Tax Attorney Long Island

What is the average cost for filing tax at the local business ?

Editor — Thu, 02 Sep 2010 22:30:00 +0000

If you file tax for a married couple

What’s the average federal and local income tax withholding in Miami, FL?
After my attorney regesters my LLC does it cost me anything if i’m not doing any business for afew years?
I own a business in Ohio that closed this year. What is the process to stop filing tax returns?
What is the penalty for not filing corporate taxes on a dissolved business?

Question about federal tax withholding?

Editor — Thu, 02 Sep 2010 19:30:47 +0000

My husband claims 5 dependents on his federal income tax return however throughout the year he claims 2 on his paycheck. He is expecting a $10,000 bonus check next month so my question id should he change his withholding to 5 dependents just for the bonus then go back to 2 for the rest of the year so they do not take out a huge chunk in taxes. In 2007 he made $36,500 he is expecting to make between $50,000 – $55,000 in 2008. We usually get back about $7.500 in tax refund. So if he claims 5 dependents for the bonus check will it just kinda break even as far as tax refund next year? Any help with this would be great thanks
his bonus last year was $3500 and he brought home $2236.00 if that help any

How much income tax do I pay if I’m a dependent?

Editor — Thu, 02 Sep 2010 09:29:50 +0000

I’m a 19-year-old dependent and full-time student. If I were to get a summer job and put all of my earnings (~$4000) into a Roth IRA, how much income tax would I pay? Does it matter that I’m a dependent? Because someone told me that because I’m a dependent, my earned income is considered part of my parents income so I would have to pay my taxes based on their income tax bracket.

IRS tax form for independent contractors in a foreign country working for a company located in USA?

Editor — Thu, 02 Sep 2010 03:09:57 +0000

I am from Brazil and working as an independent contractor for a company in the USA , I need a tax form for them to submit similar to a w-9

What tax benefits are there for the receipient of a QDRO?

Editor — Thu, 02 Sep 2010 03:09:56 +0000

I’m being awarded $ from my ex under a QDRO. What benefit will it be for me? It’s in an IRA–will I be penealized for taking $ out? I’m not 60. How is $ taxed under a QDRO? Help!! He hasn’t paid alimony for 21/2 years as we have been in court–I have legal bills, medical and credit card debt to pay. Can I income average for the 3 years I haven’t had much income?

Do federal income tax revenues pay for any government services?

Editor — Thu, 02 Sep 2010 01:29:56 +0000

I recently read, “100% of what is collected is absorbed solely by interest on the Federal Debt…”

So, do federal income tax revenues pay for any government services and, if so, which government services are funded by federal income taxes?

Does an under 21 year old have to pay inheritance tax in Andalucia,Spain?

Editor — Thu, 02 Sep 2010 01:29:53 +0000

My son has just become eighteen and inherits his fathers half of the house under Spanish law.His father died and left no will,does he have to pay inheritance tax ?

How to define who is the “party to the within action” in a law firm?

Editor — Wed, 01 Sep 2010 07:30:28 +0000

In a small law firm, one attorney in charge the case should be the party to the within action. How about those assistants? or other attorneys?

Past record of misdemeanors: Question for criminal attorney?

Editor — Tue, 31 Aug 2010 22:29:29 +0000

If potential employers run a routine background check on job seekers, how likely is it that minor convictions from another state will show up?

I have a guilty plea in Louisiana on on my record. I also have a “withhold of adjudication” (Florida) on my record, which is basically no-contest with a fine. I live in neither state.

Both offenses were misdemeanor trespassing — the equivalent of a minor ticket. But still, it would be better if employers would not see these if they are considering me for a job.

Thanks.

What does excluded from federal taxable wages mean?

Editor — Tue, 31 Aug 2010 03:29:45 +0000

I noticed today that all of my 2010 paystubs so far have said “Excluded from federal wages” at the bottom. What does this mean? Also, I assumed that the more money you make, the more taxes deducted. Is this true? if so, There is some type of error. My Federal Income Tax deduction amount is less and way off from last year. I make more money this year. Can you explain why this is? I don’t want anything to be messed up when next years tax season comes around.

When a tax relief package is finally approved how many states will take their chunk as taxable income?

Editor — Mon, 30 Aug 2010 23:29:56 +0000

Ending the alternative minimum tax is being called a tax adjustment?

Editor — Mon, 30 Aug 2010 23:29:53 +0000

90% of Americans will get a tax cut, 2% (like me) will get a tax increase, the rest will pretty much stay the same. Why should my taxes go up?
Only the taxes of the very rich will go up

What is the legal department/law firm employee structure for non attorneys?

Editor — Mon, 30 Aug 2010 19:29:56 +0000

I’m a career changer and I want to know if there is possibility for progression/career advancement if you are not an attorney and work in legal departments/law firms.

