What is rate of interest on slow fee of TDS.?
Question:
Actually I had reduce by TDS on Payment of Rent of Office. But did not deposit untill now. TDS deduct of March 2007. Will any Interest due if payment trade name on 25 April 2007. please give a flawless answer.
Answer:
if you had deduct it in motorcade,last date be 7th april.but if you had generate adjustment for rent on 31st march(i.e.final entries) the last date is 31st may.so establish whether it is late or not.if behind schedule the late clearance interest @ is 18%
As per Section 201(1A) of the Income Tax Act, interest for delay surrounded by making payment of TDS is 12% per annuam on the amount of such rates from the date on which such tax be deductible to the date on which the tax is certainly paid.
Do u muse it's celebration for the IRS to preserve ur levy return?
Question:
my husband and i were separated closing year my son stayed with him and he get audited he needs to rate back. i don't suppose this is fair what can we do? we sent contained by all the info but they denied it. HELP
Answer:
Well you press is not really clear. Who cares if they hold on to your return, they do keep everyone's that distribute in a return. If you are asking in the region of your husband's ability to claim your son as a presumption, then yes if he lived near him, he can and you can't. For some reason the IRS does not ruminate that is the valise, so yes you can ask for a meeting next to an auditor and show proof of who had the child and who deserves the conjecture. I hoped this helped.
Did your husband's compensation get taken because the IRS denied his claiming of your son as a dependent, or for some other principle? There's not enough info contained by your question to really know what happened, and furnish any suggestions if it's worth fighting.
Oh man, dealing next to the IRS is tough. In order to oblige you I would need more information. Email me if you'd similar to..
Individual stock justification vs IRA and Roth IRA (tax rates).?
Question:
I have a stock tale and am looking for the best way to net the most of my return (after tax). If I make 10% return this year (let's read aloud $100) . How much would I have to money in taxes (what is the rate)? If I converted that portrayal into an IRA or Roth IRA or some other account (can I do that?)...how much would I hold to contribute monthly and how much tax would I hold to pay at the completion of the year (on that return)? If I cashed in untimely on those IRAs (sold some of the stock and took the cash and bought, let's vote, an apartment), what penalty rate would be applied to that renunciation?
This basically boils down into: Is it better to hold stock contained by a regular (i.e non IRA etc) account (so I can cancel $ whenever I need to) and retribution tax on that, or hold it surrounded by an IRA (or other type) account and later pay the cost, if I need to repeal?. Any advice is appreciated. Thanks!
Answer:
You don't grasp the privilege of paying taxes on a stock gain until you sell the stock, and when you do, your duty will depend on your tax bracket.
Technically speaking, property gains are the final dollars within your income, meaning they savour the highest excise, while your ordinary income is tax at the lower brackets.
On the other hand, your IRA benefits will depend on how much you create, too, because of the extra "saver's credit". You can take up to a definite amount out of your taxable income, but you get the bonus of 0%, 10%, 20% or 50% credit contained by addition depending on your income and nuptial status.
So you'll have to contribute us a little more information to be more specific.
Tax rates depend against your total income , not just that details revenue , and you did NOT give us that .
You cannot convert accounts to IRAs . You own to sell the stock , take home a cash contribution to the vindication
(there are annual maximums) then buy the stock you want .
$$$ put into a regular IRA lowers your toll bracket for that year .
$$$ put into a Roth , does not lower your bracket but all gain are tax free going forward.
To repeal for a real estate purchase in the past age 60 , would make adjectives $$$$ taxable that year Plus and extra 10% penalty duty .
You should be asking Schwab or someone this ,
Why are you asking yahoo-ets ?
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The long-term capital gain rate for your first $30K in income (after standard deduction and exemptions) is 5%. After that, it's 15%- whether you earn $50K or $50 Million.
Short-term capital gain taxes are treated like widespread income that you don't have to reward social securities tax on (with a few exceptions).
If you put your money within a Roth IRA, you never have to discharge taxes on it, again (if Congress keeps its promise). Additionally, you can other withdraw your artistic investment.
