How is income separated between business income and S-Corp income?
Q. My friend is a professional snowboarder who set up an S Corp last year at his accountant's insistence. He has parted ways with the accountant and wants to file on his own, but on the "Income tax summary" he received from his accountant last year, there is "Business income" and "Rent, royalty, partnership, SCorp, Trust" income and he has amounts in both areas. My question is how the accounant determined which amounts belonged in which areas--his income comes directly from his sponsors and he gets 1099 forms from them, and the only other income he has is from contest wins. He is the only owner/employee of the SCorp and does not have any complex accounting issues. I pretty much just want to know if income needs to be separated (onto Schedules… [cont.]
Asked by lulu22785 - Sun Sep 2 19:21:53 2007 - - 2 Answers - 0 Comments
A. The most likely reason is that the S-corp did not exist at the beginning of the year and all income from before it's existance would be considered self-employment income (Schedule C). S-Corps do NOT use Schedule E. They are their own entity and have to file their own return and pass the income to your friend via a K-1 or similar document. My advise to you and your friend is to forget doing this on your own and find a competent CPA or Premium H&R Block office (Premium offices are rarer and handle the really complicated returns like this).
Answered by Patrick S - Sun Sep 2 19:36:51 2007
Q. My friend is a professional snowboarder who set up an S Corp last year at his accountant's insistence. He has parted ways with the accountant and wants to file on his own, but on the "Income tax summary" he received from his accountant last year, there is "Business income" and "Rent, royalty, partnership, SCorp, Trust" income and he has amounts in both areas. My question is how the accounant determined which amounts belonged in which areas--his income comes directly from his sponsors and he gets 1099 forms from them, and the only other income he has is from contest wins. He is the only owner/employee of the SCorp and does not have any complex accounting issues. I pretty much just want to know if income needs to be separated (onto Schedules… [cont.]
Asked by lulu22785 - Sun Sep 2 19:21:53 2007 - - 2 Answers - 0 Comments
A. The most likely reason is that the S-corp did not exist at the beginning of the year and all income from before it's existance would be considered self-employment income (Schedule C). S-Corps do NOT use Schedule E. They are their own entity and have to file their own return and pass the income to your friend via a K-1 or similar document. My advise to you and your friend is to forget doing this on your own and find a competent CPA or Premium H&R Block office (Premium offices are rarer and handle the really complicated returns like this).
Answered by Patrick S - Sun Sep 2 19:36:51 2007
What income level families can afford computers?
Q. I'm doing research on Peterborough, Ontario and families affordability when it comes to computers. (But this can be looked at from an North American family POV) As the age of technology is advancing, some technology is become cheaper. What the bottom line is, I would like to know what class of family can afford computers. Where is the affordability line drawn? Which of the following options below would you say is the minimum for the ability for a family to afford the cost of a computer? (I know some figure below are obvious that those types of families can afford a computer, but I want to know WHERE does the get drawn?) What is the exact, absolute minimum income of a family to be able to afford a computer. I suppose that this question… [cont.]
Asked by JB - Sat Apr 18 17:11:30 2009 - - 1 Answers - 0 Comments
A. Persons with income of $10,000 and over Um... I have owned several personal desktops and one laptop making under 15,000. Not all at once of course. I mean to say each time I have purchased a new computer my income was under 15,000 gross a year. Mainly I can afford this because I do not have to pay property taxes since I rent and also because I do not have debt that requires me to use my income tax return. So I can use my income tax return towards new purchases. Dunno if this helps at all but I thought I would offer the info.
Answered by Naikidis - Sat Apr 18 17:25:23 2009
Q. I'm doing research on Peterborough, Ontario and families affordability when it comes to computers. (But this can be looked at from an North American family POV) As the age of technology is advancing, some technology is become cheaper. What the bottom line is, I would like to know what class of family can afford computers. Where is the affordability line drawn? Which of the following options below would you say is the minimum for the ability for a family to afford the cost of a computer? (I know some figure below are obvious that those types of families can afford a computer, but I want to know WHERE does the get drawn?) What is the exact, absolute minimum income of a family to be able to afford a computer. I suppose that this question… [cont.]
