Taxes

Smitty Carmichael: What are the tax benefits for my situation? I am paid a salary to go to grad school. A got a w2 for this salary a few days ago. In addition, the tuition is paid for but is considered taxable. I also received a w2 form for this tuition payment to my school. I have a few odd quesitons that hopefully someone can help me out with … [Read more...] about What are the tax benefits for my situation?

Tamug01: How come the US government can change tax laws over and over again during tax season? With certain tax law changes since the beginning of 2007, my CPA is having to correct my taxes several times. It doesn't seem right that the govt can change tax laws several times during tax season. Other than "because they are the govt," how come they … [Read more...] about How come the US government can change tax laws over and over again during tax season?

Ŀëммϊ ;) ωϊηκﯤ: How can property taxes be going up while values are decreasing? We are buying a home. I checked the property on a title company website, and in 2007 the home's taxes were at $ 800. In 2008 the taxes were $ 1000. How can the government charge more in taxes when home values are in decline? Answers and Views: Answer by Your Y!A … [Read more...] about How can property taxes be going up while values are decreasing?

GaMeFaNaTiC: Tax!!!!!!!!!!? Lets say your in a art store or something and you plan to buy 4 marker's eack costing $ 3.69. How much will it actually cost after sales taxs was added?? And if you could explain how you got the total price. Thank You! Answers and Views: Answer by DixieYou need to know what state you are in and how much the … [Read more...] about Tax!!!!!!!!!!?

Mark Z: How can my wife and I maximize the advantages of itimized vs standard tax decuction years? Last year my wife and I doubled up on our chartible contributions and property taxes to get an itimzed deduction of $ 17K. This year we'll take the standard deduction. Last year we each saved 4K in Roth IRAs, plus 20K combined in our 401Ks (maxing … [Read more...] about How can my wife and I maximize the advantages of itimized vs standard tax decuction years?

KL: How does the tax deduction work for mortgage interest payments? Is this the correct formula for the tax deduction: Tax rate of 38.5% times all the mortgage interest I paid in the past year? Also, If I owe $ 100 in taxes but my deduction is $ 125 (based on formula above) does that mean the govt. will send me a check for $ 25? Answers … [Read more...] about How does the tax deduction work for mortgage interest payments?