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Archive for the ‘Income Tax Laws’ Category

Question: tax return laws on two dependents with equally shared parenting?

I have two children and am in the middle of a divorce. We have equally shared custody. Do we split up i get one and he gets one or do they both go to the parent making more?

REFERENCES!! pleeease! lol
i know that if there is one child, and both parents have equal time with the child it goes to the one making more. But if there are two children do they both go to the same one or is it split up equally?

Answer: Dear CC: Make sure your divorce attorney is knowledgeable on tax laws and dependency. Spell out the custody arrangement in the divorce decree and if necessary split up the kids with each parent getting one.

Look at www.irs.gov and claiming a dependent. Also look at form 8332 for release of an exemption.

This advice was prepared based on our understanding of the tax law in effect at the time it was written as it applies to the facts that you provided. Click on my profile to read more. Errol Quinn Enrolled Agent

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J.K. Lasser’s Your Income Tax 2012: For Preparing Your 2011 Tax Return $14.35 This guide offers easy-to-follow, expert advice and guidance on planning and filing your taxes. It covers some of the most important tax topics, from what you must report as income and strategies that will save you on taxes to how much tax you actually owe and what deductions you can claim….

The Ernst & Young Tax Guide 2012: Preparing Your 2011 Taxes $12.27 Praised by the New York Times as the #1 choice among popular tax guides, this is the essential book for those who want to prepare their 2011 taxes themselves but seek guidance from a trusted brand to help navigate turbulent financial times.The guide’s Special Contents index for different types of tax payers ensures that readers in various financial situations will find advice pertaining spe…

10 overlooked tax breaks

Nobody wants to overpay the IRS. These often-forgotten breaks could lower your tax bill.

Federal IRS Inheritance Income Tax Return Laws & Rates 2010, 2011

Question: “Income tax exemption: altered.”?

My original parenting plan says if my son’s dad is not current on child support that I can claim my son on my tax return. (we were to take turns). He had his supprt lowered (and is still not paying) My confusion is in the paperwork I got with the new amount , change in insurance responsibility, etc., It had a blank line where his attorney wrote “Change ITE.” I looked on the court public access online and it said, “Income tax exemption: altered.” Does anyone know what this means? something to do w/ filing taxes or how he got his payments lowered?. Nothing actually says I can’t claim my son. who do I call about finding out? wouldn’t something have to be given to me in writing if the rule was changed?

Answer: The custodial parent gets to claim the qualifying child when all of the rules are met by the custodial parent and the qualifying child to be claimed as a QC dependent.
Go to the IRS gov web site and use the search box for Publication 17 go to chapter 3
Qualifying Child
Residency Test Rule 3
Children of divorced or separated parents or parents who live apart. In most cases, because of the residency test, a child of divorced or separated parents is the qualifying child of the custodial parent. However, the child will be treated as the qualifying child of the noncustodial parent if all four of the following statements are true.
Custodial parent and noncustodial parent, The custodial parent is the parent with whom the child lived for the greater number of nights during the year. The other parent is the noncustodial parent.
Equal number of nights, If the child lived with each parent for an equal number of nights during the year, the custodial parent is the parent with the higher adjusted gross income.
You can click on the below related link for more information and examples.

1.The custodial parent signs a written declaration, discussed later, that he or she will not claim the child as a dependent for the year, and the noncustodial parent attaches this written declaration to his or her return. (If the decree or agreement went into effect after 1984 and before 2009, see Post-1984 and pre-2009 divorce decree or separation agreement , later. If the decree or agreement went into effect after 2008, see Post-2008 divorce decree or separation agreement , later.)
2.A pre-1985 decree of divorce or separate maintenance or written separation agreement that applies to 2009 states that the noncustodial parent can claim the child as a dependent, the decree or agreement was not changed after 1984 to say the noncustodial parent cannot claim the child as a dependent, and the noncustodial parent provides at least $600 for the child’s support during the year.
Custodial parent and noncustodial parent. The custodial parent is the parent with whom the child lived for the greater number of nights during the year. The other parent is the noncustodial parent.

Estate & Trust Administration For Dummies $8.96 Executing an estate or a trust fund is a big responsibility. Estate & Trust Administration For Dummies contains advice for handling estates and trusts of any size. It offers solid pointers on reading and interpreting a will and other documents, and helping heirs avoid paying too much (or too little). It also shows you how to take care of a loved one’s estate in the event that a will or trust was …

J.K. Lasser’s Your Income Tax 2011: For Preparing Your 2010 Tax Return $19.95 America’s number one bestselling and most trusted tax guide offers the best balance of thoroughness, organization, and usability. For over half a century, more than 39 million Americans have turned to J.K. Lasser for easy-to-follow, expert advice and guidance on planning and filing their taxes. Written by a team of tax specialists, J.K. Lasser’s Your Income Tax 2011 includes all the outstanding f…

Understanding TIAA-CREF: How to Plan for a Secure and Comfortable Retirement $28.79 TIAA-CREF is the largest private pension plan in the world, with more than $260 billion under management, including an estimated 1% of all shares traded on the New York Stock Exchange. And yet, while there is a wealth of information on IRAs, 401(k)s and other investment vehicles, until now there has been little guidance for the millions of TIAA-CREF plan participants and their advisors. The TIA…

Did Talking Ban in Strip Clubs Leads to Tax Evasion?

Strippers, mistresses, tax fraud — we must be talking about Wall Street.

New Rules: You and the IRS this January

Question: Some say: There is no Income Tax Law, and the Federal Reserve is run by private bankers. What do you think?