Asked by JB - Sat Apr 18 17:11:30 2009 - - 1 Answers - 0 Comments
A. Persons with income of $10,000 and over Um... I have owned several personal desktops and one laptop making under 15,000. Not all at once of course. I mean to say each time I have purchased a new computer my income was under 15,000 gross a year. Mainly I can afford this because I do not have to pay property taxes since I rent and also because I do not have debt that requires me to use my income tax return. So I can use my income tax return towards new purchases. Dunno if this helps at all but I thought I would offer the info.
Answered by Naikidis - Sat Apr 18 17:25:23 2009
What is income Tax expense a percetage of?
Q. I have an adjusting journal entry that says Income Tax Expense is .32 with no extraordinary or unusual items to consider in this calculation. What is this a percentage of? What is the calculation? I have the entry as a debt to Income Tax Expense and a Credit to Income Tax Payable.
Asked by eight20one - Tue Oct 9 01:18:43 2007 - - 2 Answers - 0 Comments
A. Income Tax Expense is a percentage of Net Income. Your entry is correct. So you have to calculate Net Income Before Income Tax, skip a line, put Income Tax and the formula of .32*the cell with NIBIT, then total it and call it Net Income After Income Tax.
Answered by Frank - Tue Oct 9 07:25:03 2007
Q. I have an adjusting journal entry that says Income Tax Expense is .32 with no extraordinary or unusual items to consider in this calculation. What is this a percentage of? What is the calculation? I have the entry as a debt to Income Tax Expense and a Credit to Income Tax Payable.
Asked by eight20one - Tue Oct 9 01:18:43 2007 - - 2 Answers - 0 Comments
A. Income Tax Expense is a percentage of Net Income. Your entry is correct. So you have to calculate Net Income Before Income Tax, skip a line, put Income Tax and the formula of .32*the cell with NIBIT, then total it and call it Net Income After Income Tax.
Answered by Frank - Tue Oct 9 07:25:03 2007
How is Income verified when you do a document income loan?
Q. How do they verify your income? If you do a documented income loan for a home refi?
Asked by MusicMatchTheseSongsThnx - Sat Mar 1 15:16:00 2008 - - 2 Answers - 0 Comments
A. CIA is a baby. They know all about our life from 18 (adresses, everything) I found The best info about your Question HERE: (VERY good loans - c.cards - credit repair & score; info) Good luck!
Answered by romy - Sat Mar 1 15:34:29 2008
Q. How do they verify your income? If you do a documented income loan for a home refi?
Asked by MusicMatchTheseSongsThnx - Sat Mar 1 15:16:00 2008 - - 2 Answers - 0 Comments
A. CIA is a baby. They know all about our life from 18 (adresses, everything) I found The best info about your Question HERE: (VERY good loans - c.cards - credit repair & score; info) Good luck!
Answered by romy - Sat Mar 1 15:34:29 2008
How much income tax do savings cost?
Q. I've heard that you only have to pay income tax on savings accounts if you take out money. Is that true? If you do take out money how much do you have to pay. What if you took out money to pay for classes, will you have to pay less income tax; how much less? What other things can you buy that will cost you less or no income tax? Can you give me an example?
Asked by MHrice73 - Sun Jan 27 16:04:05 2008 - - 2 Answers - 0 Comments
A. What kind of savings account? If this is a regular account at the bank, you pay tax on the interest income each year but nothing when you take the money out. If it's a brokerage account invested in mutual funds, then there can be capital gains when the mutual funds are sold (and you have to sell them to get the money out). The tax is only on the GAIN, not the entire amount. Commonly called UGMA and UTMA accounts. If this is a tax deferred savings account (529 plan or coverdell ESA), then you don't pay taxes each year, but then look at what the money is spent on when it's withdrawn. If it's used for qualified educational expenses, it's tax exempt. If not, tax + 10% penalty.
Answered by the tax lady - Sun Jan 27 16:09:14 2008
Q. I've heard that you only have to pay income tax on savings accounts if you take out money. Is that true? If you do take out money how much do you have to pay. What if you took out money to pay for classes, will you have to pay less income tax; how much less? What other things can you buy that will cost you less or no income tax? Can you give me an example?