Example Scenario:
I have $4K within the bank that I want to put contained by a Roth IRA. I also had $4K within income this year. So, I set up a Roth IRA at Vanguard.com and put $4K in a mutual fund.
Three years following, my mutual fund investment has grown to $6K, and I want to pocket some money out to buy a house. I can take out my $4K resourceful investment and pay no taxes on it. If I want to purloin out any more than my original investment up to that time age 60, I have to clear tax + a 10% cost.
Best Wishes!
If you already own stock, and you sell it, you pay cheque capital gain of 5% or 15% depending on your total income.
You cannot convert your stock to an IRA or Roth IRA.
If you have an IRA or Roth IRA, you clear no tax on the increase contained by value until you annul the money. In the case of a Roth, qualified withdrawal are tax-free.
If you cash within your retirement account precipitate, you pay universal income tax on the pretax contribution, plus a 10% cost.
Finally, if you aren't investing for retirement, don't open an IRA or Roth IRA thinking you will catch a tax break by holding it for a few years and after cashing it in untimely. In your case it would be better to invest after-tax dollars and be tax on your capital gain.
Do I own to database an amended federal if I record an amended state?
Question:
Only my state income W-2 box 16 changed.
Answer:
You would have to wallet an ammended return on any return that is artificial.
If your federal taxable income changed, the source doesn't matter. You still own to amend.
Oh wait, I might enjoy misunderstood. The only piece that changed was an error correction on your W-2? Is that what you're axiom? If the federal taxable amounts at the top of your W-2 didn't change, consequently your federal return is okay.
The only point you should have to folder an amended federal return, is if your income changed, your filing status, or a mistake you realize after you filed. So it would depend on why you file an amended state return, if it affects your federal the same road, than yes you will.
No, if no federal information changed, then you don't own any reason to database a federal amendment.
Foreclosure...taxes?
Question:
We are facing foreclosure on tuesday on our home, the people own not payed the property taxes in a while and we call for to pay it until that time tuesday...is there any path we can extend the due date, or anyway we can stop this from happening?? please any give a hand is really appreciated
Answer:
What people haven't salaried it? Are you talking just about your mortgage company, and you have an escrow rationalization? If that's the case, you should show your mortgage statements to the official doing the foreclosing - that would be proof that YOU've paid.
If it's someone else who's be paying your taxes and they stopped doing it, there's probably not a lot you can do this behind in the process uness you can come up next to the money to pay rotten the overdue taxes.
In any case, honourable luck.
Who is paying the taxes on your home? Why aren't you?
Where do I find out how much import tax I hold to earnings a year to own a 40ft RV?
Question:
Answer:
That will depend on the State you are registered in. Texas does not hold a tax on RV's (other than the inspired TT&L), no annual taxes.. Other than that, go ask the County Clerk where on earth you live.
it will decrease respectively year go to your county clerk and they could provide you a estimate
Please comfort me investigate for the annals of Renato Y. Eborra surrounded by the Social Security System surrounded by the Phili.?
Question:
contributions, loans
Answer:
We can only direct you to contact SSS directly. The folks at RunEye.com don't enjoy access to the SSS records of anyone -- to be exact the responsibility and purview of the SSS itself
Contact the SSS at
SSS Building
East Avenue, Diliman,
Quezon City, Philippines
Tel. No. (632) 920-6401, 920-6446
Email: member_relations@sss.gov.ph.
http://www.sss.gov.ph/
You can also check online as SSS has an online inquiry system provided you know his SSS number https://sss-online.sss.gov.ph/sss/contro...
If you are this soul, or if you have a power of attorney for them, contact the social financial guarantee office and they'll transport you a statement. Otherwise, it's confidential information.
The only information available to the public is concerning departed persons. Otherwise you must own a power of Attorney on their forms to get any information from them.
Non-taxable retirement income within CA still non-taxable surrounded by other states?
Question:
If a person is unloading a non-taxable retirement income in California, will it still be non-taxable contained by other states, such as Tennessee or Mississippi in regard to state taxes?
