Taxes - My Tax Return
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Answer Tax QuestionsLeased auto - income inclusion
Asked Monday, November 28, 2011 by an anonymous user
If you leased a vehicle for more than 30 days and you deduct the lease charges as opposed to using the standard mileage allowance then you must add to your income a income inclusion amount which is based on a IRS table.
IRS pub 463 has the lease tables.
IRS pub 463 has the lease tables.
Artists - Special rules
Asked Monday, November 28, 2011 by an anonymous user
If you meet certain requirements to be identified as a "Performing Artist" you can deduct all of your car expenses as a adjustment to income directly on Form 1040 instead as a itemized deduction on Schedule A. There is a 5 step requirement test that must be answered before a person is identified as a Performing artist.
What is the IRS Publication that deals with Innocent spouse relief ?
Asked Tuesday, February 13, 2001 by an anonymous user
IRS Publication 971 explains the 3 types of innocent spouse relief available. It describes who may qualify for innocent spouse relief, the separation of liability or equitable relief and how to apply. Go to the IRS website at www.irs.gov.
How do I get New York City forms ?
Asked Wednesday, February 07, 2001 by an anonymous user
If you need to get tax forms and instructions from the NYC Department of Finance, you can access the NYC government web site at http://www.nyc.gov/portal/site/nycgov/menuitem.cab0ced5cf276e94cbb5668001c789a0/
What is Bond OID accretion ?
Asked Friday, January 26, 2001 by an anonymous user
The difference between the discounted purchase price and the value at maturity is the return or yield on the bond and is called accretion. A bond's accretion must be calculated annually and this amount must be reported to the IRS as income on Form 1099. OID bonds are generally issued at a low or zero coupon and are issued at a deep discount relative to the bond's par value.
What percentage is the personal income taxes collected to the total federal revenues collected ?
Asked Tuesday, January 16, 2001 by an anonymous user
Income tax represent .396% or more of the total revenues collected. It is the largest revenue generator for the federal government.
What exactly is an Audit ?
Asked Thursday, January 11, 2001 by an anonymous user
Yes. www.taxpenalty.com
Are my excess foster care payments tax deductible ?
Asked Tuesday, January 02, 2001 by an anonymous user
The amount of expenses in excess of any state agency reimbursements for caring for a foster child in your home is deductible as a chariable itemized deduction on IRS Schedule A.