I am F1 visa holder student in us. can I open IRA account for trading?

Editor — Mon, 30 Aug 2010 19:09:17 +0000

I want to start as investor now but I am a F1 visa holder, is it possible for me to Open an ROTH IRA/IRA account? Looking for some good broker too like shareholder or any other.
I have SSN and I do part time job while working and I want to invest small amount regularly.
can I open ROTH IRA/IRA account?

Do YOU know what new taxes and expenses are coming your way starting in Jan 2011?

Editor — Mon, 30 Aug 2010 19:09:15 +0000

You know what I don’t see in here? An exemption for all the people making LESS than 250K…

Apparently all this is going to affect everyone ,regardless of income level.
Is my health insurance from work REALLY income? That is going to definitely raise my taxes…Where’s Harry Reid and Nancy Pelosi when we need them?

Remember Nancy saying they had to PASS THE BILL BEFORE WE KNEW what was in it?

excerpt…
In just four months, on January 1, 2011, the largest tax hikes in the history of America will take effect.
They will hit families and small businesses in three great waves.

On January 1, 2011, here’s what happens… (read it to the end, so you see all three waves)…

First Wave:
Expiration of 2001 and 2003 Tax Relief
In 2001 and 2003, the GOP Congress enacted several tax cuts for investors, small business owners, and families.

These will all expire on January 1, 2011.
Personal income tax rates will rise.
The top income tax rate will rise from 35 to 39.6 percent (this is also the rate at which two-thirds of small business profits are taxed).
The lowest rate will rise from 10 to 15 percent.
All the rates in between will also rise.

Itemized deductions and personal exemptions will again phase out, which has the same mathematical effect as higher marginal tax rates.

The full list of marginal rate hikes is below:
The 10% bracket rises to an expanded 15%
The 25% bracket rises to 28%
The 28% bracket rises to 31%
The 33% bracket rises to 36%
The 35% bracket rises to 39.6%

Higher taxes on marriage and family.
The “marriage penalty” (narrower tax brackets for married couples) will return from the first dollar of income.
The child tax credit will be cut in half from $1000 to $500 per child.
The standard deduction will no longer be doubled for married couples relative to the single level.
The dependent care and adoption tax credits will be cut.

Higher tax rates on savers and investors.
The capital gains tax will rise from 15 percent this year to 20 percent in 2011.
The dividends tax will rise from 15 percent this year to 39.6 percent in 2011.
These rates will rise another 3.8 percent in 2013.

Second Wave:
Obamacare

There are over twenty new or higher taxes in Obamacare. Several will first go into effect on January 1, 2011. They include:

The “Medicine Cabinet Tax”

Thanks to Obamacare, Americans will no longer be able to use health savings account (HSA), flexible spending account (FSA), or health reimbursement (HRA) pre-tax dollars to purchase non-prescription, over-the-counter medicines (except insulin).

The “Special Needs Kids Tax”

This provision of Obamacare imposes a cap on flexible spending accounts (FSAs) of $2500 (Currently, there is no federal government limit). There is one group of FSA owners for whom this new cap will be particularly cruel and onerous: parents of special needs children.

There are thousands of families with special needs children in the United States , and many of them use FSAs to pay for special needs education.

Tuition rates at one leading school that teaches special needs children in Washington , D.C. ( National Child Research Center ) can easily exceed $14,000 per year.

Under tax rules, FSA dollars can not be used to pay for this type of special needs education.
The HSA (Health Savings Account) Withdrawal Tax Hike.

This provision of Obamacare increases the additional tax on non-medical early withdrawals from an HSA from 10 to 20 percent, disadvantaging them relative to IRAs and other tax-advantaged accounts, which remain at 10 percent.
Third Wave:

The Alternative Minimum Tax (AMT) and Employer Tax Hikes
When Americans prepare to file their tax returns in January of 2011, they’ll be in for a nasty surprise-the AMT won’t be held harmless, and many tax relief provisions will have expired.

The major items include:

The AMT will ensnare over 28 million families, up from 4 million last year.

According to the left-leaning Tax Policy Center , Congress’ failure to index the AMT will lead to an explosion of AMT taxpaying families-rising from 4 million last year to 28.5 million. These families will have to calculate their tax burdens twice, and pay taxes at the higher level. The AMT was created in 1969 to ensnare a handful of taxpayers.

Small business expensing will be slashed and 50% expensing will disappear.

Small businesses can normally expense (rather than slowly-deduct, or “depreciate”) equipment purchases up to $250,000.
This will be cut all the way down to $25,000. Larger businesses can currently expense half of their purchases of equipment.

In January of 2011, all of it will have to be “depreciated.”

Taxes will be raised on all types of businesses.

There are literally scores of tax hikes on business that will take place. The biggest is the loss of the “research and experimentation tax credit,” but there are many, many others. Combining high marginal tax rates with the loss of this tax relief will cost jobs.