Answer:
Usually pensions are not tax anywhere, but it will depend on specific state regs.
Mostly, it will depend on how much other income you have, though. Even social deposit will be taxed if you own other lucrative sources.
depends on what it is,, why it is non taxable,,
For federal, yes it would be treated the same no event what state you live in. For state income duty purposes, not necessarily. Laws differ from state to state, and can depend on the source of the income.
If the retirement income is taxable on the Federal tax return but non-taxable to the State of California, beware if you agree on to move to Ohio. Ohio taxes income at the Federal level even if it received different treatment from another State of residence. For that business, even if the income was taxable to your prior State of residence, Ohio will export tax it too.
Disallowed rental loss, carried forward?
Question:
If some portion of my loss is disallowed, and I earn money next year (despite the depreciation, yea right!) - does my previous year's loss count against that gain? Is the disallowed loss highlighted anywhere on the levy forms? THanks, Tom
Answer:
Hi Tom,
Yes, your prior year passive pursuit (rental) loss that was disallowed due to income limitations, will balance any gain incurred the following tax year from unassuming activities such as a rental. You should find the amount of disallowed rental loss available for pass forward on Form 8582 (passive activity loss curbing worksheet).
Keep in mind also that adjectives previously disallowed loss, may be deducted, contained by full, in the levy year your interest in the restrained activity (rental) is disposed of.
Tax Question?
Question:
This table shows the tax rates for a single taxpayer contained by 2002.
Tax Rate Tax Bracket
10% $0 - $6,000
15% $6,001 - $27,950
27% $27,951 - $67,700
30% $67,701 - $141,250
35% $141,251 - $307,050
38.6% Over $307,050
2.4. An accountant claims that she has found a court way for the single individual who earn $100,000 to shelter $1 of taxable income. (Sheltering some income means avoiding income toll on that income. For example, someone who has $50,000 within income and shelters $10,000 pays income tax solitary on $40,000.) What is the maximum amount that the single individual earning $100,000 is ready to pay to swot this strategy and reduce taxable income by $1?
A. $0.50
B. $1.00
C. $0.30
D. $0.24
Please detail me how you got to the answer, so i can cram to do this on my own
Answer:
The question is one of comparing your toll savings to what you pay cheque to get the due savings. Don't overthink the problem.
If you hide away $1, you're really saving that amazingly last dollar of the $100,000, and it's a dollar that will be tax at the highest bracket (30%).
The most you should be liable to pay to salvage that dollar is up to the amount of savings, or 30c.
c), 30 cents. The taxpayer is contained by a 30% bracket. Reducing his taxable income by $1 will reduce his taxes by 30% of the $1, or 30 cents, so he's not going to wages more than that for the information. The dollar drop in taxable income will dwindling the number of dollars taxable in his utmost bracket.
You could make a well-mannered argument that he'd only be prepared to pay 29 cents, since there's no use going through that process unless it will SAVE him something - at 30 cents he'd freshly break even - but that wasn't one of the choices.
E. None of the above, if you want to split hairs.
The maximum excise savings will be .30. It would not be worth paying that for the charge savings so it would hold to be something less than .30 to be of any utility.
Of the options given, "D" is the best answer since it's the single one available that will result in any actual nest egg. However, depending upon the total amount of income to be sheltered, the real answer could be lower than that even. But for a shelter of $1, "D" is the best answer.
Rental property topical starting place?
Question:
My property appraised at $100k before I rented it out. 4 yrs subsequent, I suspect it would appraise higher - how can I alteration the basis for calculating depreciation? I am going to move final in for ~5mo this year, afterwards rent it out again. Can I get it appraised and stir with the hot basis later? THanks!
Answer:
The only cause you will ever have is what you originally compensated for it plus any permenant improvements.
The person below me is correct but single if you have a defensible means of seperating the meaning of the land from the importance of the building that sits on it. Most residential property is purchased as a package, and the full worth can be depreciated.
***************************
For the second time in a year, Bostonian have schooled me.
Land is not depreciable except contained by very few and far between cases and as far as I can tell, you own to get the US Tax court to rule contained by your favor because the IRS won't.
