The Small Business Tax Help Blog

Posts Tagged ‘tax_articles’

Question: How much Taxes do I owe?? My total 2009 income was $97,000 I paid $20,000 in taxes -?

I have 3 kids all below 17 and a non working wife. Paid $2,500 in house taxes, contributed only $2,000 to my 401K. I have a bad debt of $6,000 for a business that went dead this year and I am not quite sure how to write that off yet! Will I be in the 15% bracket or the 25%?? What is my estimated return and what are the rules for the bad debt??
Additional Details – the state is Missouri
FEDERAL W/H $ 10,040.88
FEDERAL MED/EE $ 1,157.33
FEDERAL OASDI/EE $ 4,948.59
Missouri W/H $ 3,601.00
The business went dead in 2009.
I only claimed 1 exemption all year round.

Answer: There is a tax calculator on turbo tax.com and they got my return dead on. Try it out, good luck!!

To Fix Mortgages, Rein In Borrowers

One way to untie the knotted American mortgage market might be to stiffen the rules on home loans.

4-15-2009 Kingsport, TN Tea Party Tax Protest (PART 1)

Question: What are the tax rules on settlements??? Please Help!!!!?

My fiance got a settlement from his previous employer that included some compensatory damages. He also drew unemployment for a while. How is this going to affect him on the upcoming tax year??? Should he try and pay some estimated tax on this money so he doesn’t get penalized?? They said that they would send him a 1099 form but he is afraid that he willhave to pay his unemployment back if he has to report it on this form. Does anyone know?? Your answers will be a great help to us as we try to plan for our wedding and the purchase of a home with some of this money. Thanks!!
$10,000 backpay with taxes already taken out so he got a check for $7,800.
$30,000 comp. damages b/c he had to move, drive furthur to work etc…
Does this help??

Answer: It depends on what he is being compensated for. Compensation for injuries would not be taxable. Compensation for wages due would be taxable just as the wages would be. As a rule, if you would have been taxed on whatever you are being compensated for, you are taxed on the compensation. You can generally avoid penalties by having extra withheld from your current paycheck to cover what you would have sent as a quarterly estimated payment. Without some details, it is difficult to give a precise answer.

Second scandal rocks ConDem coalition as Chief Treasury Secretary admis dodging tax

David Cameron’s ConDem coalition is reeling today from a second expenses scandal – barely 24 hours after David Laws became the first Cabinet casualty.

Why Ron Paul is a Loon – Part 1: He Supports Spoilt Brats