Personal Income Taxes Knowledge Base
Is interest on investments treated the same as wages when it comes to personal income taxes? I'm curious as to how income from interest earned on investments is taxed. Is the following situation correct, or am I wrong? Abe works hard and makes 40k a year. He is also a smart investor, and earns 5k from his investments. On his income taxes, he declares 45k taxable income and files his forms. Ben is a slacker, working part-time at an arcade and making just 5k a year. He can afford to do this because long ago he invested his inheritance and makes 40k a year in interest. On his income taxes, he declares 45k taxable income and files his forms. All other things being equal, do both men pay the same income taxes? Thanks the the extended eplanations about dividends and such, but for the sake of simplicity I'm assuming both men have all their investments "invested" in a simple high-interest savings account. Sorry, I know it was probably vague being worded the the way I had it.
how much revenue did the us government make from personal income taxes last year? also, what is an estimate of how many people paid personal income taxes? i am trying to figure out how much each person would have to pay if it was a fixed number. that can't be right. for each return, it averages to just over $9 per individual.
when was the last time personal income taxes were due to be filed on March 15th.? Personal income taxes are due to be filed on April 15th. They were originally due March 15th. When was that?
If a decrease in personal income taxes increase aggregate income, then real interest rates will? If a decrease in personal income taxes increase aggregate income, then real interest rates will decrease with a decrease in aggregate income. increase with an increase in aggregate income. remain stable as the decrease in taxes offsets the increase in aggregate income. decrease with a decrease in aggregate income. remain stable as the decrease in taxes offsets the decrease in aggregate income.
should i file my business and personal income taxes seperately for the irs? i had a regular job the first part of the year, so there are regular 1040ez taxes to be filed as usual. but also i started a small home based LLC late in the year. the business hasn't made much money yet, but there are already alot of materials, expenses, etc to write off for 2007.....i was told that my business was small enough to use the regular forms for income tax but i could use some advice......thanks!
If I am an actor, can I claim my expenses and incomes as a business on my personal income taxes? I have gone to auditions and meetings that have cost about $5000. Since I am just beginning, I have had no income to offset these expenses. Since I am in the business of acting, can I claim a business loss on my tax return? Or do those expenses not count for anything as far as taxes go? I do currenly have another job which provides income. I just have not had any acting income to date.
Can individuals with high personal income taxes propose to the IRS a discounted amount? I have heard that under some circumstances, people can propose a discounted tax payment to the IRS. Is that true?
Will the state refund overpaid personal income taxes? I think I overpaid on my state taxes. Should I expect a refund of what I overpaid? Will I have to ask for it? Or is there no hope?
How did the American government collect taxes prior to the personal income tax code being created? Boston Tea Party, LMAO, um, you know, after we became a nation and before 1917...
W2s and personal income taxes question? I lived in Ohio for half of 2007 and I have the W2, now I live in MN again (where I've always been) and got the W2 from my current job. I normally use software like TurboTax or the other big one out there (forget the name) to do taxes, but I've never done multiple state taxes. How much different is this? Can I use software for this? If so, would I be paying another $20 or whatnot to send this extra state tax form in?
What should the rule be about cabinet appointments and payment of personal income taxes? Is there a level of "excusable error" to consider? If so, what would the limit be?
Do you know the Republican President who started personal income taxes? Abe Lincoln. Nope its a fact. Do a little more digging Yes Patrick it was 1861 and who was the President then?
What is the personal income tax rates in Gibraltar? Hi What are the personal income tax rates in Gibraltar and what must you do to qualifiy as a tax resident? Thanks Daniel
Any suggestions on how I can file an amended personal income tax return? 1, I'm a US citizen. 2. I have legal expenses from 2004 and 2005, which I never claimed on my personal tax return. 3. Can you recommend a site or a publication that would be helpful.
How many years can the IRS go back to audit your personal income taxes? I heard they would go back 3 years and start from there foward. Does any one know?
Do I file my personal and business income tax together? I live in California and my husband and I have a Motorcycle Repair Shop. I also work out of the home full time. Do we need to file our business and personal income tax together or separately?
If Obama raises personal income taxes to 636%, will he be able to balance the budget? It seems possible. It will also retroactively spread the wealth around.