I researched the legislative history of section 167 and found nought that said you have to seperate the home from the building when they're purchased together.
I researched about 50 import tax court cases (summaries) and found not a single case where on earth this was disputed.
Bostonian pointed out to me (correctly) that the IRS requires the seperation, even though it's not specified within the tax code, nor is remedy offered contained by IRS publications.
So I called the IRS and get up to a senior tax agent (not a flunky).
The buy and sell is you have to find a "reasonable" manner of seperating the cost of the land. Your first authority is buying the house seperately. If you didn't, your next authority is your property toll record, and you allocate the cost by percentage. Your subsequent authority would be transactions in your neighborhood involving public sale of vacant lots.
So I asked "how do I protect my own "reasonable" means?"
He said, "I'm not an auditor. It is our policy to request as other as we can that you not ask us to define that word." And that's where on earth we left it.
So it can be done, and you're required to do it. This is a baggage where the imperative is "presumed", not written, and one of the cases I read actually said as much.
what the being above me said,, minus the value of the domain cuz you don't depreciate the land.
Your proof is what YOU have into it, not what its helpfulness was when you started to rent it out. If you've be deducting depreciation adjectives along based on an appraisal to some extent than what you paid for it plus any allowable additions close to improvements, then you own four years of tax returns to amend.
It looks to me close to you are looking for trouble with the IRS. Your idea in property is:
1. What you salaried for it (less the land or an estimate of the importance of the land) You can not claim there is no opening to separate the value of the building and stop and depreciate the total package of both!!
2. Fair flea market value at some point where on earth title was transferred to you surrounded by the past. For example from an estate or endowment.
3. Basis in an exchange
The jacking around you are doing near frequent new appraisals will grasp you into a fraud audit by an IRS agent! One of the first things they will ask for is proof of your basis when you are audited.
Good luck surrounded by prison.
Yes, you can change the starting place of the rental property to the FMV.........but only if you are of a mind to die and your wife, or kids, or family do a 706 on it.
Other than that, what you remunerated for it plus any improvements, minus any deprecation claimed on the building is your basis.
No, sorry.
I assume you purchased the rental property. The argument for depreciation is your investment in the property, and is not figure from the latest appraisal of the property.
At the time you commence renting the property, the basis for depreciation for your rental property is the smaller of
1. Your "in step basis": original purchase price (not including the land), plus improvements, minus casualty losses, (let's vote $50,000).
2. The fair bazaar value on the date of conversion ($100,000).
So surrounded by this example, your basis for depreciation is $50,000. As you depreciate the property, your in step basis decrease by the amount of depreciation. So after four years, your adjusted cause is about $40,000.
If you help yourself to the property out of service for a while, and then reconvert it, your idea for depreciation is now the less important of
1. Your adjusted proof ($40,000)
2. The FMV of the property on the date of the second conversion (which is more then $100,000).
The better reappraisal has no good posture on the basis for depreciation.
The with the sole purpose way you can relocate your basis is by investing within improvements to the property.
Your basis is the lower of the actual getting hold of cost when you purchased the property (adjusted for any improvements or previous depreciation deductions) or the actual cash significance when you placed it in service as a rental. Unless you remunerated more than $100k for the property, your basis is what you remunerated for it, NOT the $100k appraisal at the time you converted it to a rental.
You CANNOT adjust your basis newly because the value of the property have increased. Sorry, but it doesn't work that way.
BTW, Shibboleth is WRONG! You MUST separate the efficacy of the land from the total justification. Land is NEVER depreciated, only the improvements, i.e. the building(s) on the territory. You may be able to argue your valuation on the parkland (lower is better for tax purposes in a minute but will bite you when you sell) but you must apportion the investment before you start calculating depreciation.
Studying-for-tax-exam interview?
Question:
An employee of a company dies. The company decide he was such a swell guy that it requests to write a check to his widow for $10,000. Does the company get to pinch any business expense deductions? Does the widow enjoy to claim the $10,000 as income? I can't figure out if this is considered a business payment under IRC 274 or how it would be handle. Thanks to anyone who can help!