Tax Benefits for Education and Teaching Reduced.
The deduction for tuition and fees will not be available.
Tax credits for education will be limited.
Teachers will no longer be able to deduct classroom expenses.
Coverdell Education Savings Accounts will be cut.
Employer-provided educational assistance is curtailed.
The student loan interest deduction will be disallowed for hundreds of thousands of families.
Charitable Contributions from IRAs no longer allowed.
Under current law, a retired person with an IRA can contribute up to $100,000 per year directly to a charity from their IRA.

This contribution also counts toward an annual “required minimum distribution.” This ability will no longer be there.

PDF Version Read more: ;; http://www.atr.org/six-months-untilbr-largest-tax-hikes-a5171#%23ixzz0sY8waPq1

And worse yet?

Now, your insurance will be INCOME on your W2’s!

One of the surprises we’ll find come next year, is what follows – - a little “surprise” that 99% of us had no idea was included in the “new and improved” healthcare legislation . . . the dupes, er, dopes, who backed this administration will be astonished!
Starting in 2011, (next year folks), your W-2 tax form sent by your employer will be increased to show the value of whatever health insurance you are given by the company.
It does not matter if that’s a private concern or governmental body of some sort.

If you’re retired? So what… your gross will go up by the amount of insurance you get.

You will be required to pay taxes on a large sum of money that you have never seen. Take your tax form you just finished and see what $15,000 or $20,000 additional gross does to your tax debt. That’s what you’ll pay next year.
For many, it also puts you into a new higher bracket so it’s even worse.

This is how the government is going to buy insurance for the15% that don’t have insurance and it’s only part of the tax increases.

Not believing this??? Here is a research of the summaries…..

On page 25 of 29: TITLE IX REVENUE PROVISIONS- SUBTITLE A: REVENUE OFFSET PROVISIONS-(sec. 9001,
as modified by sec. 10901) Sec.9002 “requires employers to include in the W-2 form of each employee the aggregate cost of applicable employer sponsored group health coverage that is excludable
from the employees gross income.”

In Oregon what part of your tax return can a bankruptcy trustee in a chapter 7 take of your tax refund?

Editor — Sun, 29 Aug 2010 07:32:54 +0000

My lawyer says Earned Income credit is safe but is child tax credit safe??
I really want to know about child tax credit I see some states specify that but not sure if Oregon does??

Do I have to pay a Capital Gains Real Estate Tax?

Editor — Sun, 29 Aug 2010 07:32:53 +0000

I live in Kentucky and bought two adjoining pieces of property three years ago. I am going to sell one piece on a land contract for a monthly payment over 15 years.

I am selling the second piece to a different buyer for cash. Only the second piece has a house.

I have never owned or sold a property before. Do I have to pay the capital gains tax on the profit of the second piece? What about the first?

If we had a 20% income tax that paid for universal health care, would this be a problem?

Editor — Sun, 29 Aug 2010 07:32:52 +0000

Is it the idea or the cost of health care that turns people off of a national plan? Assume your combined tax and health care insurance bill is reduced by a universal health bill. Would this be good?

if tax refund is sent back to irs by my bank,how long before i get a check in the mail?

Editor — Sat, 28 Aug 2010 13:29:22 +0000

my bank returned my tax refund to the IRS and now when i call the IRS it tells me not to call back until the 17th. so how long before they send a check?

Can I exceed my annual Roth IRA contribution?

Editor — Sat, 28 Aug 2010 10:09:41 +0000

In 2007, I can only dump in $4,000. In 2008, that goes up to $5,000. The problem is that it’s not enough. Can I jack up my after-tax contribution amount on my 401k with my employer & then roll that over into my Roth IRA?

Taxable income from sale of home?

Editor — Sat, 28 Aug 2010 06:29:18 +0000

My grandmother recently passed and she deeded her home to the grandchildren. We took possesion of the home, this wasn’t inheritance by the way, and we have sold it. From what I understand I will have to claim this money as Income for 2007. I usually just use the 1040ez form because I don’t own property and I have no deductions or anything that would make me use the long form. My first question is can I still use the EZ form with this type of income? Secondly, will I get something in the mail to document these earning? I don’t think the attorney is making us fill out w9’s, so I’m not sure how to report this. Will this be considered as capital gains? I’ve heard they tax capital gains more significantly than earnings from employment.

Any advice would be great. Thanks.

Is there a % or other cap on the mortgage interest and property tax I can deduct from my federal taxes?

Editor — Fri, 27 Aug 2010 17:29:58 +0000

I’ve just moved to Los Angeles and am really stretching my budget to buy a brand new condo. (No cracks about buying at the top of the market! I’ve done a ton of research, and I think the place is well-priced. Plus, my partner and I expect to be making quite a bit more in the coming years.)

