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Posts Tagged ‘Taxes’

texas, city/county property taxes only 7 months late.. letter to foreclose?

02 Sep

texas……….
my mother-inlaw passed 3 years ago and we have been paying the city/county/school property tax except for the 2008 which was due in february 2009… which means they are now 7 months past due and we received a letter from the city attorneys saying that if they are not paid by the end of september they will proceed to foreclose for the tax lien on the home…….
this is the first time the taxes has ever been paid late……

can they really foreclose on the tax lien for only being 7 months late?

 
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How to record payroll and employer’s payroll taxes in this situation?

01 Sep

Information given about the payroll is for the week ended December 30:
Salaries:
Sale Salairse 185300
Warehouse Salaries 47800
Office Salaries 74900

Deductions: Income tax withheld 55440
Social security tax witheld 17402
Medicare tax withheld 4620
US saving boonds 10780
group insurance 17556

Here is the problem: Assuming that the payroll for the last week of the year is to bepaid on January 5 of the following fiscal year, journal the entries:
a) Dec 30 to record payroll
b)Jan 5 to record employer’s payroll taxes on the payroll to be paid on Jan 5

Here’s the thing: I know part A but Im not sure how to do part B since the given info is for Dec 30

 
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What do you think of all these new taxes included in the health care reform bill?

18 Aug

I have the best Congressman, John Campbell. He wrote an article today on just some of the taxes included in the bill (I’ll provide a link so you know I’m not making this up). It includes:

• A new 3.6% tax on all investment income including capital gains. That means that the capital gains tax rate (including California state tax) will rise to 33.9%. The tax on dividend income will rise from 15% today to 53.7% including California tax.

• Additional Medicare tax on self employment income and wages. This removes the current cap on wages subject to this tax and it will effectively move the top income tax rate from 35% to 43.4% within a couple of years. Add in the California tax again and would then be close to a 54% marginal tax rate. I believe that this is the highest of any major industrialized country. But because spending is so high we would still have $1 trillion dollar annual deficits even after this tax.

• There is a 2.9% tax on all medical “devices”, which basically means everything used in a doctor’s office or hospital. Including gowns, syringes, and the like. This will increase health care costs for everyone who does not get free government insurance.

• The deduction for Medical expenses is currently limited to those expenses that exceed 7.5% or your income. This will be raised to a threshold of 10% of your income. This means that fewer people will get any tax relief from medical expenses they pay for themselves.

• There are various taxes on anything a person might do to pay for their own medical expenses. Things like Health Savings Accounts, Cafeteria Plans, and Flexible Savings Accounts are ways for people to save their OWN money for their OWN medical care on a pre-tax basis will be limited and taxed. This is all part of the way that President Obama gets to government run health care by making it illegal or costly to pay for your own care so you have to go to the government.

• A 10% tax on tanning services. I call this the “Jersey Shore tax”. This one has to be really upsetting to ‘The Situation’, Snookie, and Pauly D.

• A tax on self-insured health plans. This is another penalty on those who try to pay for their own health care.

• A new tax on pharmaceutical manufacturers. This will raise the price of drugs for everyone who does not get them from the government for free.

• A new tax on “Cadillac” health plans. This is an up to 55% tax on any health insurance that costs over about $800 per month including employee and employer contributions. This tax does not apply if you are a union member or your plan is from AARP or Blue Cross Blue Shield of Michigan. These are major Democratic constituencies and they exempted them. For everyone else, this discourages comprehensive health coverage. Isn’t that what the President says he is trying to achieve? Like most of what the President says, his actions are not even close to his words.

• There is a new tax on all ‘for-profit’ health insurance companies (except for a few favored ones). This will also raise the costs of premiums for everyone not getting free care from the government.

• If you don’t buy health insurance (as dictated acceptable by a new federal czar), you will be fined up to 2.5% of your income even if you pay all of your medical expenses yourself. If your company does not provide said health insurance to all employees, the company will be fined up to $2,000 per employee.

http://campbell.house.gov/index.php?option=com_content&view=article&id=2789:march-19-2010-healthcare-tax-increases&catid=38:laptop-report&Itemid=73

61% of Americans (including both Democrats and Republicans) are against the bill, those for it the majority have no idea about the taxes included in it. The 2300 page bill was finally released to Republicans TODAY and will be voted on in less than 48 hours.