Answer:
In my opinon, as I read the give somebody the third degree, the company is making a gift of $10,000 to the employee's widow. As a grant made directly to her, it does not go to the estate. It is not taxable to her. She does not report the payment on her tax return. She may database a joint income levy return for the year. The gift is not included on that return.
The company would not hold made the gift if the decedent be not an employee, but that have no bearing on whether the money must travel to the estate. According to the question, the check is written to the spouse, and not "on behalf of the member of staff."
It is not a survivor benefit paid to the spouse because the endowment was made for the pretext the employee be a "swell guy". It is not a lump sum payment of his wages, earnings, or benefits. It is not an award, or a bonus, or supplemental wages.
A check of $10,000 is not a fringe benefit. A fringe benefit is not money paid by dosh or check. It is also not severance pay.
It is not segment of his income. It does not go to his estate. The check be written in the mark of the spouse only.
See IRS Pub 525. (link below)
The company writes a check to the spouse. Being given to a specific individual, for her use alone, it does not qualify as a charitable supposition. It is not a business deduction because it is not for the purpose of increasing the company's business. It is not related to communication with a customer or client. It is not for the purpose of maintain the business. It is not needed surrounded by the regular or ordinary course of business. Nor is it a wherewithal expense.
Gifts are taxable to the Donor, but since it is less than the every twelve months exclusion of $12,000, there is no grant tax due and it does not requirement to be reported.
It is simply a non-deductable expense on the company's books.
The only argument for a business presumption I can see is if the company wants to classify the purpose of the check as a method of maintaining and increasing their goodwill and reputation, but specifically not stated in the query. The question say the check was written to the spouse because the member of staff was likeable and "such a swell guy".
The widow clearly has to claim the money as income because it cannot qualify as a offering. The payment to her did not arise out of detached and disinterested money, but because of the employer/employee relationship.
As far as the company goes, I would assume that it would be treated equal as a fringe benefit - taxable to the employee, deductible by the employer. I'd cite a reg for you, but my fiancee have my IRC.
I've attached a web page that may help out.
Good luck on your exam!
I've researched some case canon for you: Duberstein cites a case, Stanton, which seem to be on point. Also, Sidney Carter v. Commissioner seems to answer this examine.
Section 102(c): Employers are not allowed to present non-taxable gifts to employees except as below:
Section 74(c) and 274(j): Employers offering awards must proposition them to all workforce for some kind of triumph or prize, not exclusively to individuals, if they want them to be tax free. They can also be offered specifically for length of service or sanctuary acheivements.
Section 132(e): $10,000 is NOT a "de-minimus" fringe benefit! "De-minimus" means insignificant.
Next, you enjoy to decide the relationship between the company and the decedent. The pocket money is really compensation to him, not the widow, and will be treated as wages or a bonus paid into the man's estate during a constant period of probate.
(If the man be also a stockholder, and if the payment is considered excessive, the IRS can deem the pocket money a dividend instead of wages. This is referred to as a "constructive dividend" according to the tax courts.)
If the money is treated as wages or a bonus, the corp can reduce by it and all payroll taxes that apply, and the money will be added into the estate and go by to the estate tax.
The estate will singular be taxed if it exceeds the minimum helpfulness for that year, and the widow will receive everything below that value charge free with a tolerant market pro basis.
Trying to disguise a bonus to the decedent as a contribution to the widow doesn't work.
(You have to remember that ALL gifts and payments from the charge payer within a infallible period until that time death are automatically transferred BACK into the estate and passed hindmost to the recipient surrounded by the form of an inheritance, not as a gift. This is also true of moneys received by the man or the estate, even if compensated to someone else on the decedent's behalf. Until the end of probate or defined time after death, adjectives of it belongs to the estate.)
Since the widow is not an employee of the company any money she acquire from the company cannot be considered compensation. Therefore it is not income to her.
The company is within its rights to donate any amount of money or property it wishes to anyone it wishes. Only certain donations qualify lower than regulations. I doubt if Mrs. Widow would be a qualifying charity.
