Posts Tagged ‘irs’
Federal Tax Bracket Chart
July 10th, 2009
Question: Did the Federal Income tax rate for the highest bracket really go up to 94% during WWII?
I am reading an article in Wikipedia:
http://en.wikipedia.org/wiki/Income_tax_in_the_United_States
It has a chart that says that the highest bracket in 1944 went up to 94%… is this true? I know Wikipedia sometimes has errors… this just doesn’t seem possible! That means that some who made a million dollars (I imagine that would be the in the highest bracket) would have to pay $940,000 in federal taxes… they would be left with $60,000 (and maybe still have to pay state taxes!). In fact, the historical tax bracket for the highest income seems to always been higher than now, at least until the Reagan era (I do have to admit I think he was right in lowering… I don’t care how much you make, anything over 50% is ridiculous!!)… but it does make me wonder why the heck people are complaining so much about taxes now…
Answer: The points made above about the marginal tax rate is very important. Only the portion of income above that bracket minimum would be taxed at the top rate, rather than one’s entire income.
To use a modern example (using 2008 tax tables) a single person with taxable income of $400K would be in the 35% tax bracket. However, only the amount over $357,701 is taxed at 35%. That person’s total tax would be (again using the 2008 tables) $118,597. That comes out to an effective rate of 29.65%.
Fort Worth school district trustee goes overboard with rhetoric
Millions of dollars are at stake for firms that want to collect delinquent taxes.
Joe Scarborough: Rich people don’t need more tax cuts
Posted in Tax Charts | 
Tags: 2009 federal tax bracket chart, finance, irs, money, tax, taxes | 
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Federal Tax Free Gifts
July 7th, 2009
Question: Did the IRS tax Jon & Kate for the value of all the “free gifts and services” that they have received?
Contestants on game shows and lottery winners are required to pay Federal Income Tax on their earnings. Can I get copies of the Gosselin’s 2007 and 2008 Income Tax Returns under the Freedom of Information Act?
Answer: If you had the right to get a copy of their return under the Freedom of Information Act that would mean that I could get yours. I don’t think you paid tax on your last birthday gift so I will check.
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We’re Right, They’re Wrong: A Handbook for Spirited Progressives $0.01 Just in time for the primaries, a top adviser to President Clinton uses his trademark historic, pointed arguments and homespun wit to deflate GOP claims that nothing is amiss in America that budget-cutting won’t cure. Filled with political war stories and including such special features as the Republicans’ Biggest Lies and the Most Expensive Boondoggles, Carville’s accessible reponse to the GOP’s … |
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Federal Estate and Gift Taxation in a Nutshell $24.50 Use this comprehensive guide as a course supplement or as a refresher for members of the bar. Expert commentary summarizes the law and offers critical evaluation on the essentials of estate, gift, and generation-skipping tax planning, and reform proposals and fundamental alternatives to the current transfer tax system. Additional chapters cover annuities; inclusion and valuation; exemptions and ex… |
Toole pleads guilty in federal court; accepts responsibility
SCRANTON – Michael T. Toole walked into the federal courthouse a judge on Tuesday morning. He walked out four-and-a-half hours later an admitted case-fixer and tax cheat facing more than three years in prison. One of the U.S. marshals who passed the cont
Tax Tips & Advice : How to Give Tax-Free Gifts
Amend Taxes 2008
June 29th, 2009
Question: If I decide to amend my 2008 tax returns to claim the first time home buyer’s tax-credit…..?
How long will it take to receive the money?
Answer: at least 12 weeks. maybe more if the IRS asks you to provide more information (i.e., settlement statement). I would count on no sooner than 16 weeks to be safe.
