The Tax Preparation Blog

Posts Tagged ‘realestate’

Question: Income tax question????????

If I were to make $150 000, while living in Montreal, Quebec (Canada), how much would I be taxed?

Can i have some details please?

Answer: About $27k for Federal and $29 for provincial for a total of $56,000.

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Santander Fin Pref – Tax Certification

Santander Fin Pref – Tax Certification

Disability Insurance Income- Do I Have To Pay Tax On it? Canada

Question: what to do with my fidelity account?

I never knew anything about fidelity investments and have not filled out any info. (as far as I know!) to invest money in anything. My point is, I was on a summer job program from unique hr with the city of dallas this year, and after my summer job was over. I now have gotten this retirement statement saying i have money on it and after reading the letter and stuff. I read that 20% tax will be withheld from the amount i want to receive as a check because of the amount being under 1000 bucks. I haven’t done anything yet because i don’t know anything about this or what to do. I just know that i have until dec. to make a decision, and so far i have not gotten a regular job yet. For those who know about this stuff, please help. what should i do?

Answer: The following is an educated guess. You need to call the City of Dallas Human Resources, Fidelity Investments, or the Department of the City you worked for to get a final answer.

Dallas may have a “Qualified Tax-deferred Retirement Plan.” If so, that plan deducts a certain amount of each paycheck invests it in various ways — mutual funds, money market funds, bond funds, etc. You choose how you want your money invested — i.e., which funds.

Apparently, if you have more than $1,000 in the Plan, you don’t pay taxes on it until you withdraw it. Usually, that will be when you retire and are in a lower tax bracket. However, since you have less than $1,000, they pay Income taxes on it at the 20 percent rate.

At this point, you have a couple of choices: 1. Take it all out of the plan and pay income taxes on it.
2. Let it ride until you have $1,000 or more, or make additional contributions to get it to the $1,000 level so you won’t pay taxes until you withdraw it.

If you let it ride, you can probably choose from many different investments, from very safe but low earning, to very risky put potentially high earnings. Which should you choose? If you’re young, live dangerously and go for growth investments. If you guess wrong, you have a lot of time to make up for lost earnings. If you’re older, play it safe. You don’t want to make risky choices late in the game, when you’re ahead.

But as I said, the above is just a guess based on limited information. Make some phone calls and ask questions. Don’t be afraid to sound dumb — everyone starts out dumb.

POLITICAL HOT TOPICS: Thursday, December 23, 2010

The CNN Washington Bureau’s morning speed read of the top stories making news from around the country and the world….

Careers at Weaver

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Time really is money

When it comes to financing college, “know the deadlines and don’t miss them.” That was the most important financial aid advice Helen Nunn said she had for the parents of college-bound Mifflinburg Area High School students who gathered Monday night for a primer on how to get those needed funds.

Mortgage Watchdog Interest Calculator Saves You Bank Rip Off

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Politics live blog – Tuesday 30 November

Rolling coverage of all the day’s political news as it happens 1.38pm: John Healey, the shadow health secretary, was on the Daily Politics show earlier and he had various points to make about Andrew Lansley’s white paper. According to PoliticsHome, here are the main points. • Healey dismissed the idea that putting new taxes on alcohol would be good for public health. I was a Treasury minister …

Flaherty announces $34 billion deficit, prepared for more

Question: Tax deed sale in FL for empty lot?

I’m looking to bid on a lot in FL (no house on it just empty lot) and I have some Questions. The owner lives in California. Where do I go to find out if it has liens from the IRS or from a Mortgage company? I looked up online & the back taxes were only $1300, can this be right? A guy is letting his property be auctioned off for 1300$? I’m getting really confused reading stuff & I’m not sure what I’m doing.

Answer: If your bidding on a property that is being sold for back taxes by the tax office or county you need to read all the facts that pertain to the sale. Usually you don’t have to worry about any other liens. In many states the owner has one year to buy the property back. I’m sure the office in charge of the sale will provide you with all the facts of the sale. They may not provide you with all the facts pertaining to the property such as building restrictions etc. If you don’t understand them seek advise from someone who does. Many times there is a reason why the property is being sold for back taxes other than just owner neglect. Remeber it is an auction and will go to the highest bidder.

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Scranton grapples with multimillion dollar tax-deliquency dilemma

Officially distressed since 1992 and saddled with a projected budget hole of about $5 million next year, the city of Scranton has failed to collect about $11 million in delinquent property taxes, some of which have gone unpaid for as long as 64 years.

Tax Deed Sales