Management Fees as Income on Personal Taxes? I own an investment property. Do I have to claim "management fees" paid to me on my personal taxes as income?
If you filed chapter 7 Bankruptsy in California and you owe personal income taxes. Is there a chance that the? I.R.S will settle with you on the money you owe them?
If you had a 10% reduction in your personal income taxes, how many people would you hire? All I need is a number. Is it 1? 10? 100? @Baco: So, the answer is none.
why did personal income taxes increase post world war one? It`s my understanding that war debt and unemployment were 2 factors in the increased tax rates after the first world war, but more details to help me understand better would be great !!
How will my business income affect my personal income tax? I have always been confident doing my own taxes but this year I have some minuscule income from work as a performing musician that has to go through my ABN. As a sole trader, how does this affect my personal income tax? I should also mention that my business has made a loss, in case that changes things.
How will a raise in personal income tax affect you? I just read the Grand Rapids press and how we are in debt 1.1 billion dollars. Well they raised the personal income tax rate from 3.9 to 4.35 percent. I'm only 12, and I'm doing a report on this, so how will this affect us? It is a state tax rate, and according to the newspaper, it is just for Michigan, so that we can recover from our debt. So can you answer the question? How will a change in personal tax rate affect us?
Is there a better alternative to minimize the payment of personal income tax, 100% by the law? Context: - I am a Spanish citizen, living in Spain (European Union); - I will incorporate a LLC company, in the state of Nevada; - I will open a corporate bank account in Cyprus, on the name of my LLC company; - I will have a web site that gets an income on advertisement, on the name of my LLC company, transferring the money directly to the corporate bank account in Cyprus. - I know that I have to pay personal income tax in some country. Where do I pay IRS? Spain? EUA? Cyprus? Is there a better alternative to minimize the payment of personal income tax, 100% by the law?
Congress decreases personal income taxes. Which determinant of aggregate demand causes the change? Price Consumer spending Investment spending Government spending Net exports Productivity Resource cost Government intervention (taxes, subsidies, or regulations) None of the above
Do people realize that personal income tax is unconstitutional and that the money ONLY pays interest on debt? The Constitution only allows taxes on goods and/or a flat tax for everyone. The personal income tax amendment was never ratified. In addition, all the money our government collects from taxes on your income goes to pay of only the interest (not principal) on our 7 trillion dollar national debt. What do you think about that?
What is the purpose of filling in a personal income tax return and what deductions are allowed? I need help with my Taxation Assignment and so far, I can't seem to find any answers on these following questions; - What is the purpose of filling in a personal income tax return? - What deductions are allowed in the personal tax return? And if you don't mind, can you help me with this question as well? - What is Tax Payable? Your help will be much appreciated. And can you please put in the sources of the answers? Please and thank you =)
The best way as a business owner to file taxes to show a personal income w/o showing my business as income? I am a new small business owner, at this time I am able to show a small loss on my taxes which has made it hard for me to apply for a personal loan. Is there a way I can do my taxes seperatly and not have to show the business' loss and still show me as having an income. My goal is to be able to walk into a bank and get a personal loan like I did prior to owning this business when I would just get a W2 from my employer. I was not planning on being dishonest. I was just saying that there is no need for them to know my business about my business for a personal loan.
In my Canadian personal taxes, how do I account for a personal loan I made to an incorporated company? During 2007, I made a loan (Canadian $) to an incorporated company in Canada. How do I account for this in my personal income tax? Can I deduct this money from my income?
How are Business losses treated on my personal income tax? I am currently employed, but will be starting a business, set up as an s-corp. If this business losses money...say $10,000, how will that be treated on my personal income taxes?
Since Repubs say Corporate taxes are high, would they accept the same personal income tax rates as Europe has? ... in order to allow our government to cut corporate taxes ? Eric, But when someone says they want Europe's low tax rates for Corporations (as republicans bring up), they are bringing it up.
Can I claim a loss on my personal taxes for money that I invested in a C corporation? I invested several thousand dollars in a C corporation for startup capital and I did not see any return on investment this year. How do I leverage this against my personal income tax liability?
