 If i'm single, rent, no dependents.....etc, does it matter where get my taxes done? |
| in the past 3 years, i did my taxes online (hr block) twice and went to jackson hewitt last year. i'm a single male, rent, no military background, i don't expense anything (at least i don&#... |
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 Filing late income tax returns for a deceased father HELP PLEASE!!!? |
| My father recieved a letter from the IRS stating that he did not file taxes for 2006. Actually I have the letter because he passed away in October of 2006. I did not file after getting advise from ... |
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 Anyone know about capital gains tax? |
I bought a house for my Mum & Dad to live rent free in their retirement. Both have now passed on, leaving me with a house to sell.
Will I have to pay CGT on the profits? Purchase price was ... |
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 Getting screwed by the I.R.S. help? |
| 2001 i owed 1k , 2002 owed 3k and 2005 owed 1k. did not recieve my first letter until 2004 stating i owed. have been recieving letters requesting payment in amount of 10k as of january 07'. rec&... |
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 Stimilus check question... please help!!!? |
| When I go to the status thing on the website for the IRS it says how much our rebate is and when it is supposed to be deposited, but it also says at the bottom, please note, you may receive some or ... |
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 Tax return question. What should I enter in this field? |
It says "Enter the amount of any tax year 2006 state or local income tax refunds:"
I don't understand this, would someone explain this to me in normal human language.... |
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 Is it bad 2 say this person isnt here n gettin $$ for this person ?????????? |
can any1 get in trouble 4 doin this ???????????
Additional Details
takin $$ that this person isnt here dont live here n never will but but im not cashin it im just sendin it out n ... |
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 Who gets the Stimulus Payments check? |
| i did my taxes this year its me and a baby . im single and head of household with one child. how much should i get back?... |
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 I am an NRI & my wife is a house wife. The interest earned on Fixed deposit is taxable. she is a house wife? |
| She had a FD of approx. 780,000.00 for around 5 - 6 FD. is the interest earned on FD is taxable. she had no other income & house wife She don't have a PAN card also.... |
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 Is there any tax rebate on car loan? |
| Is there any tax rebate on car loan?... |
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 Council tax? |
| we want to move somewhere for 6 months and so only want to pay it for that long, and then after that we might go abroad. Do you have to pay for whole year (cant see why as it would be unfair) or is ... |
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 Can I deduct credit card interest for money deposited into a MM account? |
| If I take a credit card cash advance and deposit this money into a money market account, is the interest on this credit card debt deductable on federal taxes? I have an unique credit card offer that ... |
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| I think I am getting too much back? |
| I filed on Turbo-tax. I made around $7800. I paid in $414. Somehow Turbo-tax says I'm gettin back $774. Is there maybe some tax credit that was applied automatically by turbo-tax? Did I ... |
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 Is 991.00 too much for tax prepare? |
| I apply for the RAL with HSBC at a tax place, and I called today to check and see how was myy IRS Refund $5,264.00, but I got my check with fees taken out it was $4,272.46 as you can see that is ... |
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Sophia | How do you feel about a flat income tax? |
Back it up with logic, please. (: |
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Trailness
|
I would definitely support a flat rate income tax, as in a certain percentage of each person's income. Sales tax is the same percentage for every person in one city. Why shouldn't income tax be the same percentage for every person in the country?
Since the country needs a certain amount of tax dollars each year, regardless of who pays what, all they would have to do would be to calculate the budget for the next year, then calculate everyone's adjusted incomes for the year. From that they could determine what percentage they need to charge everyone to come out even. |
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STEVEN F
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A flat rate income tax would be much better than the mess we call the Internal Revenue Code. I prefer replacing the income tax with a national sales tax. The first answer talked about businesses and individuals paying the same rate. NEWS FLASH: Businesses may write the check, but the customers pay the tax. |
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TaxGuru
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Don't worry, Congress always carries a spare. |
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Brite Tiger
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I am convinced that a flat-rate income tax along the lines of the Hall-Rabushka plan is the best one ever devised.
Robert Hall and Alvin Rabushka are, respectively, an economist and a political scientist with Stanford University’s Hoover Institution. Their flat-tax plan dates back 25 years, showing how taxes could be filed on a postcard.
The key to their system is sweeping away every deduction, exclusion, credit and exemption in the tax code with the exception of a large personal exemption of at least $5,000 per person. Businesses would not be able to deduct anything except cash wages to employees and purchases of materials or equipment from other businesses. Businesses and individuals would pay the same single tax rate.
While simple conceptually, this plan would require elimination of deductions for state and local taxes, mortgage interest and charitable contributions. Businesses also would lose the deduction for interest and no longer would be able to exclude payments for employee fringe benefits, such as health insurance, from their taxable income.
On the plus side, interest income no longer would be taxable either to businesses or individuals, nor would dividends, rent or capital gains. Hall and Rabushka concluded that a 19-percent rate on businesses and individuals alike would equal existing corporate and individual income taxes. On balance, they estimated that most individuals would pay less than they do now.
The size of the personal exemption and the rate can be negotiated. Congress could enact a higher rate and a higher exemption so that more people would pay no income taxes at all. What is not negotiable is the issue of a single rate on businesses and individuals. Take that away, and the whole system collapse. |
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act as if
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Hate it, I am self employed and my deductions save me 1000's per year. If I pay a flat rate, I would be broke, and I might as well get a job. |
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sugartopone
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A flat income tax could be said to be unfair to low wage earners like wise high wage earners could be said to gain.
"Logic" the tax is flat the earning amount is not. |
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RoRo
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People make different amounts and those amounts need to be taxed appropriately!! |
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skip
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A 19% flat tax does not mean that most will pay less tax. If all deductions other than a personal exemption are to be eliminated the effective rate will be not much less than 19%. My effective rate is half that, give or take a basis point. My wife and I earn a little above average for our locality. Our tax deductions are pretty standard. We get by, without any real extravagances. Doubling tax for the majority is not a good idea. It would ruin the economy.
Remember, businesses would be similarly crippled. The hope implied by Steven F that wages would go up to compensate is wishful thinking.
We do need to simplify taxation, for sure. When we do, there will be winners and losers. If the proposal from the re-write committee gets accepted, the winners and losers will notice significant changes. Many will call that unfair, but it is no more unfair than a flat tax.
As for sales taxes, why should we impose the most regressive tax of all on society? Why should the wealthy only pay tax on what they consume? Why should minimum wage workers be expected to pay more - much more - to put food on the table. The only solution is to have credits for low earners. Hey presto! An income tax. Except we don't tax income, just give relief. And how would people prove entitlement? There would be no need for W-2's. Businesses would complain about certifying. That requires auditing.
The US tax system is not perfect. It needs an overhaul but the basic concept is fair and reasonable. |
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Flyboy
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Sugartopone in the post above whines that a flat tax would be unfair to low wage earners. Most flat tax proposals take care of this problem very easily: The first $40,000 or so of income is not subject to the flat tax. Everything above this level is taxed. So, poof! The problem is solved. |
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