What happens if I don't fill income tax ? Are there penalities for not filling income tax ?
Answers: For not filing income tax, the government may compute your tax using only your income, and no deductions, and possibly charge a penalty of up to 25% of the tax due. (If no tax would be due with no reported deductions, usually no return is required.)
For not paying, the government may levy on your bank accounts or other assets (no court order is needed), and possibly charge a penalty of up to 25% of the tax due (including the non-filing penalty above), and compound interest at a rate comperable to the prime rate.
If you will not owe anything you have 2 years, if you will owe you will have pentalties if you wait.
Will toll rebate craft a positive difference within the reduction?
It looks good in print, but it's such a small amount per person and can single increase the deficit.Answers: it probably won't have much effect.
the 2001 rebate didn't either.
and both Congress and President Bush know this.
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what works to procure the economy moving is to for good improve the profitability of business -- consequently business expands, hires more people, and those spend more money.
President Bush was right when he said what America requests is to make the import tax cuts permanent and to get rid of the AMT.
Politically speaking, though, that may be a dead proposition because the Democrats are so firmly attached to trying to lift taxes on "the rich".
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The current proposal is an fine example. So far, what I've heard is that rebate will either phase out or be eliminate at family income level of $150,000.
I have word -- $150,000 family income, while nice, doesn't jump very far within San Francisco or New York or LA or Honolulu.
If the Democrats think $150,000 income make you "rich" their tax increases are going to cut every bit of progress every upper middle class family have made in days gone by 5 years.
Only increase the deficit is not correct.
Putting more spending money in the pocket of the consumer promotes cashflow. If you spend that money, within is sales rates on the item you buy, producing income for government. And immediately because you've bought something, somebody had to trade name it, delivery, stock the shelf, run the register, collect organic materials to make it, or work on the dock if it be imported, deliver it to a warehouse. Multiply that by millions of those. Stimulating the economy puts populace to work. More working people funds more tax payers. More spending money system more money moving around the economy. Even if you stockpile the money there is income rates paid on any interest you gain. It works marvellously until government messes it up. When administration spending goes up, or some other import tax goes up, gas rates, sales excise, whatever, the process is reverted. Our cost of living is so dignified that the rebate will hardly create a dent.
The key to fixing a deficit is stop spending money you don't enjoy, period. Only when outrageous spending stops can a $9 trillion debt be remunerated and taxes truly lowered. In the time it took to read this the US National debt increased by about $100,000.
No ...contained by all the time
How long before I must pay capital gains on the sale of my home.?
Answers: It's my understanding that you are allowd to keep your capital gains if you sell your house and you are over a certain age, 50, I think. Anytime before that age you have to use that money to buy another house within that same tax yr
Capital gains on your home have nothing to do with your age. If you lived in the home 2 of the last 5 years and it was your primary residence, then you can exclude $250,000 of any gain you had, (filing single) and $500,000 if filing married jointly.