I just opened a barber shop do I need to file yealy income tax just like I would with personal taxes? The Barber Shop does not have any employees only independent contractors so I would only count the booth rent I received as income is that correct?
Income earned by a offshore corporation but deposited into personal US bank account. Need to pay taxes to IRS? Lets say I have an offshore corporation that made $100 through its website in 2007 which was deposited into a personal US bank account. Then $50 of the funds deposited into the US account was transferred into the offshore business account to pay off business expenses so that there is $0 in the offshore account after spending the $50 that was transferred and there is $50 still left in the US personal account. Would I need to pay personal income tax on the $50 that is left after the transfer or on the full $100 that was initially deposited? Can the US personal account be considered a holding account for the offshore corporation so that I do not have to pay any taxes to the US and only taxes to the offshore govt if I end up transferring teh full $100 to the offshore account? The funds were deposited by clients into a PayPal account for services rendered to the client.
Are wages paid to household employees deductible from personal income taxes? I hired a nanny to watch my son in 2007. I understand she is considered my employee and that I have to pay employer taxes on wages paid to her (and I have done so). My understanding is that wages paid to employees are (in general for most business) deductible expenses. But I haven't seen a clear answer to this anywhere in the household employee context. Should I deduct the wages I paid to the nanny from my personal income taxes? It makes sense to me that I would, but I don't want to inadvertantly underreport my income. Thanks. I hired a nanny to watch my son in 2007. I understand she is considered my employee and that I have to pay employer taxes on wages paid to her (and I have done so). My understanding is that wages paid to employees are (in general for most business) deductible expenses. But I haven't seen a clear answer to this anywhere in the household employee context. Should I deduct the wages I paid to the nanny from my personal income taxes? It makes sense to me that I would, but I don't want to inadvertantly underreport my income. Thanks. EDIT: I understand I hired childcare, but I also hired an employee. Correct me if I'm wrong, but I believe the childcare credit would be available if I just placed my child in a daycare (in which case I would NOT have hired an employee, and would NOT pay the various employer taxes.) It seems that if I'm bearing the burden of being classified as an employer (paying the taxes), I ought also to be entitled to the benefits (deducting wages). What am I missing?
How do I retroactively transfer personal income to my new business? I am about to start a new business entity (probably an LLC), but I have already been earning income (intended for this business) under my name and personal bank account, since the LLC has not been formed yet and I do not have a business bank acount yet. I will probably be filing IRS Form 8832 so that the LLC is taxed like a corporation, and can seperate my personal income tax from my business income tax. Can I transfer income related to the business that i personally received before starting the LLC into the LLC so that the business would be taxed on it, and it would not be applicable towards my personal tax? How would this be done? The income was received within the 2006 tax year, so I'm assuming i may need to start the LLC within 2006 as well?
When calculating personal income in macroeconomics, does net income of an unincorporated business count? When calculating personal income in macroeconomics, does net income of an unincorporated business count or just wages and other labor income? And how do personal income taxes fit in? Also, what counts as personal disposable income?
Looking for good Personal Income Tax Preparer/Accountant? I am looking for a good personal Income tax preparer/accountant in Durham Region. I'd prefer to deal with someone in Port Perry, or Clarington. I usually do my taxes with tax software packages but I'd like to deal with a professional as this year's tax may be a little more complicated. I wouldn't want to miss out on any opportunities for a return. If you can suggest someone, can you also tell me what their average rate is etc? Thanks
Personal income taxes? can someone please explain personal income taxes, both state and taxes
What are the personal taxes (esp individual income tax) that foreigners need to pay if working in China? How many percentage of the personal salaries will expats need to pay as income tax in China if they are sent to work there? Are the income tax being paid to China our to their original homeland?
Did Dr Gene Scott pay personal income taxes on his millions? a chuirch is tax exempt but not an individual pastor who draws millions out in personal dividends.
Anyone know how much the rich (upper 1%) pay as a proportion of personal federal income taxes? Is it fair? Regarding the tax question earlier: The upper 1 % of wageearners/taxpayers pay approx. 35% (that's right, check the IRS stats) of personal federal income taxes, and the upper 5% pay approx. 55% of those taxes. For those of you who don't know any better, wealth is created and is not finite. Because one has it, it does not mean that it came from someone else. Stop being envious of the rich and crying about how much the middle class pays. The bottom 50% of taxpayers pay less than 5% (approx. 4%) of all personal federal income taxes. If that is news to anyone reading this, then you need to be better informed.
