Posts tagged as:

income-tax

Tax Day Looms for Procrastinators

12 October 2009

Happy Columbus Day! It’s a holiday for many across the country. I can think of a bunch of fun ways to spend a day off.
However, if you’re one of those taxpayers who filed an extension waaaay back in April to get a little extra time to file your federal income tax [...]

1 comment Read the full article →

Ask the taxgirl: Reporting Dicey Income

9 October 2009

Taxpayer asks:
I have a difficult situation. I won a lot of money in my church’s 50/50. I know I have to report it as income but when I asked for written information from my church, they asked me not to report it. They say they aren’t legally allowed to run a 50/50 [...]

2 comments Read the full article →

Tax or No Tax?

30 September 2009

The good news: nearly 50% of American households (47%, to be precise) won’t pay any federal income tax in 2009.
The bad news: the remaining 50% (or so) will have to foot the bill for everyone.
You can thank (or blame) the new economic recovery package for bumping the percentage of taxpayers who won’t be [...]

10 comments Read the full article →

Hey Congress, Why Don’t You…? Replace Income Tax with Sales Tax

4 September 2009

William Gifford, MBA, writes:
Congress should eliminate the current system altogether. Throw out the federal income tax because it’s too broken to be fixed.
In it’s place, I think we should pass something like the VAT in Europe: a federal sales tax. Think about it. Rather than penalize people for making more money, [...]

4 comments Read the full article →

Ask the taxgirl: Income Tax on Gifts

25 July 2009

Taxpayer asks:
Recently my father-in-law passed away. My Mother-in-law is planning on selling her home and giving each child $10,000 and then putting the rest in CDs and she is planning on doing this before the end of the year. How will this affect the income tax that we have to pay? My [...]

5 comments Read the full article →

PA Tax Hike Higher Than Expected

17 June 2009

Initially, reports out of my home state of Pennsylvania were that Governor Rendell planned to raise income taxes by about 10% to 3.37%. This week, Governor Rendell outlined his plan to raise income taxes by 16% to 3.57%.
Under Rendell, the tax rate has increased once before, in 2004, an increase that was made [...]

3 comments Read the full article →

NJ Taxes On the Rise

12 June 2009

NJ is not exactly known for affordable living – especially when it comes to taxes. It appears that will only get worse in 2009 as lawmakers scramble to close holes in the budget. The state budget currently sits at $28.6 billion, about $4 billion less than last year.
Faced with flat revenues, [...]

3 comments Read the full article →

Ask the taxgirl: The President and Income Taxes

20 May 2009

Taxpayer asks:
Does the President have to pay income tax?
–
I get that question a lot. And this week, I also received this question:
–
Taxpayer asks:
Does the President pay income taxes to every state he visits on official business? This question occurred to me because of the pending Mobile Workforce legislation. Also, is withholding taken [...]

2 comments Read the full article →

Ask the taxgirl: How Much Money Will I Get Under Obama’s Stimulus Plan?

4 April 2009

Taxpayer asks:
I was told that I would receive all my federal tax withholding for April, May & June. However, I just heard on the local news that it would only be $12 to $15, is that true?
Thanks for your advise,
Taxgirl says:
The Making Work Pay Credit will decrease the amount withheld from your paycheck by the [...]

1 comment Read the full article →

Ask the taxgirl: Reporting 1099 Income

19 March 2009

Taxpayer asks:
To Whom it may concern,
I have a 1099 form that records that I made $600.50. I have a regular job that I have my W-2 with. Because the amount is $600.50, do I need to include it on my 2008 taxes?
If so, can you advise me how? Never have done this before.
Thanks.
Taxgirl [...]

1 comment Read the full article →

← Previous Entries