Mark Luscombe
Mark Luscombe
bet grand less odds prize sure tax winning
The odds of winning the grand prize are less than one in 146 million, but it's a sure bet that if you do win a big jackpot, you're going to also have a big tax bill, with more than one-third of your winnings going to the IRS.
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People who don't live in presidential-declared disaster areas get help, but not the most help or the quickest. Those in declared disaster areas but not in the Hurricane Katrina-Rita-Wilma areas get more help quicker, while those in the Katrina-Rita-Wilma disaster areas get most.
congress extend failed increase intend
Congress failed to extend the exemption increase into 2006. I think they still intend to do that, just retroactively.
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Ideal candidates would be those who can afford to pay a little more now with the hope of long-term savings down the road, helped out a little by the tax savings on the initial investment.
advantage bush cuts people tax
Because of the AMT, some people are not able to take advantage of the tax cuts that Bush made available.
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There are a lot of little wrinkles as to how exclusive the use of the office has to be.
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What's really complex about it is you're going to have to do allocations you've never had to do before.
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You don't have a filing requirement because you don't have a tax due. But if you had withholding, you've paid tax. It's worth your while to file a return to get your money back.
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This is because they're viewed as prepaid interest.
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Compared to some other tax issues, like passive loss rules and stuff like that, it's not all that complicated, but people involved in things like passive loss rules can usually afford to pay for some sophisticated help.
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No self-respecting tax practitioner would sign on to any of these.
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The one thing that can make a bad situation worse is not filing your return or requesting an extension. That brings on a failure-to-file penalty, in addition to possible penalties and interest for failure to pay. It's smart to file even if you can't pay, and pay even if you get an extension to file.
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People are generally pretty good at keeping track of things they write a check for but they're a little sloppier with the $5 they put in the collection basket at church or give to the organization on the street. A lot of people also fail to keep track of non-cash donations. They drop things off at Goodwill without making an inventory of what they gave.
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He's been pretty consistent in wanting to make the cuts permanent.