Is the personal income tax unconstitutional and illegal? I had heard rumors about this before but I have heard the movie "America From Freedom to Fascism" explained this in great detail. It basically sounds like nothing in the constitution allows for the IRS to tax personal income. IRS typically says it is the 16th amendment that allows them to tax personal income, but multiple supreme court rulings have said the 16th amendment does not allow for any new types of tax, so personal income tax is still illegal. Apparently many people have stopped paying federal income tax and have been acquitted in the courts because the IRS can not site what laws require people to file income tax each year and to pay personal income tax. Multiple ex-IRS employees were interviewed who all confirmed they spent lots of time and research trying to find such a law only to discover there is none. While it is apparently illegal to file a false tax return, there is apparently no law requiring you to file a return in the first place. "The constitution allows for two kinds of taxes. They're called direct and indirect. The federal government in the Constitution can tax almost anything, as long as it apportions the tax if it's direct. The indirect tax is a, for example, an excise tax. I can avoid the excise tax on gasoline. ... The income tax which is being applied now doesn't meet the criteria of either direct or indirect taxes. The IRS claims that in 1913, the 16th Amendment, the income tax amendment, allowed the government a third form of taxation. What was the Supreme Court's ruling on that? ... The provisions of the 16thment Amendment conferred no new powers of taxation. The case also said that the 16th Amendment did not impose any new taxes and did not change any of the taxing restrictions of the Constituion." "It's actually very simple. Congress tried to enact an income tax in 1894, the Supreme Court said that's unconstitutional. When the Supreme Court says something ins unconstitutional, it's unconstitutional. They tried again in 1913 and the Supreme Court said the 16th Amendment conferred no new power of taxation. So if they didn't have it then, and they didn't get it, they don't have it. There is no constitutional basis for attacks on the wages of Americans living and working in the 50 states of the union. Period. End of argument. The definition of income in the Constitution was given in the Eisner versus McCumbre case. And it turns on gains or profits that are made from some activity. Doyle versus Mitchell, 247, U.S. 179, 1918. Here's what he said. The idea of gain or increase arising from corporate activities. In other words, it doesn't mean wages. It doesn't mean dividends. It doesn't mean alimony. It means a gain or profit arising from corporate activity." "Isn't it true that the word income is not defined anywhere in the Internal Revenue Code? The law says that the government has a right to tax income from any source derived. So, but the word income is not defined in the code? It just says income without a definition of what income is. That's right. That's right. .... The definition of income in the Constitution was given in the Eisner versus McCumbre case. And it turns on gains or profits that are made from some activity. So the Supreme Court has rules. Income is not wages. It's not labor. It's gain from corporate activity." Title 26 requires you to file a return. But doesn't TItle 26 have to be in compliance with the Supreme Court decisions? You're gonna take a 1920 case and superimpose it on the whole Internal Revenue Code that was written after it? No, that's not..." "We've been brainwashed. People have been told, you know, that you need this income tax system to fund government, which is absolutely ridiculous. I mean, my question is, well, if that's true, how did we fund government from 1776 to 1913? And a lot of people might say, well, gee, if there wasn't an income tax, what would happen to education? They don't understand, uh, that education is paid for, for the most part, out of state and local taxes, your property tax. People might say, well, how are we gonna build and maintain our highways if there's no money coming in to the government? We need our highways. There was a tax on every gallon of gasoline that people buy. Proceeds from the income tax do not pay for highway construction. The amount of money that we spend on defense is exactly equal to the amount of corporate income tax, which is quite legal and quite constitutional."
What is the personal income tax structure in USA? I am coming to USA and say for example if I make US$ 30.00 per hr., What will be my yearly income and how much tax I will have to pay? I will work say 8 Hrs a day with my status in USA on H1B visa.
What is personal income tax rate in california? My friend told me it is about 18.5% for married. But I saw withholding tax is not more than 10% in most web pages. Can somebody explain me why? Are there other taxes? Thanks.