Asked by MHrice73 - Sun Jan 27 16:04:05 2008 - - 2 Answers - 0 Comments
A. What kind of savings account? If this is a regular account at the bank, you pay tax on the interest income each year but nothing when you take the money out. If it's a brokerage account invested in mutual funds, then there can be capital gains when the mutual funds are sold (and you have to sell them to get the money out). The tax is only on the GAIN, not the entire amount. Commonly called UGMA and UTMA accounts. If this is a tax deferred savings account (529 plan or coverdell ESA), then you don't pay taxes each year, but then look at what the money is spent on when it's withdrawn. If it's used for qualified educational expenses, it's tax exempt. If not, tax + 10% penalty.
Answered by the tax lady - Sun Jan 27 16:09:14 2008
What is the maximum income I can make and not be required to file income taxes?
Q. I have been on SSA the past 7 years and have not filed income taxes. I am a full-time student. Last year, I did work some to supplement my income but it was under $9,000 for the full year, do i need to file income taxes? I claimed exempt all year so did not pay in anything.
Asked by illusionary_epiphany - Sun Feb 5 21:02:31 2006 - - 2 Answers - 0 Comments
A. I filed anyway one year, when I only made like $6,000-$7,000 and I got back over $600. I was very surprised. You might do it online for kicks just to see if you have anything coming to you. If not just leave it unfiled. Good luck !
Answered by Deva - Mon Feb 6 19:36:04 2006
Q. I have been on SSA the past 7 years and have not filed income taxes. I am a full-time student. Last year, I did work some to supplement my income but it was under $9,000 for the full year, do i need to file income taxes? I claimed exempt all year so did not pay in anything.
Asked by illusionary_epiphany - Sun Feb 5 21:02:31 2006 - - 2 Answers - 0 Comments
A. I filed anyway one year, when I only made like $6,000-$7,000 and I got back over $600. I was very surprised. You might do it online for kicks just to see if you have anything coming to you. If not just leave it unfiled. Good luck !
Answered by Deva - Mon Feb 6 19:36:04 2006
Are state income taxes based on the address of the employer or the employee?
Q. I worked in New York over the summer, but I'm a California resident, and I used my California address for all the paperwork, so that's the address listed on my W-2 (and also where all my paychecks were sent). I have to file tax returns for both states either way, but I'm not sure whether to list my summer pay as NY or CA income. Is what state my income was earned in determined by my employer's address, or by my address as listed on my W-2? If it's considered NY income, then do I file my CA tax return as a part-year resident, or will I have to CA tax on it as well?
Asked by EmilyRose - Tue Apr 10 22:24:03 2007 - - 3 Answers - 0 Comments
A. pisceswise is correct, but not complete. You will file a NY Non Resident return for your New York income only. You will file a CA Resident Return for all income including the income earned in NY. CA should give you a credit for taxes paid to NY. If CA's tax rate is higher than NY, your credit should be the total amount of tax paid to NY. If CA is lower, then your credit will be limited to the tax that CA would have assessed on that income.
Answered by Mark S - Wed Apr 11 00:38:13 2007
Q. I worked in New York over the summer, but I'm a California resident, and I used my California address for all the paperwork, so that's the address listed on my W-2 (and also where all my paychecks were sent). I have to file tax returns for both states either way, but I'm not sure whether to list my summer pay as NY or CA income. Is what state my income was earned in determined by my employer's address, or by my address as listed on my W-2? If it's considered NY income, then do I file my CA tax return as a part-year resident, or will I have to CA tax on it as well?
Asked by EmilyRose - Tue Apr 10 22:24:03 2007 - - 3 Answers - 0 Comments
A. pisceswise is correct, but not complete. You will file a NY Non Resident return for your New York income only. You will file a CA Resident Return for all income including the income earned in NY. CA should give you a credit for taxes paid to NY. If CA's tax rate is higher than NY, your credit should be the total amount of tax paid to NY. If CA is lower, then your credit will be limited to the tax that CA would have assessed on that income.
Answered by Mark S - Wed Apr 11 00:38:13 2007
Is income earned through the federal work study program taxable?
Q. We recieved a w-2 for the income, but the job is provided through the financial aid program, so i didnt expect it to be taxed. plus, no taxes of any kind were taken out on the w-2. I am assuming that i should probably include it with the rest of our income. does anybody elsehave any experience with this? Thanks, and please don't answer unless you happen to know what you're talking about.
