supported her as she has no job. Can I claim her as my dependent without repercussions from the IRS?

Regarding Tax benefit

by Shashank Shekhar Jha
(Gurgaon)

Dear Sir, There is a small land of Rs 6 Lakh around in the name of my mother & she is housewife.

Now there will be income tax deduction on her name I think. How to save & what will be most suitable for her.

LIC Jewan Anand or any other LIC's or whatever you suggest. Her age is 50 Yrs.
Land in Dhanbad(Jharkhand)

Please give your valuable ideas for the best possibilities.

No Tax Payments Anywhere...

by Nicole
(Middle East)

Hello
I started work in the Middle East three months ago and am now a non-resident from the UK and also from my home country in Europe - emigrated.

* So I do not pay taxes here (do not worry I will be come very rich here!) However how I can inform people that I should not get charged any tax from invoices of business that I did in other countries, ie. europe/us. E.g. went on holiday in Europe and booked my holiday via expedia, so was charged £150GBP tax - which I should not pay.

I am also setting up a company in a tax free haven - I can offer services with no tax invoice - but again same question how do I make sure that I do not pay tax over any services/products I want in other countries with tax.

Does anyone know someone who can assist with these questions?

Thank you.

Nicole

Saving Tax Records

How long do you need to retain your bookkeeping records for tax reasons?

Thank you for your question regarding saving tax records. It is recommended that you save your tax records for at least 4 years in case of an audit.

Tax Collection Time Limit

How many years back can the IRS go to claim back taxes owed? Is there a statute of limitations on how many years they can collect on?

Tax Incurred During Transfer Of Ownership

Is any tax incurred during the transfer of ownership of a sole proprietor business between a father and a son?

What Age Can You Do Your Own Tax Return

Age and Taxes

I started working march 2011 but I was 17. On october 2011 I turned 18. From the age of 18 untill now thats the money I'll be getting back or from the time I started working?

Thank you for asking the question, what age can you do your own tax return.

It doesn't matter how old you were when you earned W-2 wages and had taxes withheld. The full amount of wages and withholdings that you earned in the entire year, regardless of age, will be what your refund is based upon.

Regards!

Taxes on room and board paid by a disabled sibling

Do I need to pay taxes on money I deduct from my handicapped sister's SSA disability income for monthly room and board (she lives with me)?

Am I Responsible For His Taxes

by Dolores
(Gibbstown)

What do I do if my husband died without filing taxes for 2009 and 2010 and owes penalties and 401k interest and I filed using married filing separately?

Taxes

by kendolyn
(Charlotte, nc)

I owe 30,000 in state and federal taxes. I am not working at the time and have no income at all but own my home out straight. Will the irs take my home?

Tax Savings

by Gopal
(Bangalore)

My father father retired from job in 2007 and not haveing any source of income since 2007, I am sending all my income to my parents, so can I save tax in that,if yes what is the percentage?

I also have pharmacy bills worth rupees 15,000.00, can I show them too, how much pharmacy bills I can able to show for myself?

And what is the amount will save?

Credit Card Settlement TO REPORT ON TAXES

I settled with 2 creditcards company Bank Of America and Citi Bank the part that was settled was a total of 22342.85 my income was 22531.90. These were settled in 2009. My question is we file jointly and because we still owe a mortgage we only get back around 2000.00 each year. My husband has an income of around 62000.00 for total of 84531.90 for 2010.That may not be the exact amount of his income but that figure is close.I know we got the forms this year so how much taxes would we have to pay or How get I handled this. My husband knows about this and he will not be happy to say the least. If I filed jointly would that be better. HElp Help Help!!!
they took out only 804.00 in federal on me because of CHANGES THIS YEAR. mY E-MAIL ADDRESS IS deborahs@memcu.com

Tax Question

by Kacie Cohoon
(Trenton NJ)

Hi I have a question in live in NJ and worked 2 weeks in 2011. I have three children, am I able to claim a income tax return or no? Thank you for your time.

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