How can I file my personal income tax online in India? I heard that companies can pay TDS online - can salaried individuals also file income tax online in India?
Did you know that the IRS is illegally collecting personal income taxes? I wonder why Ron Paul wants to abolish the personal income tax. Does he know something we don't know? Over a year ago I saw the documentary film "Freedom to Fascism." Of, course, I have not found anyone, as in the movie, that has shown me the exact constitional amendment that describes the personal income tax. I also understand the 16th amendment does not discuss personal income tax, which is a tax on the labor we all pay to do work for someone. By the way, I do not know anyone who has tried to beat the IRS regarding the personal income tax. I just found this Footnote in the 16th amendment. It's from the Cornell School of Law library. "The Court conceded that taxes on incomes from “professions, trades, employments, or vocations” levied by this act were excise taxes and therefore valid. The entire statute, however, was voided on the ground that Congress never intended to permit the entire “burden of the tax to be borne by professions, trades, employments, or vocations” after real estate and personal property had been exempted, 158U.S. at 635 158U.S. at 635." It looks like most of the 16th amendment discusses an income tax on stock holders and gains from real estate transactions and corporate income taxes. No mention of a tax on our labor for the work we do for a corporation or small business. For example; If you make a gadget for someone and get paid for doing that job, you shouldn't have to pay any income tax.
Am I right that federal tax is a personal income tax and not a business tax..?? hi guys.. am I right that federal tax is a personal income tax and not a business tax..?? I need answers.. thanks in advance =) God Bless!
What is "tax as a share of personal income"? Can anyone tell me what this means? Is it just personal income tax?
Do I have to pay non-resident personal income tax in multiple states? In addition to working in my office 25 weeks a year, I travel 25 weeks a year to a dozen other states (spending as few as 4 days in some states to as many as 28 in one). Do I incur state income taxes for those states? Is there a chart showing the maximum number of days I can work in other states as a nonresident without incurring a tax liability or having to file a return?
How to declare capital loss from investment on your personal income tax report? I have capital loss to be declared. however my accountant said that according to law I can only declare net 50% of loss. Let's say if I lost 10000$ then only 5000$ could be declared in my personal income report. I am not sure if this is correct. Please clarify for me how it works. Details: invested into small incorporated business, purshased business in January and sold in November same year, capital loss, I was the only one president. Thanks in advance
Do I have to report personal income for business loan? I have my own business-started 6 months ago. Barrowed money(from personal credit card). Then I wrote out a check(from company's account) to myself as to pay a portion of credit card balance. Now, do I have to report that amount to my personal income tax or is that amount portion taxable? Better yet, how do I treat this personal income as for so called business loan payment?
I e-filed my taxes last week with Revenue Canada -how long before I receive my refund? (personal income tax)? Refund via direct deposit. The Automated line indicates that my taxes have been received.
Can someone show me the law that requires me to pay personal income tax? The Supreme Court has struck down 2 attempts to levy a new tax on the people,and other than tax code and lower court decisions there is no actual law anywhere that I can find that requires me to pay for my labor."A persons labor is his personal property" according to the Supreme Court.
how long can one wait before reporting his personal income tax to IRS? Some pple say you can file your income tax once in three years, I don't think this is true if you owe IRS. Anyone please?
Is TV Pastor Melissa Scott against paying personal income taxes and obeying the government? There are some unfair or stupid government rules but US residents seem obligated to abide by them or leave and live in another country.
Regarding personal income tax preparations, When I am asked if I had any state or local income tax refunds...? I'm filing my 2007 taxes right now. Regarding personal income tax preparations, When I am asked if I had any state or local income tax refunds... Does that mean what I got back from the previous year's (2006) taxes? Or maybe an early sort of state reimburstment for some of 2007's taxes? This should be a simple question, and I'm 99% sure I know what they mean, but it just surprises me they don't specify. FYI, I am a Michigan resident. FYI, I am talking about some pretty simple tax filing stuff...I'm a 21 year old dependant, and made 13k this year or so... so nothing else too fancy is even considerable in this ordeal. No selling of a house or property or a car or any IRA or ROTH investments or what-have-you. Just the siomple basic question. It further specifies that I should be able to find this information on a 1099-G form........Any ideas?