Asked by I Like Cheese - Fri Feb 1 22:53:13 2008 - - 3 Answers - 0 Comments
A. Cheese, Yes, Work Study is taxable income and will/should be included on your 07 tax forms. That being said it will also be included in your "Adjusted Gross income" line on your FAFSA application, your "Income Earned from working" line on your fafsa and included on " Worksheet C" of your fafsa. Whew... I almost broke a sweat!! Good luck.. making me work!
Answered by Found-1 - Mon Feb 4 23:31:31 2008
Q. We recieved a w-2 for the income, but the job is provided through the financial aid program, so i didnt expect it to be taxed. plus, no taxes of any kind were taken out on the w-2. I am assuming that i should probably include it with the rest of our income. does anybody elsehave any experience with this? Thanks, and please don't answer unless you happen to know what you're talking about.
Asked by I Like Cheese - Fri Feb 1 22:53:13 2008 - - 3 Answers - 0 Comments
A. Cheese, Yes, Work Study is taxable income and will/should be included on your 07 tax forms. That being said it will also be included in your "Adjusted Gross income" line on your FAFSA application, your "Income Earned from working" line on your fafsa and included on " Worksheet C" of your fafsa. Whew... I almost broke a sweat!! Good luck.. making me work!
Answered by Found-1 - Mon Feb 4 23:31:31 2008
What amount of income is considered a middle class income for a single person?
Q. What amount of income do people consider to be "A middle class income" for a single person with no children? Does it start at $40,000, $50,000, or $60,000? I want to hear opinions.
Asked by Sam Darren - Mon Apr 30 16:02:18 2007 - - 5 Answers - 1 Comments
A. Middle class believe it or not is $35K - $40K for a single person with no children. However, it's a pain come tax season.
Answered by Jennifer - Mon Apr 30 16:06:48 2007
Q. What amount of income do people consider to be "A middle class income" for a single person with no children? Does it start at $40,000, $50,000, or $60,000? I want to hear opinions.
Asked by Sam Darren - Mon Apr 30 16:02:18 2007 - - 5 Answers - 1 Comments
A. Middle class believe it or not is $35K - $40K for a single person with no children. However, it's a pain come tax season.
Answered by Jennifer - Mon Apr 30 16:06:48 2007
What is the minumum income in order to report and pay taxes?
Q. What is the minumum annual income for reporting your income to the IRS? What is the minumum annual income for paying taxes to the IRS?
Asked by Advisory Service - Thu Feb 7 12:43:30 2008 - - 3 Answers - 0 Comments
A. you don't have to file taxes unless you make more than the standard deduction and personal exemption for your filing status. if you're single, it's 5350 + 3400, so 8750. if you haven't made that much the entire year, then you don't have to file.
Answered by dewkisses02 - Thu Feb 7 12:46:59 2008
Q. What is the minumum annual income for reporting your income to the IRS? What is the minumum annual income for paying taxes to the IRS?
Asked by Advisory Service - Thu Feb 7 12:43:30 2008 - - 3 Answers - 0 Comments
A. you don't have to file taxes unless you make more than the standard deduction and personal exemption for your filing status. if you're single, it's 5350 + 3400, so 8750. if you haven't made that much the entire year, then you don't have to file.
Answered by dewkisses02 - Thu Feb 7 12:46:59 2008
How much income is needed to be able to file income tax in IL?
Q. I made close to $4,000 last year and I have two dependents and I was wondering is it enough to file income tax and if so, what is the estimated amount I may get back? Thanks.
Asked by lovelyheart - Wed Jan 28 11:53:05 2009 - - 2 Answers - 0 Comments
A. 1) Yes you can file if you want to get the money they took out of your pay during the year (period you worked that year). Federal witholdings is what its called. So yes for that reason. 2) Yes, you have 2 dependents and with 4000 I think you would still get the maximum EIC plus Child Tax Credits. Now this is tricky because you have to be under a certain age for the Child Tax Credit but you have to meet certain criteria for the EIC (Earned Income Credit)... 3) I could give you an exact estimate if you want and let you know exactly what you would get back but I would need more details in order to do your calculations!
