Archive for April, 2009
Injured Spouse Allocation, can tax credits for children be allocated to a spouse with no income?
Tim H asked: My wife and I file jointly and our refund is being taken for offset. I owe money towards a federal student loan but would have a nice tax return because of the earned income credit and the child tax credit. Can the child tax credit be allocated to my wife [...]
Are my recent dividend reinvestments taxed at the short term or long term capital gains tax rate?
Edwin H asked: I have a regular brokerage account (not tax deferred). I bought a mutual fund a number of years ago, and over the years the dividends have been reinvested in the same fund. This year, I was advised to rebalance my portfolio, so I sold all of this mutual fund. Unfortunately, the last [...]
Top lawmaker wants mileage-based tax on vehicles
A House committee chairman said Tuesday that he wants Congress to enact a mileage-based tax on cars and trucks to pay for highway programs now rather than wait years to test the idea.
How can Obama “give a tax break” to people who don’t pay taxes?
dmbfans101 asked: Obama’s tax break for 95% of people includes 40+% of people that do not pay taxes. Plus he is not planning to extend the Bush tax cuts, therefor increasing taxes on 49% or tax payers.
What kind of tax return can I expect to get back now that I pay mortgage interest?
Steve H asked: My wife and I just bought our first home in Los Angeles and I know that this coming tax year we can deduct mortgage interest and property tax. We both have full-time jobs, file jointly (both filed with 0 claimed dependants), and have a, before taxes, combined income of roughly $100k. The [...]
Texas Gov. signs game developer tax break bill into law
Texas Gov.
Michelle Malkin » Here comes the Internet sales tax grab
They’ve teamed up to renew their years-long push for Congress to effectively impose Internet sales taxes and turn online retailers into tax collectors. A bill will reportedly be introduced on the Hill this week by GOP Sen.
The fair tax system and its consequences to tax practitioners?
lizbeth230 asked: I’ve been researching and trying to learn as much as I can regarding the fair tax system that has been brought into focus by Presidential candidate Mike Huckabee. Throughout all of my readings, I’ve learned how this system would affect IRS agents; however, how would it affect those who are and those [...]
Is the sales tax I paid on a vehicle purchase in Texas deductable from my federal income taxes?
Michael B asked: I recently became a Texas resident and paid sales tax to Texas on a car I purchased. Is that state sales tax deductable from my federal income taxes (Texas has no state income tax)?
Can I get a tax rebate for local taxes paid where I am employed if I am working in a non tax location?
mark w asked: I live in a township so there are no local income taxes for my residence.
The income tax is paid to the city where my office is located.
I do service work so am out of the state and or country much of the year.