What is the personal income tax in the City of Denver? I am not interested in the State Tax, just the city tax I am just interested in knowing if and how much the City of Denver charges for personal income taxes.
Anyone know how much the rich (upper 1%) pay as a proportion of personal federal income taxes? Is it fair? How about the upper 5%? How much of the overall tax burden should such people assume without negatively impacting their incentive to earn more money?
Personal income tax return deductions? what is considered a Personal income tax return? interest income? gratuities? med. expenses? I'm confused! Thanks
Is it true that paying personal income tax is completely voluntary? I've read articles that the personal income tax is completely unconstitutional, the 16hth amendment was never ratified, and that some people actually got away with not filing personal income tax in state supreme courts of law, based on these and other facts, not known to the general public. Also, income tax paid goes directly to pay off the automatic debt incurred from printing every dollar in the United States. This is because the Federal Reserve Bank is a private enterprise, and it charges interest to the goverment of the United States for every dollar it prints out. Is this true? http://www.wnd.com/news/article.asp?ARTICLE_ID=56855 http://youtube.com/watch?v=l5Of8M1MZJQ Joe Banister, a former IRS special agent who also beat the IRS on many levels. http://www.wnd.com/news/article.asp?ARTICLE_ID=44956
Do I need to pay personal income tax? I have been receiving a monthly disability income from my private disability insurance company, is this taxable? I know for a fact that the social security disability income (SSDI) that I have been receiving is not taxable because the amount is not sufficient to file a tax return, but I am not sure about the private disability insurance benefits. I live in California. If you pay the entire cost of a health or accident insurance plan, do not include any amounts you receive for your disability as income on your tax return.
Do Land loan interest payment qualify for a personal income tax credit in USA? I am renting right now and do not own a house. I have purchased a residential lot to build my home in Texas, USA. Do the interest payments I make this year on the land loan count towards an income tax credit?
For CA radio trivia-The tax check-off, included on the personal income tax form since 1993, has drawn? Full question... California Breast Cancer Research Program The mission of the California Breast Cancer Research Program is to eliminate breast cancer by leading innovation in research, communication, and collaboration in the California scientific and lay communities. For 2,500 points: The tax check-off, included on the personal income tax form since 1993, has drawn over how much money for breast cancer research? I have clicked on the link and it says approximately 5 million but I can't figure out how to get the question to accept the answer. Anyone get the points?
Would the LIBERALS heads explode if the current regressive personal income tax was abolished? Since liberals can only derive power from judicial activism and taxing the heck out of people and then redistributing the money, if the current personal income tax was abolished in favor of a flat tax or a national sales tax would the liberals be so furious that their heads would explode? Could they cope with the federal government losing that much control over people's lives? I don't think so. Feel free to disagree. If you do please explain why. "iamct01" ... I understand your point but, yes, I think it would be just fine for the "rich" to pay the exact same tax rate as everybody else. Why should they pay a higher rate than you? A flat tax proposed would be 17% with the first $42,000 for a family of four deductible. If you made, as a family, $60,000 you would pay $3,060 in taxes. Someone making $1,000,000 per year would pay $162,860. Isn't that enough? They're paying the same rate as you, which is fair, but they're paying an additional $159,800. If that's not enough for you, how much is enough? Should the person making $1,000,000 per year pay 95% of it in taxes?
Can someone help me with a readymade excel template for computation of personal income tax? I am just a commerce graduate and hence not very thorough with computing personal income.I have to compute income tax for our managers, most of whom have no other income other than under the head "Salaries". Can anyone help me with a readymade excel template?
