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Posts Tagged ‘money’

Question: what is the effect of a 1099 tax form from a mortgage short sale in the state of california?

I am wondering about the impact on both federal and state taxes in the context of the current mortgage laws. does it count as income that you can be taxed on or does the current mortgage crisis bail out shenanigans protect one from it?

thanks!

Answer: A 1099C is treated as income to recipient.

If there is exception or exemption, then no 1099C is issued

A 1099A or 1099S have different results

Kenneth R. Harney:

The Nation s Housing: Real estate news from Washington

New Bill AB1779 – To Help Home Owners (Part 2)

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Question: Will $25 be enough to pay for a $12.00 pizza will Tax and tip?

Whaaa!! I’m panicking cuz I might not have enough to pay for the pizza! they said delivery costs like $2.00 but how much with tax!?!?!!? I live in canada by the way!
lol…I’m definetly NOT made of money…I have none!
Thanks I’m not so worried now!
Thanks. Yeah it ended up being like $16.00 so I gave him the rest of the twenty.

Answer: That’ll be fine. The tip is only 15%. The pizza bill with tax and delivery cost will probably end up totaling about $16-$17. Tip will be a few bucks more. You’ll have cash left over.

Tax Tip: Seniors-Claim Credits and Benefits on Your Return!

OTTAWA, ONTARIO–(Marketwire – 03/02/10) – From January until the end of March 2010, the Canada Revenue Agency (CRA) is issuing weekly tax tips with information geared towards specific groups that are most affected by new and existing credits, deductions, and benefits in the 2009 tax-filing season. This tax tip focuses on seniors. There are credits, benefits, and deductions to which you may be …

Tax Tips For Retirees – 2009 Tax Preparation Service Canada

Question: 1099 income vs salary breakeven?

I am currently a salaried employee. My net pay is $3600/month. I am considering a switch to independent consulting. How much 1099 income would I have to make to breakeven with my current salary (excluding benefits)? I live in NYC, am married and we are in the highest tax bracket. Assume no business expenses.

Answer: Figure out healthcare, disability, sick/vacation, cost, company match 401k. Add these to your salary to get a “true salary rate”, include employer match on your taxes also.

Business expenses help reduce the amount. The more expenses, the lower your rate can go (legitimate expensese that is)

If you assume your rate is 28 an hour, then you would want to make at least 49 an hour to make it worth while to switch to a sub contractor. I have found that for me the rate was almost double what I was making as an employee.

Job Details

Do you want to work for a non profit organization dedicated to educating the public? Do you want a job or do you aspire for a career with growth potential?

Question: Can i file w/o 1099-R?

At the beginning of 2009 I recieved a lump distribution from my 401 of $364.07 because I had quit my job. I have moved since then and called wachovia (who Gap Inc had their 401K through) to update my address but they were unable to b/c they do not service Gap Inc.’s 401k plans anymore. If I do not receive my 1099-R form is there any other way I can move forward with filing my taxes at an H&R Block location? Can they figure out how much I paid in taxes for that lump sum without the form? Thank you for your help!

Answer: Yes, you can file. You don’t need to send in a copy of the 1099 with your return. All you need to do is enter the information. If they withheld taxes from your distribution (usually, it’s 20%), don’t forget to include that too.

Soldiers can get taxes done for free

FORT LEE – More than 370 servicemen and women, retirees and their dependents have already saved $52,925 in tax preparation fees by visiting the Fort Lee Tax Assistance Center. “We’re here to help soldiers get the highest refund possible and save them som

Question: Owing money to the irs. HOw does this happen?

What are some events that could lead to collections? If you are still working won’t the IRS just increase your Tax to counter anyting you messed up on fom a previous year? How can something loom wthout any notification ( for years ) of owing anything then get a letter in 2009… are there scams that use the guise of the IRS ?
Events : Like stock sale, or Capital gains. Why wouldn’t they take the money owed out of the next years refund??

Answer: 1st yes there are always scams, especially around tax season. If you think it does not sound right look in your local phone book and find the IRS number. Call them and they will have a record if you do owe. If not they will appreciate knowing about the scam.
Sometimes though, people do end up owing without realizing it. If you change your w-2 at work ask the HR person, or your boss which way takes out more taxes. People like to have their whole paycheck to pay bills and sometimes they don’t let the IRS have enough.
If you moved or got married after selling stocks, shares in a company, a house, or recieved a large amount of money; this might be another thing that just caught up. good luck

Statutory rape cases up 36% in 2009

SINGAPORE: Police are concerned about the rise in the number of statutory rape cases in Singapore.

Tips from the IRS – Watch Out for Tax Scams