Answered by Jarrell J - Wed Jan 28 11:59:45 2009
Q. I made close to $4,000 last year and I have two dependents and I was wondering is it enough to file income tax and if so, what is the estimated amount I may get back? Thanks.
Asked by lovelyheart - Wed Jan 28 11:53:05 2009 - - 2 Answers - 0 Comments
A. 1) Yes you can file if you want to get the money they took out of your pay during the year (period you worked that year). Federal witholdings is what its called. So yes for that reason. 2) Yes, you have 2 dependents and with 4000 I think you would still get the maximum EIC plus Child Tax Credits. Now this is tricky because you have to be under a certain age for the Child Tax Credit but you have to meet certain criteria for the EIC (Earned Income Credit)... 3) I could give you an exact estimate if you want and let you know exactly what you would get back but I would need more details in order to do your calculations!
Answered by Jarrell J - Wed Jan 28 11:59:45 2009
What proportion of your income should be spent on car payments ?
Q. I was wondering what proportion of your income should be spent on car payments. If you should only spend no more than 25% and of your income on rent to be safe financially, I am assuming that no more than 10% of your income should be spent on car payments. Is this a good estimate of how much money I should spend on my next new car yearly?
Asked by Miami - Sat Jul 25 22:43:45 2009 - - 3 Answers - 0 Comments
A. You should save up your money and pay cash for a decent used car. No payments.
Answered by David M - Sat Jul 25 23:11:50 2009
Q. I was wondering what proportion of your income should be spent on car payments. If you should only spend no more than 25% and of your income on rent to be safe financially, I am assuming that no more than 10% of your income should be spent on car payments. Is this a good estimate of how much money I should spend on my next new car yearly?
Asked by Miami - Sat Jul 25 22:43:45 2009 - - 3 Answers - 0 Comments
A. You should save up your money and pay cash for a decent used car. No payments.
Answered by David M - Sat Jul 25 23:11:50 2009
What is the Amount of Income Required To File a Tax Return?
Q. Hi, (1) Can somebody please tell me what amount of income requires you to file a federal & state & social security taxes for each of the year since 1990 ? ( I mean filing Requirement for an unmarried single Person ) I need to know for each of those years.I am single unmarried individual. (2) If my income is below the filing requirement amount, am I still suppose to file for a state tax return ? If yes where can I get the tax rate table & forms for all those years ? (3) If income is below the filing requirement amount, am I suppose to file for social security tax ? If yes, where can I get the tax rate tables & forms for all those years ? (4) Where can I find the tax rate schedules for each of those years for all 3 Federal, state &… [cont.]
Asked by John - Fri Oct 5 06:15:04 2007 - - 5 Answers - 0 Comments
A. (1) If you are a single, unmarried person with no self-employment income, and not a dependent, the filing requirements by year are: 1990 5300 1991 5550 1992 5900 1993 6050 1994 6250 1995 6400 1996 6550 1997 6800 1998 6950 1999 7050 2000 7200 2001 7450 2002 7700 2003 7800 2004 7950 2005 8200 2006 8450 2007 8750 If you had net self-employment income of $400 or more, you are required to file for any of the above years. (2) If you are required to file a federal return, you are usually required to file a state return. If you are not required to file a federal return, you are usually not required to file a state return. But there are exceptions. Contact your state Department of Revenue or equivalent for forms for back years. (3) No,… [cont.]
Answered by ninasgramma - Fri Oct 5 08:39:45 2007
Q. Hi, (1) Can somebody please tell me what amount of income requires you to file a federal & state & social security taxes for each of the year since 1990 ? ( I mean filing Requirement for an unmarried single Person ) I need to know for each of those years.I am single unmarried individual. (2) If my income is below the filing requirement amount, am I still suppose to file for a state tax return ? If yes where can I get the tax rate table & forms for all those years ? (3) If income is below the filing requirement amount, am I suppose to file for social security tax ? If yes, where can I get the tax rate tables & forms for all those years ? (4) Where can I find the tax rate schedules for each of those years for all 3 Federal, state &… [cont.]