So the verbs is not deductable for the company. It's not income for the widow either.
However, gifts are taxable to the giftee, not the giftor, so the widow must consider the amount for her taxes. Luckily, the first $10,000 of adjectives gifts collected are non-taxable. Check section 2503 for further deduction over 10K.
So the company can't deduct and the widow doesn't hold to pay.
However if the grant was somehow expected as some form of deferred compensation to the husband and was made to his estate later all bets are rotten.
Good luck
lots of talk and everyone seem to have different evaluation,,
How do I take off the cost to copyright bits and pieces when the administration doesn't issue receipts for copyrights?
Question:
I have a business and I hold spent a good amount of money to dig up copyrights on the work that I produce. I assume that I can deduct this as a business expense. However, the administration doesn't issue me a receipt for this expense. How can I show proof to the IRS for this expense?
Answer:
The single reason you would own for "deducting" the expenses of a copyright is if you're earning income from it. Otherwise, you don't go and get a deduction.
The command doesn't need to bestow you receipts to get the presumption, though. All you have to do is hang on to track of the costs and be ready to prove them. Bank statements, cancelled checks, money directions, etc., all qualify, and surrounded by the absence of receipts, you might still get hold of away with restrained (unsupported) costs if you can show that you were awarded the copyright.
What you do is you combine the total amounts that you remunerated to GET the copyright (anything directly related applies, just don't give travel, lunches, dates, and other silly stuff).
(You are also allowed to append any legal fees that you incur DEFENDING your copyright if you win.)
Add up adjectives these costs and come up with a total. Then resolve how long the copyright will be useful to you. If you resolve you'll make money on it over a interval of 20 years, you get to take off 1/20 of total costs each year from your income on the copyright.
(Copyrights are devout for life + 70 years, but your amortization time of year is going to be less than that. You will amortize it over it's USEFUL energy, not over it's real existence.)
Your canceled check or other proof of payment of the fees is sufficient.
Keep a detailed log of your expenses - I assume that since you own a business, you have some helpful of accounting system. That, and your cancelled checks, would be proof.
What do local property taxes repay for?
Question:
Answer:
Schools
Libraries
Mental health programs
Snow removal
Road repair
Drug programs
Police protection
EMS
Fire Department
Every county hold different programs that helped through taxes.
Public school in your state by and large.
Schools.
the salaries of the nation that collect them.
It depends, but your tax bill will enjoy an itemized listing - mine looks resembling this:
police and fire $x
library $y
Road mainantenance $z
General fund $a
County $b
General fund is zoning, building department, clerk, permits, complaints,
County is county road care, sheriff, register of deeds.
they Are for pretty much everything. Most of the taxes received by our government are tangible estate taxes. Look you need to look up your local jurisdiction to see what your state and local property taxes shift to.
Schools, Public buildings like IRS bureau, VA office, conceivably even a couple road repairs like street lights.
Your levy bill should show you the details, but in nonspecific, all local spending is rewarded for with local property and sale taxes. That would include parks, libraries, police and fire protection, roads, and most significantly, schools.
They don't wage for federal and state programs such as VA, federal court system, IRS, etc.
They pay for school, fire and police protection. Depending on your area debris removal.
Where I live (sw PA) there are two payments per year - one is county tariff, which pays for county services and running the county and for the local municipality services and operation (in my case, a township). The second is for the local university district.
If you just won a penny on "Deal or No Deal", how much of it would be yours after taxes?
Question:
Answer:
All of it. Assuming that your total items on the Other Income line be less than .50, you can look right through it.
If you had to claim it and it put your taxable income at the "rollover point" for the subsequent tax dollar, you'd be contained by the hole for .99.
O dallers
THEY WOULD NOT TAX ANYTHING UNDER A CERTAIN RANGE. IM SURE THEY WOULD GET A CHECK FOR ONE PENNY.
You would owe them 3 dollars. lol
A penny.
You only hold to pay taxes on winnings over $1000. Anything lower than that you still have to claim but you do not hold to pay on it.