Tag: tax deductions

POLL: Are you for or against Obama's plan to limit tax deductions on charitable giving?

May 3rd, 2010

Are you a Conservative or a Liberal?

http://online.wsj.com/article/SB123664427493678121.html

Among those shocked by President Obama’s 2010 budget, the most surprising are the true-blue liberals who run most of America’s nonprofits, universities and charities. How dare he limit tax deductions for charitable giving! They’re afraid they’ll get fewer donations, but they should be more concerned that Mr. Obama’s policies will shove them aside in favor of the New Charity State.

I am negative on income every year should I file not to lose deductions?

May 2nd, 2010

I have so many tax deductions and no income, I am going in debt ,covering the property tax bills, medical bills etc., using personal loans to cover these expenses. Can I use these deductions sometime in the future years should my luck turn and how do I do this? I am unemployed and have two minor children but do not receive any aide since I have a property.

My boss still hasn't paid for my tax deductions so I can get my w2?

April 29th, 2010

I’m a secretary and I’m the only employee that he pays and takes taxes out. He pays everyone else cash. I’m the one that figures up my check each week and my tax deductions. The total he needs to pay is somewhere around 0 (I’ve only been there a few months), but he’s yet to pay it. His business is in debt right now and he’s been taking more money home than usual. His bank account is overdraft, he owes other businesses money, and when I ask when he will pay so I can get my W2, he says "Whenever we get some money in"… but when we get money in, it goes to something else. I don’t know what to do. I don’t want to be rude or anything because I desperately need my job, but I desperately need my W2, too. My roommate is moving out this month and I’ve got to get bills switched over, plus by new furniture.. I’ve explained all this to him and he just says "Whenever we get some money in"

Is there anything I can do or do I just have to wait?

If atheism is a religion, do we get tax deductions for sinning?

April 29th, 2010

Sea Kittress’ tax deductions form:

Malt Liquor: ,500
betting/ loan sharks: ,000
adult recreational purchases: ,274.11
smoker’s paraphernalia (intended for tobacco use only *ahem*): 0.00
"prescriptions": ,000.00 (damn drug lobby)
babby and babby by-products: ,600
Murder implements (one time use only): ,000
ski masks: 0
plastic tarp: 0
offerings to Satan/Obama: ,000
annual membership fee (NWO): ,660
goats: ,000
soundtrack to Barbara Streisand’s most recent farewell concert:

Looks like I’ve got a big refund coming
Legion: Dildos and porn? what am I a 15 year old boy? LoL The expense is mostly due to the rising cost of leather and finding a blacksmith willing to hammer iron to exact specifications.

How do i claim deductions for my home business that i started in 2008?

April 28th, 2010

I am a Independent Distributor for a company called Xango. I have tracked all my expenses all year long, but now my only question is how do i claim them on my taxes? Are there certain forms to fill out for home-business based tax deductions? Would it be best to find an accountant who specializes in this type of deal? What do i do? What do i do!

Who can give Donation receipts for tax deductions? Info is for a college paper. Please help.?

April 27th, 2010

I am writing a paper for my college English class. I have looked on the IRS and CA State Charitable Organization website, but have had no luck in finding the information I am looking for. I am looking for information stating who can legally give donation receipts that can be used for tax deductions. I was also looking to see if there is a monetary limit for issuance of receipts. Also, I am focusing on organizations and individuals which are not registered with the state as Charitable organizations, but are organizing one time fund-raising events to aid in the welfare of specific groups in their communities.
Thank you for you time and and all help is appreciated, especially website addresses and/or publication names so I can look at the information first hand.

Can anyone explain to me tax deductions?

April 27th, 2010

I will try to make my question as clearly laid out to you as possible:

I am going to be working in the summer at my dad’s restaurant
4 days a week, 7 hours a day.
I will be paid every two weeks.
I am 14…..[I CAN WORK, LEGALLY]
I will *probably* be paid the minimum wage for Pennsylvania, which is .15 an hour.
Will I get tax deductions?
IF I WILL: How much money will I get for my paycheck?
IF I WILL NOT: How much money will I get for my paycheck?

Thank you all! (:
Thank you so much Star!
I have a bank account and I will be saving almost all of my money.
The ONLY money I will be spending is that of which to buy myself a cell phone.
I think it is my responsibility to buy & pay for it.
Thank you for the tip~!

Do you know about the changes to tax deductions for charitable donations?

April 27th, 2010

Obama’s tax plan greatly reduces tax deductions for charitable donations. Instead Congress will be appropriating funds to the charities of their choice.

I was just reading another question on here and I think it’s funny that most people thought he was making this up. Why do people find it so hard to believe?

http://freedomofbleep.com/2009/03/liberals-strike-down-charity/

http://washingtontimes.com/news/2009/feb/27/charity-tax-challenged-by-political-friends/?page=2&comment_page=3

What are the Federal and State Income Tax rates/slabs for the State of New Jersey?

April 26th, 2010

I recently got my paycheck and there were a lot of tax deductions. Being on my OPT i dont have the Social Security or Medicare tax cut. But my Federal and State Income(NJ) tax deductions were huge. Please could anybody guide me so that I may be able to plan my finances accordingly.

Thanks to "laura" who help me in this. But I am sorry to say i am not able to figure out the exact amount. So here are the deductions i got in my paycheck.

Earnings per month : $ 4928
Federal Income (deduction) : $ 739.20
NJ State Income (deduction): $ 197.12

Please tell me if these deductions are correct.

This is for the state of New Jersey.

Thanks.

All possible owner occupied duplex tax deductions?

April 24th, 2010

Thank you for your help in advance! Here are my questions. We purchased a legal non-conforming duplex last year. We are living in one side and renting out the other side.

~Is there a list somewhere of all the tax deductions, I could possible claim?
~The utilities on the duplex have not been separated, could the utilities possible be pro rated for a deduction?
~If I do the yard work myself, would that count as a deduction?
~I have also heard, since the property is a duplex. We will only be getting half of the k back. IS that true? (assuming we do qualify for the tax credit)

Thank you for you help!