Asked by John - Fri Oct 5 06:15:04 2007 - - 5 Answers - 0 Comments
A. (1) If you are a single, unmarried person with no self-employment income, and not a dependent, the filing requirements by year are: 1990 5300 1991 5550 1992 5900 1993 6050 1994 6250 1995 6400 1996 6550 1997 6800 1998 6950 1999 7050 2000 7200 2001 7450 2002 7700 2003 7800 2004 7950 2005 8200 2006 8450 2007 8750 If you had net self-employment income of $400 or more, you are required to file for any of the above years. (2) If you are required to file a federal return, you are usually required to file a state return. If you are not required to file a federal return, you are usually not required to file a state return. But there are exceptions. Contact your state Department of Revenue or equivalent for forms for back years. (3) No,… [cont.]
Answered by ninasgramma - Fri Oct 5 08:39:45 2007
How can we divide tax income and expenses?
Q. My boyfriend and I are planning to start selling things on eBay. We want to split the income. Obviously the account will need to be set up through just one of us for now as we begin and see if it is something worth doing. I know the basics of how taxes work with sole proprietorships in terms of paying tax on income and keeping records of expenses, but how can I "pay" him, vise versa or divide the income? We don't want to combine our taxes in any other way.
Asked by karly - Sat Jun 20 01:58:22 2009 - - 4 Answers - 0 Comments
A. Very simple. You expense off the wages paid on Sch C (Wages). Then if it is over $600 to any individual you must send them a 1099-Misc box 7 non-employee compensation. Then that person does their own Sch C (or C-EZ).
Answered by Big Woof - Sat Jun 20 05:03:33 2009
Q. My boyfriend and I are planning to start selling things on eBay. We want to split the income. Obviously the account will need to be set up through just one of us for now as we begin and see if it is something worth doing. I know the basics of how taxes work with sole proprietorships in terms of paying tax on income and keeping records of expenses, but how can I "pay" him, vise versa or divide the income? We don't want to combine our taxes in any other way.
Asked by karly - Sat Jun 20 01:58:22 2009 - - 4 Answers - 0 Comments
A. Very simple. You expense off the wages paid on Sch C (Wages). Then if it is over $600 to any individual you must send them a 1099-Misc box 7 non-employee compensation. Then that person does their own Sch C (or C-EZ).
Answered by Big Woof - Sat Jun 20 05:03:33 2009
How will my loss of income affect the child support I receive?
Q. When filing for child support, I had an income to report in the case. I just began receiving child support checks, but I no longer have an income. Do I need to report the fact that I no longer have an income? Will that have an affect on the case, or change the amount I receive?
Asked by mommy and student - Mon May 18 17:57:15 2009 - - 2 Answers - 0 Comments
A. It depends on which state is the child's residence. Some factor the custodial parent's income into the guidelines for determining support payments from the non-custodial parent. Contact your attorney or the state child support agency to ask this question.
Answered by LovesTheConstitution - Mon May 18 18:02:13 2009
Q. When filing for child support, I had an income to report in the case. I just began receiving child support checks, but I no longer have an income. Do I need to report the fact that I no longer have an income? Will that have an affect on the case, or change the amount I receive?
Asked by mommy and student - Mon May 18 17:57:15 2009 - - 2 Answers - 0 Comments
A. It depends on which state is the child's residence. Some factor the custodial parent's income into the guidelines for determining support payments from the non-custodial parent. Contact your attorney or the state child support agency to ask this question.
Answered by LovesTheConstitution - Mon May 18 18:02:13 2009
What is a solid Residual Income Opportunity that will teach me to make extra income from home?
Q. Hi I am a strong believer in personal development and am looking for residual income business opportunity that will allow me to make extra income from home. Any ideas along that line? I hate lotion/potion companies (as do my friends and family) so, any ideas/suggestions along the lines of internet marketing?
Asked by Rob Stolz - Tue Oct 21 23:06:25 2008 - - 10 Answers - 2 Comments
A. I found something that basically describes what you were looking for (asking about) as far as earning extra income & earning residual income is concerned. It is a network marketing company that is based on self help and personal development. The guy you see in the video is Jason Cardamone, a good friend of mine... and he is doing incredibly well with Success University. I would recommend checking it out if it is something up your ally... for sure!
