Archive for March, 2008
Sales Tax Deduction On Vehicles
March 14th, 2008
Question: What can I claim on my motor vehicle for state sales taxes?
I am trying to itamize my deductions to see if it’s in my intrest to claim sales tax instead of income tax, but I was wondering if I can write off licensing or any part of my loan (for a motor vehicle) to go towards my sales tax, or is it only when you first purchase the vehicle?
Answer: If you’re taking the deduction for state sales taxes paid, it’s ONLY for the sales tax when you bought the vehicle.
You may also deduct any ad-valorem personal property taxes that you paid, i.e. personal property taxes based upon the value of the vehicle.
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Car Shoppers Take Advantage Of Tax Incentive
The Bommarito Automotive Group is open late because this year there is a big incentive to buy a new car. That incentive is about to expire. We found plenty of customers trying to make a last minute deal before a special deadline.
Red Tag Sales Event
Tax Deduction Refinance Mortgage
March 13th, 2008
Question: I currently own my home outright with no mortgage. I am considering a mortgage to pay some bills and remodel.?
What Tax Deductions are available to me? Will this be treated as a purchase or refinance? Thank you.
Answer: It will be treated as a refinance. The mortgage interest you pay will be deductible on Schedule A – Itemized Deductions along with any points that you pay for a mortgage, but you will have to itemize to get any benefit out of the mortgage interest.
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Deadlines Loom for Consumers
As 2009 winds down amid talk of an economic recovery, government programs designed to help consumers—from mortgages to car loans—will begin to expire, according to a recent update from the California Society of CPAs.
Tax Credit for First Time Home Buyer Mortgage, $8000 Government Assistance Program for Home Finance
Tax Deduction Union Dues
March 13th, 2008
Question: More Fringe Benefits?
Gretchen has been offered a job with another company doing generally the same work she does now. She estimates her current job”s total benefits to be about $32,000 per year. She has $339.54 in monthly deductions and $262.50 in fringe benefits.
The job she is considering pays $27,600 per year. Monthly deductions include: $32.84 FICA tax, $186.72 federal income tax, $68.22 state income tax, and $50 union dues. Fringe benefits have been estimated at 20% of her salary.
The new job”s total monthly deductions are $________.
Answer: What part of the question are you having trouble with?
Do you not know how to do 20 percent? Just change the percent to a decimal and multiply. So for 20 percent, you would multiply times 0.2
Do you not know how to calculate the monthly salary? Just divide the yearly salary by 12
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FREE FILING HELP
FREE FILING HELP
Legal Fees Tax Deductible Canada
March 13th, 2008
Question: Can Property Sale commission and legal fee be tax deductible in Canada?
Answer: It’s deductible if it’s the sale of a business property. It’s not deductible if it’s the sale of your personal property.
You can also include the costs of the sale in a moving expense deduction, if you meet the requirements of that deduction (generally moving more than 40 km closer to your place of work, or to a new place of work).
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Friday Marked the 38th Anniversary of the Buffalo Creek Disaster
While our region dealt with snow Friday, 38 years ago on Feb. 26 a devastating flood killed 125 people.
President Obama Holds a Health Care Town Hall at AARP
Investor Tax Deductions
March 13th, 2008
Question: Impact of STT while calculating STCG for a investor (not trader) for the FY 06-07. Please clarify and help.?
Please confirm the tax liability, for a investor, in the following scenario :-
1. Equity Purchase Cost :- 99/-
2. Paid STT :- 1/-
3. Total Net Cost (1+2) :- 99+1 = 100/-
4. Equity Sold at :- 101/-
5. Paid STT :- 1/-
6. Total Net Price Recd. (4-5) :- 101-1 = 100/-
Is STCG tax liability on Rs. 0/- (100-100=0) or on Rs. 2/- (101-99=2) considering the STT impact.
What are the permissible deductions from the Short term capital gains (e.g. demat charges etc.).
Please clarify and help.
Answer: I think that I have seen a similar question some time back.
Your short term capital gains are ZERO. You can further add your demat expenses to the purchase cost and also you can reduce the sale amount with demat expenses (Expenses of transfer). That is all. You cannot claim interest on loans other expenses. This will apply for FY:2006-07, 2007-08 and also for 2008-09.
Items on Amazon Right Now for Investor Tax Deductions:
Do This in the Next 3 Days or You’ll Regret It
This counterintuitive move could save you money.
Tax Deduction Tips for Businesses : Filing Investor Expenses for Taxes
Posted in Investment Deductions | 
Tags: as, capital, capital_gains_tax, capital_loss_deductions, realestate | 
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