Anyway, the amount of mortgage interest and property tax I’ll be paying over the course of a year is truly staggering: the annual total approaches $50K.

Can I really deduct all of this? I’m not going to reveal my income … :^> … but with both my jobs, let’s just say it’s in the low-six-figure range. Should I crank my payroll exemptions up to 15 or something, to get that money in each paycheck? I’m worried that some cap, or the alternative minimum tax, will kick in, and I’ll end up with a huge tax bill. Does AMT take effect before or after mortgage interest is deducted?

(Extra points if anyone knows how the state of California will handle the deduction too.)

Thanks in advance for any help!
Thanks for the answers so far. So the AMT won’t apply? The more research I do about it, the more it appears that the AMT is what I really have to worry about, since I’ll have both a second mortgage and a really high property tax bill.

http://www.smartmoney.com/tax/filing/index.cfm?story=amt

So, to follow up to TaxMan’s answer is there a “magic number” at which AMT kicks in? For example, if I were making, say, $100,000 all of my tax calculations would be done using the AMT rules, but if I were making $99,999 I’d avoid it completely? That seems unbelievably capricious.

In other words, if I’m filing single, how do I know if the AMT applies in my case at all?

i did not contribute to company retirement plan or 401k. Can I contribute to IRA?

Editor — Fri, 27 Aug 2010 15:09:37 +0000

I joined new employer in Sep,2005. I was eligible to join 401K from Nov2005. I did not contribute to 401k plan. Box 13 in my W2 (retirement plan) is checked.
I am trying to claim my $4,000 IRA contribution. Turbo tax is not giving full deduction of $4,000. It is giving only $770 deduction from my Total Income. Why do not I get $4000 IRA deduction.
Thanks inadvance.
Ram

After filing the taxes, my employer says the W-2 is wrong. Do I have to fill the tax forms again?

Editor — Fri, 27 Aug 2010 07:31:21 +0000

Apparently they overpaid me last year – they didn’t even realize when they sent me W-2. Now they want me to repay the overpaid amount and told me that they would provide an adjusted W-2. Do I have to fill in tax forms again this year or can I adjust it next year when I file taxes?

Am I eligible to purchase an IRA for tax year 2006?

Editor — Thu, 26 Aug 2010 20:09:53 +0000

I’m retired and receive income from a pension, social security and also other income from an existing IRA that gets reported on form 1099R.

Will I receive a Tax Rebate if I’m currently making payments to the IRS?

Editor — Thu, 26 Aug 2010 13:11:10 +0000

I’m on a scheduled payment plan with the IRS for taxes I owed last year. I received a refund this year, but they applied that refund to my outstanding balance. Will they do the same thing with the tax rebate?

If I have a 401k at work and I’m already contributing 10% to it, is there any benefit to open up a roth IRA?

Editor — Thu, 26 Aug 2010 13:11:09 +0000

What are the benefits of having both a 401k as well as an IRA? Tax or otherwise?

What is the exact penal code requiring Americans to pay a Federal Income tax?

Editor — Wed, 25 Aug 2010 23:31:22 +0000

I’m not looking for the IRS code. I’m looking for the EXACT Penal code or statute or law that requires us Americans to pay a Federal Income Tax. Individual income, not corporate profits. Thank you!
Ok…so far noone here has given me a straightforward, direct, honest answer.

I just want the exact statute or law or penal code or whatever.

Not the typical, non-sequiteurial answers of government types.

WHAT IS THE ANSWER?

Again; Thank you.
Are you saying then that no tax law existed until 1986?
Wow…I’m sensing a lot of hostility…but no direct answer. Lot’s of non-sequieurs to (sigh). But that’s to be expected from gov’t workers I guess.

BTW…ALL answers are going onto my blog.

Again; Thank you.

Federal income tax withheld question… shouldn’t I get back more?

Editor — Wed, 25 Aug 2010 19:29:48 +0000

I’m 22, a college studnet. Single, no dependents. The only deductions I have are my books. Should I not get back more than $180? My income was around 13700. Federal tax withheld was $524. I live in Tennessee. Please help me! I’m trying to e-file but I feel like I’m getting cheated… Thank you! I posted what the e-file thing just told me below –

Based on what you’ve entered so far, your federal refund is $180.

Taxable Income
Adjusted Gross Income — $13,756
Less: Standard Deduction — $5,350
Less: Personal exemptions — $5,350
——————————————————
taxable Income — $5,006

Taxes and Credits
Income Tax — $503
Less: Tax Credits — $159
—————————————
Net Tax $344

Payments
Federal Tax Withholding — $524
Estimated Payments– $0
————————————-
Total Payments — $524
————————————-
Net refund $180

is there a standard deduction for charitable gifts on federal income tax?

Editor — Wed, 25 Aug 2010 05:30:14 +0000