Archive for September, 2008
Tax issues and penalty abatement?
Renee S asked: I owe the IRS a fair amount of money on back taxes. I am paying on them but recently asked for an abatement on the penalties. It was denied. I am going to appeal. Any suggestions for what might get my appeal approved?
What are the tax ramifications of catching a record baseball? Is it due the yr received or the yr sold?
advnturer asked: I was reading the article about Matt Murphy having to sell the Barry Bonds home run ball he caught because he could not pay the taxes due. I thought you are taxed when the item is sold, not when you received it. What part of the tax code am I missing?
How do I pay this employee without the double tax issues?
tomba187 asked: We need to hire a full time real estate agent for our company. We are not a brokerage, so they will need to keep their license at their current brokerage. However, we will be paying them a salary, and they will give us their commision that they receive on the transactions. [...]
Live in Tennessee but work in Mississippi. Tax issues?
V asked: I live in Tennessee where there is no income tax. I work in Mississippi where there is income tax but no property tax. So I have the luck of paying one state’s income tax (MS) and another state’s property tax (TN). Now, to pay my MS state income tax, my wife’s salary that [...]
why do single people with no kids get screwed at tax time?
mark o asked: dont people choose to get married and have kids why should i be penalized for choosing not to have kids. what i really want to know is what is the reasoning behind this obviously unfair tax issue and dont people with kids feel guilty for robbing the single population?
What is an occupational tax with regards to property taxes, besides school taxes, and property taxes?
. asked: What is this occupational tax, I am not working why do I have to pay it?
What is the difference between an income tax and a payroll tax?
Dina asked: What is the difference between an income tax and a payroll tax?
A. Income taxes reduce the demand for harmful goods while payroll taxes don’t affect this demand.
B. Income taxes are collected based on income while payroll taxes are collected based on wealth.
C. Income taxes [...]
Do we pay income tax to the state we live in or the one we work in?
britt426 asked: I’ve never really thought of it because I’ve always lived in the state I worked in. I know someone looking to move to Portland,OR (where they have a huge income tax but no sales tax). Vancouver, WA is only a 15 minute drive away, so she’s thinking of moving there (where there [...]
Tax stimulus rebates 2008? What does a disabled or senior citizen need to do to receive it?
trengen2 asked: Does the disabled person need to file a tax return in order to get the tax rebate? He usually doesn’t file income tax in the past, because he only receives disability payments as the only source of income.
Anyone having issues getting their federal tax returns?
sm723921 asked: I did my taxes on the Feb 1st. I got my confirmation that my return was accepted. I was so excited to get my money on the 13th, but that didn’t happen. So now it’s the 17th, and when I call the tax rebate hot line I get a message saying that my [...]