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Congress extends, amends research credit.: An article from: Journal of Accountancy $9.95 This digital document is an article from Journal of Accountancy, published by American Institute of CPA’s on January 1, 2009. The length of the article is 626 words. The page length shown above is based on a typical 300-word page. The article is delivered in HTML format and is available immediately after purchase. You can view it with any web browser.Citation DetailsTitle: Congress extends, amends… |
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TurboTax Basic Federal + e-File 2010 – [Old Version] $4.99 The Intuit TurboTax Basic Tax Year 2010 Software automatically double-checks to help make sure your return is accurate. It features downloadable Audit Support Center, which provides guidance on everything you need to do if you are contacted by the IRS. And finally, it files your return electronically and prints it on plain paper…. |
County adopts budget with 10-percent tax hike
WILKES-BARRE – Luzerne County Commissioner Chairwoman Maryanne Petrilla and Commissioner Thomas P. Cooney voted Thursday to adopt a $124.8 million budget and raise the property tax rate by 10 percent. Commissioner Stephen A. Urban voted against the 2010
$8000 Home Buyer Tax Credit
Tax Accountant Liability
June 26th, 2009
Question: Have over $200k tax loss every year, need more income, wondering if marriage could be arranged for mutual help
I need more income, and it just occurred to me that a single man with high tax liability might benefit by marrying me, and giving me money in return for my tax advantage. I am not sure this would work, and am embarrased to ask my accountant. A good lawyer and tax accountant for each of us would be involved of course, so all the legal and tax bases would be covered. If it’s at all feasible, the next question would be how to find such an individual .
Answer: Why dont you just mention this to people you know?
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The Adviser’s Guide to Doing Business With the IRS $98.75 If you have a client with a tax collection problem, you need this book to address their concerns. They may think that they do not owe the asserted tax liability, or that it has been incorrectly computed. And they will want to know when the IRS may enforce collection of the debt and levy on their assets. The answers are in The Adviser’s Guide to Doing Business with the IRS, written by IRS expert We… |
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Taming the beast of liability. (accountants’ liability)(Cover Story): An article from: The National Public Accountant $5.95 This digital document is an article from The National Public Accountant, published by National Society of Public Accountants on August 1, 1996. The length of the article is 2857 words. The page length shown above is based on a typical 300-word page. The article is delivered in HTML format and is available in your Amazon.com Digital Locker immediately after purchase. You can view it with any web br… |
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Self-employment tax treatment of LLC members.(limited liability company): An article from: The National Public Accountant $5.95 This digital document is an article from The National Public Accountant, published by National Society of Public Accountants on January 1, 1999. The length of the article is 592 words. The page length shown above is based on a typical 300-word page. The article is delivered in HTML format and is available in your Amazon.com Digital Locker immediately after purchase. You can view it with any web br… |
Reporting statute proposed for LLCs
Secretary of State Delbert Hosemann wants the Legislature to approve a new reporting requirement for limited liability companies, something they have not been required to do.
Certified Public Accountant Reg Tax Sample Movie 1
Online Tax Payments To Irs
June 25th, 2009
Question: Having trouble filing taxes online!!!?
I am trying to file my friends taxes online using taxslayer.com. When it asks for her economic stimulus amount from last year she does not know that information and it has to be the exact amount or the irs will reject it. So the site then gives an option to find out how much she received by entering her SS#, filing status for 2007, and the number of exemptions for 2007. Im putting in the right information for that and ever other combination that it could possibly be (Example: SS#,single, exemptions 2. and then i’ll try head of house hold, exemptions 2. and so on and so on) and its telling me that the info is wrong. I just did this for my boyfriend and everything went fine. anyway I need to find out the exact amount of her stimulus payment from last year. How do I do that? Thanks!
Answer: she needs to give you a copy of her 1040 from last year, that’s the only way you know for sure what she put.
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TurboTax Home & Business Federal + e-File + State 2010 – [Old Version] $7.99 Designed for sole proprietors, self-employed, consultants, 1099 contractors, and single-owner LLCs. Expanded interview walks you through entering business income and expenses to help you maximize business and personal deductions, home office deductions, depreciation and more. Create W-2 and 1099-MISC forms for your employees and contractors. The Intuit TurboTax Home & Business Tax Year 2010 Softwa… |
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TurboTax Home & Business Federal + State + Federal efile 2009 $42.89 TURBOTAX HOME & BUSINESS WITH… |
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TurboTax Basic Federal + e-File 2010 – [Old Version] $4.99 The Intuit TurboTax Basic Tax Year 2010 Software automatically double-checks to help make sure your return is accurate. It features downloadable Audit Support Center, which provides guidance on everything you need to do if you are contacted by the IRS. And finally, it files your return electronically and prints it on plain paper…. |
5 Small Businesses Tax Tips for 2010 from DebtGuru.com
Start preparing for next year’s tax season now to make it much easier for tax time. Find many more tips on the Debt Guru blog at http://www.debtguru.com/finances/top-twelve-tax-tips-for-small-businesses.
Tax Troubles? Make Your IRS Payments with some Help