Why not increase city & state income taxes & abolish property taxes? I would like to see property taxes abolished & a 2% city tax of personal income be charged along with an increase in state income taxes. Here, in North Dakota, our property tax is way out of line, while our state income tax is almost nill. Some people want to abolish the state income tax. This would only benefit the extremely wealthy & the large corporations. With the 2% city tax & the increase in state income tax, this should help fund our schools & provide services for the entire state.
which country has minimal or no taxes on personal income?? i want to work outside of australia and make some cash, i want to study overseas as well, which is the best country for me to go?? im a 23 yr old male
Personal Income Tax Question: Nevada S Corporation but live in Illinois? I'm about to incorporate my (just started), online business as a Nevada S Corporation. I live in Illinois. I work full time. My money from my full time job funds my online company. Will I be able to write off my losses (if I lose money) on my IL state and federal taxes? Will Illinois recognize that my salary from my employer is helping to fund my online business or because the corporation is in Nevada and there are no income tax in Nevada, IL will not recognize that I am using my salary to buy merchandise to sell, pay for contractors, etc. for this online only (not brick and mortar) business. Thank you.
state personal Income tax rate? What is the rate of STATE taxes taken out of income in Mississippi? I want to say 6% but I don't know where I may have gotten that from.
Where do I report Personal Representative Fee on my Taxes? I received a a percentage of the estate for acting as a non-professional personal representative. It was for an individual and did not include a business. Which form to I use to declare this on my personal income tax as income? Federal and Wisconsin if possible As well as reporting it as other income do I also have to file the K1?
For Canadian Personal Income Tax form T5013, can I have my spouse claim the Capital Gains? I'm investing in Flow through Limited Partnership for Tax shelter purposes. In the first year I receive a T5013 that reduces my taxable income by roughly the amount I invest in the Flow Through Limited Partnership. In subsequent year, I receive a T5013 in the form of a capital gain. My question is can I use the first T5013 on my Tax return as a shelter and then the second T5013 on my spouses Tax return as a capital gain if it is through a joint investment account? This is because my spouse is at a lower tax bracket. Please explain why or why not with references if possible. Base on conversations with other, my understanding is that this is not possible. If I use the tax shelter to reduce my income, I will need to incur the capital gains attributed to those Flow Through Limited Partnerships even if the account is joint. Unfortunately I have not found a source that specifically documents this.
Do u feel that Personal Income tax is liable for double Taxation ? Do you know that people pay tax so many times against their income? Can u list them. When we spend we pay in the shape of excise, custome,octroi,sales tax, VAT , Service tax, Educational cess, Higher Education Cess, Surcharge, TDS so on and so forth. Do you agree with me ?
What is GDP, Gnp, NDP, NI, PI,and disposable personal income. What can you use to calculate these? I have the Microsoft Business on my computer. What program on it will help me to get the answer if I have all the data. Such as non business interest income 27, Government purchases 600, Corporate retained earnings 33, Gross private investment 500,Depreciation 10,Det exports-50, Personal consumption 2,500, transfer payments from government 10, foreign factor income 320, personal taxes 62, income from foreign domestic factor sources 300, Indirect tax45
Is there really a personal income tax law? I just saw a video about some jurors that found a man innocent based on the 'fact' that there was no income tax law... and no one I know can find one... Has anyone ever heard of this? Is there really a law?
Should India abolish personal income tax? Only a few % of the population actually pay taxes. The revenue contribution is very low from this source. If the tax is abolished what will be the impact on the economy?
Is it coincidence that the personal income tax and the federal reserve bank was created in the same year -1913 Tthe Sixteenth Amendment of the United States Constitution was ratified (illegally) on February 3, 1913. The Federal Reserve System, created in 1913, is a private banking system of the United States. Are these events connected in that the government knew that by creating the Federal Reserve, they could print up money and go into debt almost without limit; however to pay for all the interest on sums of money that the Federal Reserve "loans" to the government using bonds, the government knew they would need a massive new income tax to finance the interest payments on all the debts? How do you feel knowing that the government is taking the money you worked for and is using it to pay the interest payments on reckless and unethical spending? The 16th allegedly authorizes the personal income tax even though it contradicts other constitutional amendments.
Even thought New Hampshire has no personal income tax, does that mean no tax on capital gains? (Excluding divident and interest income) If capital gains are sole income more specifically.
Why did Steven Harper cancell the the increase in Personal Income Tax exemption ? It was put in place by the previous government .At the same time he reduced the GST by 1% and increased the income tax rate on the lowest inome tax group by 0.50%. The exemption was very helpful to us in the last tax year..you'd have to be rich and spend a great deal of money to have the reduction in GST to make a difference to you and the increased rate on the lowest tax bracket--is it because the poor have no voice and he figured he could get away with it without much fuss?
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