 
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What Happens If Deliquent Property Taxes Are Not Paid At Closing-2?

06 Aug

The previous owner did not pay back taxes and the title company did not uncover this. I have only owned this house since last October and just realized this out when the taxes came out this week. The title company says “sorry. when you signed everything was as it and they have no responsibility.” From the closing documents I do have title insurance.

Should I send a letter first to the previous owner before hiring an attorney? Is there a possibility that the whole purchasing agreement of the house could be null and void because of this??

 
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I did not file taxes for 2001 and 2002. I owe taxes for stock sold. Should I consult a tax professional?

18 Jul

I sold some stock in 2001 and 2002 and I failed to file my taxes. I have received my tax refunds for the years filed aftwerwards. I sold some short term gain stock those years, and I had very few possible deductions at that time. It is looking like I owe quite a bit of $$ for interest and penalties. I am capable of filling out the standard forms, but not calculating the interest/penalties. Should I consult a tax professional? Will a professional be able to do anything that may help reduce my amount owed. I don’t want to make this more costly than it already is.

 
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What are my rights if I (seller) overpaid property taxes at closing?

18 Jul

The estimate of year-end property taxes was way too high at the closing of a property that I sold. The buyer is refusing to reimburse me. I can not go after the the title company as they have a clause that resolves them of any liability and I did not use an attorney.

 
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www..irs.gov.I just filled my 2005 taxes were shouil Isended to?

16 Jul

I had some problems and Idid not file on time.I like to know were can I sended to.because olmost every year keep on changing the address. thank you.

 
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Filing taxes: Does anyone know where to find which Tax Services outsource their work to foreign countries? ?

08 Jul

Do not want all my information such social security # and tax information done by some processor outside the jurisdiction of the USA.

 
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can i file both my state and federal taxes through www.irs.gov? first time. need help?

06 Jul

and are there any websites that would make filing easier?

 
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Last year we filed a chapter 7 bankruptcy giving up our property. Do we still have to pay taxes on it?

04 Jul

The reason I ask is because the mortgage attorneys keep filing a “motion for continuance” each month. It’s been almost a year since we moved. They still haven’t foreclosed on the home. We receive a letter from the county stating that our name was still on the property and we had to keep up the grass and maintenance or they would do it for us and charge us. Now I’m concerned we’ll also be responsible for taxes on a home that we gave up in a chapter 7 bankruptcy. The house was annexed and the property taxes doubled. What can we do?
Right now there are no taxes due on the property. New bills do not go out until August 2007. Can they still bill us after all this time? Wouldn’t the mortgage company holding the lien/deed be responsible?
They can’t try to garnish my wages can they? I don’t live or work in the same county, but I do live and work in the same state.

 
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How do I calculate Ad Valorem Taxes when filing Louisiana State Tax?

03 Jul

This is what H&R Block’s website defines it as:

Ad Valorem Taxes Paid to Political Subdivisions

A refundable credit is allowed against income tax for taxes paid to Louisiana political subdivisions by a telephone company with respect to that company’s public service properties located in Louisiana (R.S. 47:6014). The credit may be passed through certain legal entities to individuals. A schedule must be attached stating what entity or entities paid the tax and obtained the credit on the individuals behalf.

Now that we know what it means, how do I calculate it? Is it just what my mortgage company says I paid in taxes last year?

 
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If you pay deliquent property taxes, do you then own the property?

28 Jun

A co-worker of mine insists that this is correct as she was told by an attorney in Ohio. The property in question is in NM. Thanks for your time.

 
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With poor credit how do I get a loan for $40,000.00 to pay property taxes on my home and pay other bills?

21 Jun

The house was left to me by my deceased parents. It is paid for and must go through probate. I need a loan to pay city taxes on property and other bills to include attorney fees. I’ve been employed with the Federal Government for 19 years. I am seeking a loan for less then 10 years to pay back. I am willing to do an automatic monthly payment.

 
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To Staes with Sales tax- When filing your taxes for the year, do you have to file State and Federal?

16 Jun

I live in a sales tax free state and we file state and federal- just wondering how it works in other states_ Thanks much!

 
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