Answered by Arnold B. - Tue Oct 21 23:13:07 2008
Q. Hi I am a strong believer in personal development and am looking for residual income business opportunity that will allow me to make extra income from home. Any ideas along that line? I hate lotion/potion companies (as do my friends and family) so, any ideas/suggestions along the lines of internet marketing?
Asked by Rob Stolz - Tue Oct 21 23:06:25 2008 - - 10 Answers - 2 Comments
A. I found something that basically describes what you were looking for (asking about) as far as earning extra income & earning residual income is concerned. It is a network marketing company that is based on self help and personal development. The guy you see in the video is Jason Cardamone, a good friend of mine... and he is doing incredibly well with Success University. I would recommend checking it out if it is something up your ally... for sure!
Answered by Arnold B. - Tue Oct 21 23:13:07 2008
What is my responsibility to income taxes as a professional poker player?
Q. I have been playing poker professionally for the past few months and semi professional for awhile before that. I'm wondering what my responsibility is going to be to income taxes? Obviously the government is going to wonder how my house payment is being paid every month when I'm not showing any taxable income. What am I going to have to do come next tax season? Would it be a good idea to somehow launder my income by opening up a front business? Any advice will be appreciated. Thanks in advance!!
Asked by Nick P - Fri Jun 19 10:05:43 2009 - - 5 Answers - 0 Comments
A. If you are a professional gambler, i.e you derive a substantial portion of your income from gambling activities on a regular basis, then you file as self-employed and report your earnings and expenses on Schedule C and pay the self-employment tax via Schedule SE. Gambling winnings are reported to the IRS via Form W-2G so they will be looking for them either on line 21 of Form 1040 (for the casual gambler) or Schedule C (for the professional gambler). Causal gamblers can take a miscellaneous itemized deduction on Schedule A for gambling losses up to the amount of reported winnings if they keep meticulous records. Professional gamblers report their wagers -- typically the "nut" going into a tournament -- as a business expense on Schedule… [cont.]
Answered by Bostonian In MO - Fri Jun 19 10:20:39 2009
Q. I have been playing poker professionally for the past few months and semi professional for awhile before that. I'm wondering what my responsibility is going to be to income taxes? Obviously the government is going to wonder how my house payment is being paid every month when I'm not showing any taxable income. What am I going to have to do come next tax season? Would it be a good idea to somehow launder my income by opening up a front business? Any advice will be appreciated. Thanks in advance!!
Asked by Nick P - Fri Jun 19 10:05:43 2009 - - 5 Answers - 0 Comments
A. If you are a professional gambler, i.e you derive a substantial portion of your income from gambling activities on a regular basis, then you file as self-employed and report your earnings and expenses on Schedule C and pay the self-employment tax via Schedule SE. Gambling winnings are reported to the IRS via Form W-2G so they will be looking for them either on line 21 of Form 1040 (for the casual gambler) or Schedule C (for the professional gambler). Causal gamblers can take a miscellaneous itemized deduction on Schedule A for gambling losses up to the amount of reported winnings if they keep meticulous records. Professional gamblers report their wagers -- typically the "nut" going into a tournament -- as a business expense on Schedule… [cont.]
Answered by Bostonian In MO - Fri Jun 19 10:20:39 2009
How is NJ and Federal Estate and Income Tax handled for annuities and life insurance?
Q. Serving as executor - both parents passed in 2005. How is the Estate and Income Tax handled for both New Jersey and Federal returns on Annuities and Life/Term Insurance. Not sure what is taxable as Income and what is taxable to Estate. Also, not sure who pays the taxes, beneficiary or estate on the income tax - assuming there is a income tax liability.
Asked by Elisabeth F - Wed Jan 9 09:52:38 2008 - - 1 Answers - 0 Comments
A. Annuities are taxable. Life insurance is not. Each recipient will be responsible for any tax obligation as the amount will be added to the respective income for the current year paid.
Answered by ed - Wed Jan 9 09:57:59 2008
Q. Serving as executor - both parents passed in 2005. How is the Estate and Income Tax handled for both New Jersey and Federal returns on Annuities and Life/Term Insurance. Not sure what is taxable as Income and what is taxable to Estate. Also, not sure who pays the taxes, beneficiary or estate on the income tax - assuming there is a income tax liability.
