As someone who paid off all your student debts or never had any to begin with, what would your indignation cause you to do if those Democrats steal your tax money to bailout those who haven't paid off their student debts yet?

Here's the thing everyone is missing about student loan debt forgiveness. The US Tax code says that forgiven debts taxable. This is not something that the Democrats can likely change... it's a HUGE amount of money and I don't see how they could get the legislation passed.So, you're

Do politics in California make the cost of living difficult? I'm a native born Californian. I work hard and have my own business, but people in other states who make way less than me and are my age own homes.

A2A:of course they do, but maybe not in the way that this questioner is thinking.California is a highly-taxed, highly-regulated state. This adds to the cost of virtually everything.But the real reason why California is such a difficult place to live in terms

Do you consider SSI and/or SSDI a welfare program?

SSI stands for Social Security Insurance.  SSDI stands for Social Security Disability Insurance.  The operative word here is insurance.  Meaning, just like any other type of insurance, people pay in premiums (your FICA taxes) to manage future financial risk.  It is not welfare at all and it also isn't a system

Does everyone pay taxes?

[US tax perspective]As long as you never spend or earn money, the answer is no.However,If you own property, you pay a property tax.If you ever purchase something at a store, you'll pay a sales tax.If you ever receive a paycheck or work as an independent

Is it a must to pay at least 15% tips in US restaurants?

Here is what i think about tipping - as a tourist / traveller in the us.Note that my whole point is that restaurants should include service in the price, and pay appropriate taxes.I keep reading and reading how horribly hard

Is it illegal for U.S. employers to ask full-time, W2, salaried employees, to work extra hours without pay?

No it is not illegal. Salaried workers agree to work for an annual salary not hourly wages, so the employer can ask them to work extra hours when needed. Usually they are not paid for those hours but are allowed to take an equal amount of time off that does not count against

Me and my ex have 4 kids together, am I entitled to claim at least 1 child every year on my taxes if paying child support?

The IRS rule in divorces since 1986 is that the child was to be claimed by the parent with primary physical custody (unless the custodial parent signed an IRS form annually giving the exemption to the non-custodial parent) , but there are now no exemptions for children

We live with my in laws. They pay the mortgage and my husband and I pay all other taxes and bills. My mother in law just told me she wants us to pay half the mortgage as well but won't add our names to the house. How do I say no in a polite way?

Thanks for the A2AYou kindly thank your In-laws for allowing you to live with them and you understand that it is difficult to always pay all the bills and it because it is, it has been your pleasure to pay for the sewer, water, gas, electricity, phone, city, taxes, etc.You can only imagine how hard it

Which country in the world has the highest income tax rates?

Many countries adopt progressive taxation - each income level pay different rate. So, it's not fair to compare 'the highest income tax rate' across the world.In general, European countries have higher rate since they provide generous welfare to their

Are astronauts liable for income tax while in space?

There has yet to be created a bank in space so all money that an astronaut earns is deposited into their accounts on Earth as if they had never left.   In fact the government treats them as if they were on routine travel and receive per diem of around $2 a day.  The same amount

Do taxes modify human behavior?

Taxes modify human behavior when it comes to vices, such as cigarettes, tobacco products, soda, alcohol (varies by state), gambling (30%). Theses taxes are generally very high, and as well as raising government revenue, since they tax items considered non-essential,

If I purchase a 50% interest in a single member LLC (dis regarded entity), will I have a basis in the assets equal to the purchase price minus book value? Am I eligible to depreciate this basis in the assets?

Pursuant to an adjustment under Section 743, resulting from an election under Section 754 ( of Subchapter K), an incoming partner is allowed to step up his cost basis in the partnership assets equal to the purchase price of the partnership interest. This election ( question #12 on Form 1065) allows the purchasing partner to avoid

How is it fair that someone that has been working his whole life many hours owning a successful company has to pay much more taxes than someone that has never tried to find a job?

blah blah blah. you did it all yourself? no employees? no customers? no one that worked with you ever went to school? no fire department or police or medical or anything? you exist in a vacuum?you make money. you pay taxes to support your ability to make money [as opposed to living in an area where you make

Is there anything more important in life than gains?

Growth and true value. If you consider "gains" as money, money is but an undefined representation of material goods and services. It is possible that one day soon automation might reach a point where money becomes unneeded thanks to "infinite" abundance so all that will remain is what you

What is the biggest misconception about CPAs?

The biggest misconception, or one of them, is that we know taxes, or that doing taxes is all we do.My mother thought that. Business leaders that I meet think that. Everyone, it seems thinks that.The above reason is why I dropped the designation in my email signature

American churches are exempt from income taxes. Are churches in other countries taxed?

New Zealander here.Donations to churches are tax deductible. When I was living in Ireland the donations to churches were not tax deductible - instead the money you would have paid in tax went to the church instead,The Seventh Day Adventist Church owns a food company

Are taxes California making it difficult to live?

California taxes are higher than most states. Fortunately for the rest of the country incomes are much higher here too, so we can afford it in general. Why is it fortunate for the rest of the country? Because California sends much more money to the federal government then it receives. This

Can a non-custodial parent claim child on taxes?

YesThis usually is set up as part of the divorce decree.The default is that the custodial parent gets to claim the dependent, but it can be set up differently via the divorce decree.In my case, I (non-custodial parent) claimed my son as a

Do ambassadors pay taxes?

See article 34 of the  Vienna Convention on Diplomatic Relations, which is here: summary, host states don't tax foreign diplomats.  Ambassadors and other diplomats usually pay income taxes back in their home country, and of course they pay sales taxes everywhere just like everyone else.