If you care about your country and future, you must check this out… my main source…with links to other sources…

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Answer: crap

Budget benefits for all

As you chair the proceedings of this august assembly, the image of my father late D A Rajapaksa who occupied your seat once as the Deputy Speaker comes into my mind.

IncomeTax IRS HOAX 2b.mov

Question: Remember how Republicans wanted to cut the gas tax? Would you believe it’s already the lowest it’s ever been?

When you take into account inflation the federal tax, which hasn’t increased since 1993, and better mileage vehicles, we are paying an all time low.

But God forbid we change that. And if you’re worried about the money going to roads, just write it into law that it can’t go anywhere else. But neither Democrats or Republicans would limit themselves the opportunity to spend.

My state has a transportation dilemma: too many repairs and upgrades needed and not enough money. To help, the outgoing Democratic governor closed some rest stops, an unpopular decision. The incoming Republican governor opened them back up. I just don’t know where the money came from or what we’ll be doing without.

http://www.usatoday.com/money/industries/energy/2010-07-01-gas-tax_N.htm

Answer: Your state doesn’t have enough money for roads, not because you don’t pay enough in taxes, but because the tax money has been squandered on other, wasteful projects – I can say with 99% certainty.

I saw a documentary about our nations roads awhile back, I forget the name – but a significant portion of money for maintenance of roads were either re-appropriated for other unrelated projects or, in some cases, used to line the pockets of politicians themselves.

Also, one thing that comes to mind is the I-35W bridge collapse in Minnesota in 2007. Remember that? That is a good example of what I am talking about.

There were plenty of taxes collected for maintaining roads in Minnesota, but a lot of that money was diverted to other projects, such as funding frivolous ‘make-work’-type studies.

Some Democrats said that taxes needed to be increased “to update and maintain our crumbling road system” – once Minnesota residents found out some of the things that had been done with their tax money, those Democrats were laughed into oblivion.
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J.K. Lasser’s Your Income Tax 2011: For Preparing Your 2010 Tax Return $19.95 America’s number one bestselling and most trusted tax guide offers the best balance of thoroughness, organization, and usability. For over half a century, more than 39 million Americans have turned to J.K. Lasser for easy-to-follow, expert advice and guidance on planning and filing their taxes. Written by a team of tax specialists, J.K. Lasser’s Your Income Tax 2011 includes all the outstanding f…

Understanding Changes to the Federal Estate Tax Law: An In-Depth Look at the Challenges of the 2010 Estate Tax Repeal and Consequences for the Future (Aspatore Special Report) $25.00 When the Economic Growth and Tax Relief Reconciliation Act of 2001 provided that the estate and GST tax would not be applicable in 2010, many trusts and estates attorneys assumed this provision would ultimately be changed. However, 2010 arrived and no modifications to this plan were made. The estate tax does not apply in 2010 and in 2011, the estate tax will return and revert back to 2001 rates. W…

New health law is a prescription for distortion

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James Poterba: Federal Tax Policy 2010 and Beyond

Question: Am started working as LIC Agent, from Nov.2009. Last year earnings only Rs 1593.00, as comm.?

Am 64 years old, a retiree without pension.No other income. For the first qtr.of 2010-2011, LIC deducted Rs 581.00 as Income Tax, out of the commission of Rs 5000.00. Income upto 1,60,000.00 is exempted as per IT Rules. How to get me exempted from deductions? If I give a letter to the Br.Manager, LIC, has he got the authority to act in this matter..

Answer: TDS on Insurance Commission (Section 194D) – If you wish to be exempted from TDS then apply to the AO in Form No 13 for Exemption From TDS.
The AO will issue a certificate to the deductor in Form No 15AA. Valid for the period specified in the certificate / Fresh application required after expiry of validity period.

HMT

Federal Income Tax: Code and Regulations–Selected Sections (2011-2012) $69.99 CCH’s Federal Income Tax: Code and Regulations–Selected Sections provides a selection of the Internal Revenue Code and Treasury Regulations pertaining to income tax. This popular volume reflects the collective judgment of seven distinguished tax teachers and provides an effective mix of official materials for individual and business undergraduate and graduate tax courses offered in law and busine…

J.K. Lasser’s Your Income Tax 2011: For Preparing Your 2010 Tax Return $19.95 America’s number one bestselling and most trusted tax guide offers the best balance of thoroughness, organization, and usability. For over half a century, more than 39 million Americans have turned to J.K. Lasser for easy-to-follow, expert advice and guidance on planning and filing their taxes. Written by a team of tax specialists, J.K. Lasser’s Your Income Tax 2011 includes all the outstanding f…

Federal Income Tax: Code and Regulations – Selected Sections (2010-2011) $25.00 CCH’s Federal Income Tax: Code and Regulations–Selected Sections provides a selection of the Internal Revenue Code and Treasury Regulations pertaining to income tax. This popular volume reflects the collective judgment of seven distinguished tax teachers and provides an effective mix of official materials for individual and business undergraduate and graduate tax courses offered in law and busine…

Pensions of high earners targeted for £4bn savings

Government cuts high earners’ tax free income that can be paid into a pension to just £50,000 The government has slashed the amount of tax-free income that high earners can put into a pension by 80%, from £255,000 to just £50,000, it was announced today by Mark Hoban, financial secretary to the Treasury. He said the move will affect up to 100,000 high-earning pension savers. From April 2012, the …

2010, 2011 Earned Income Credit Calculator