Asked by Elisabeth F - Wed Jan 9 09:52:38 2008 - - 1 Answers - 0 Comments
A. Annuities are taxable. Life insurance is not. Each recipient will be responsible for any tax obligation as the amount will be added to the respective income for the current year paid.
Answered by ed - Wed Jan 9 09:57:59 2008
Can I exclude my foreign income when filing jointly with my husband whose tax status is a resident alien?
Q. I was internally transfered (within the same company) from Singapore to CA in June 2007 and are now working permanently at US. I do have incomes earned when working at Singapore, which is not covered on my w-2 form. If I file jointly with my husband as a resident alien, do I have to treat my singapore income as part of my income?
Asked by meixin_2001 - Wed Mar 12 13:17:46 2008 - - 1 Answers - 0 Comments
A. US Citizens are taxed on their world-wide income so you have to report it all. You are entitled to a foreign income exclusion and foreign tax credit.
Answered by wartz - Wed Mar 12 13:23:01 2008
Q. I was internally transfered (within the same company) from Singapore to CA in June 2007 and are now working permanently at US. I do have incomes earned when working at Singapore, which is not covered on my w-2 form. If I file jointly with my husband as a resident alien, do I have to treat my singapore income as part of my income?
Asked by meixin_2001 - Wed Mar 12 13:17:46 2008 - - 1 Answers - 0 Comments
A. US Citizens are taxed on their world-wide income so you have to report it all. You are entitled to a foreign income exclusion and foreign tax credit.
Answered by wartz - Wed Mar 12 13:23:01 2008
What is the amount of income that will be allocated to each partner using the details below?
Q. A and B are partners. at the beginning of the current year, A's capital account is $3000, and B's is $5000. A and B decided to allocate income with 10% interest on capital balances at the beginning of the period and divide the balance equally. Net income for the current year is $8000. Each partner withdrew $15000 for personal use during the year. What is the amount of income that will be allocated to each partner?
Asked by Cindy S - Fri Oct 5 11:56:05 2007 - - 1 Answers - 0 Comments
A. I think there's a typo somewhere. The partners didn't have enough to withdraw $150,000 each. In any case, it doesn't matter. The 10% interest is calculated on capital balance at the beginning of the period with the balance divided equally. At the beginning of the period the capital balances were A : $30,000 and B : $50,000, so A's interest is $3,000 and B's interest is $5,000. Net income was $80,000. Deduct the $8,000 interest and the balance is $72,000 to be divided equally, so each partner gets $36,000 in addition to his interest.
Answered by Sandy - Mon Oct 8 11:08:34 2007
Q. A and B are partners. at the beginning of the current year, A's capital account is $3000, and B's is $5000. A and B decided to allocate income with 10% interest on capital balances at the beginning of the period and divide the balance equally. Net income for the current year is $8000. Each partner withdrew $15000 for personal use during the year. What is the amount of income that will be allocated to each partner?
Asked by Cindy S - Fri Oct 5 11:56:05 2007 - - 1 Answers - 0 Comments
A. I think there's a typo somewhere. The partners didn't have enough to withdraw $150,000 each. In any case, it doesn't matter. The 10% interest is calculated on capital balance at the beginning of the period with the balance divided equally. At the beginning of the period the capital balances were A : $30,000 and B : $50,000, so A's interest is $3,000 and B's interest is $5,000. Net income was $80,000. Deduct the $8,000 interest and the balance is $72,000 to be divided equally, so each partner gets $36,000 in addition to his interest.
Answered by Sandy - Mon Oct 8 11:08:34 2007
From Yahoo Answer Search: 'income'
Thu Mar 11 06:38:32 2010 [ refresh local cache ]
[Hide]▼
news.google.com
Winnipeg Free Press
QUEBEC - Quebec's economic development minister says an increase in the provincial sales tax would be fair and be better than raising income taxes. ...
wikinvest.com
332px x 526px | 18.90kB
[source page]
Rising fuel and salary expenses have caused net and operating income to fall since fiscal year 2007 1
reviewhow.com
Know It All
ue, 09 Mar 2010 17:51:35 GM
A number of individuals usually begin to attend to their . income. taxes immediately after obtaining a suspension of W-2 from their e.
[Hide]▲