Do I have the rights to claim my kids on my income tax if I pay child support?

Your divorce paperwork names the custodial parent. Where rhe children reside further defines who is eligible to claim them as dependents. The amount of support doesn't matter, unless you are contributing an amount that causes the custodial parent to lose the head of household status because they don't contribute more then 50% of the cost

Do Native Americans pay taxes?

Natives pay all FEDERAL taxes.If they live on reservations, and in a state that has STATE tax, they'd be exempt from that. If they live OFF reservation, they'd pay state taxes.If they purchase items off rez in states that have sales tax, then they'd be paying this amount like anyone else. If they live on

Do temples, mosques, churches, gurdwaras etc. pay taxes in India?

No,As per Income tax act 1961 sec. 10AA exempt the charitable organisation, societies and religious places to pay tax from fund get by donations.Even as per Service tax temples/church/mosque giving shops on rent and place to any religious function in his area are also not liable to charge service tax on them.So we can concluded that the religious places

How common is it for people to end up staying married simply because of insurance, or tax, or other benefits that are obtained by staying wed-but for all other intents and purposes, the marriage is over?

Very common, particularly in the Christian community. People need to have two goals orienting their marriages. So one goal could be that the couple wants to raise brilliant children. The second goal should be that the couple wants to build a great business together. The reason a

How does UK calculate cigarette excess at the airport? I want to bring 300 cigarettes, I suppose the limit is 100 cigarettes. How much must I pay if I declared it or get caught?

Depends, the allowance is more from in the EU and less out the EU, this example is presuming you're out the EU. The limit is 200 cigarettes or ONE SLEEVE for importation outside the EU or 800 from within the EU OR 4 SLEEVES. NOTE that's 10 packets 20 cigarettes in a packet so

I am an NRI living in the US. Between 2011 & 2014, I regularly sent money into my bank account in India. We received a letter from the Indian Tax Revenue inquiring about these transactions. What is the best way to handle this from here in the US?

Merely sending money from your abroad account to India shall not be taxable at all if the money was first received abroad and then wired to India.Further, since you are NRI, just check if any of your income is taxable in India or not. If not, then write a

If I am employed by an American company and my salary is paid in dollars in the US but I work abroad, am I considered to be an expat by the IRS and should I file taxes as an American expat?

If you are an American citizen, then you need to file taxes regardless of how you are paid or where you live. But, if you meet the conditions for residence outside the US (see the instructions for form 2555), then a substantial amount of your income is excluded. In addition, if you pay taxes overseas, that might get

If I pay more than is required for alimony, who carries the tax burden?

My understanding is that alimony is allowable as an adjustment to income if it was specified in the divorce decree. If you're give your ex more than was ordered, well, you're giving a gift, and gifts to individuals are not deductible.You should also be aware, alimony is subject to

If you have German citizenship and live in another country, do you have to pay German taxes?

The simple answer is no. Like every civilised country on earth you pay taxes where you live and work and receive benefit, so when you leave you stop paying.Some tax might be due on German income (ie a house you rent out) but

Me and my ex have 4 kids together, am I entitled to claim at least 1 child every year on my taxes if paying child support?

The IRS rule in divorces since 1986 is that the child was to be claimed by the parent with primary physical custody (unless the custodial parent signed an IRS form annually giving the exemption to the non-custodial parent) , but there are

My Ex husband owes back child support and the IRS keeps taking it out of my taxes. Can I make him pay me back?

Something is very wrong here. If you are divorced you must file separately. Your refund cannot be offset to pay for child support that he owes. If you are separated, but file a joint return under his social secutity number this could happen. Contact the IRS Taxpayer Advocate's Office and ask for assistance in this matter.

We live with my in laws. They pay the mortgage and my husband and I pay all other taxes and bills. My mother in law just told me she wants us to pay half the mortgage as well but won't add our names to the house. How do I say no in a polite way?

The amount of rent you are asked to pay has absolutely nothing to do with the ownership of the house or with the mortgage payment amount. Your in laws house could be worth $250,000 and have almost $250,000 outstanding on the mortgages, or the might owe only $10,000. However, there is a current market value for the space

What country has the highest income tax rate on a million dollars?

List of countries by tax ratesSo Belgium should tax you the most on a million dollars at 64 %.But income tax is of course only part of the truth. There are also indirect taxes, like VAT, which would further increase your effective tax rate. On the other hand, there are also

What is the maximum rate of GST?

HiThe maximum rate of GST has been fixed at 28%.50 luxury and sin products will be taxed at 28% in total which includes automobiles, motorcycles, molasses, vending machines, pan masala, wallpaper, paint, vacuum cleaner, sunscreen, water heater, dishwasher, weighing machine, bidis, washing machine, ceramic tiles, ATM, aircraft

What records should I keep after tax season?

As an accountant I have been asked this question numerous times, so I didn't just write this material for you. Hope you find your answer herein.....Federal law requires you to maintain copies of your tax returns and supporting documents for three years. This

What was the first U.S. state to secede from the union?

Some are trying.Several States Petition To Leave The UnionTexas and others...At least 17 other states have similar petitions to the Texas secession request on the We the People forum including New Jersey, New York, Montana, Colorado, Louisiana, Georgia, Alabama, Arkansas, Florida, Indiana, North Carolina, Kentucky, Mississippi, Missouri, South Carolina, Oregon and Michigan. The

Why don't churches pay taxes in the United States?

For the same reason that other nonprofits don't-they are all 501c3 organizations that are engaged in helping humanity more than making a profit and typically have so many volunteers and donations that it isn't worth an auditor's time going through what is effectively an organization who would not pay taxes due to qualifying deductions anyway.