The IRS Deductions Blog

Archive for April, 2009

Question: Can I post a correction?

I had previously suggested if Huckabee was elected he could use his supply of holey healing cloths and prosperity beads as gifts for visiting foreign dignitaries.

Answer: Yes you can! Yes you can you realy can can can!

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East Bronx City Councilman Jimmy Vacca could move into powerful committee spot

East Bronx City Councilman Jimmy Vacca may be stepping up in that august body.

I’m a Better Lunch Date Than Sarah Palin – Start Bidding Now

Question: Hit and run. insurance? police?

So i was a victim of a hit and run about 2 months ago. I was lucky enough to get the other persons licence plate.
I paid my 500 dollar deductible, and filed a police report.
Well, after about a month, i got the police report back and the LAPD could not identify the driver. What gives? is the licence plate not enough? what can i do to get my deductible refunded or paid by the other party? am i just lucked out?
thakns

Answer: The license plate identifies the CAR, not the driver.

In CA the single most common reason for a driver to do a hit and run is that he’s not licensed and/or insured. There’s a good chance, if the LAPD could not identify the driver, that the last registered owner sold the car to an illegal alien who then never registered it.

If the car was still in the possession of the last registered owner then he would be responsible, even if he wasn’t physically driving at the time.

Chances are that, yes, you’re out of luck.

Richard

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What’s with all the potholes in Bend?; Snowmelt and fluctuating temperatures are taking a toll on area roads

Just over two weeks into winter, things are starting to get a little bumpy on Bend’s streets.Around the city, melting snow and up-and-down temperature shifts have helped widen cracks into potholes, creating plenty of work for public works crews — and a rocky ride for some drivers and cyclists.

Megaman Zero 100pt Run – Mission 4

Question: provision under which salary from british redcross london is exempted under income tax act india?

i joined british red cross, london in month of jan 2007. under what section/provision/rule of income tax act, india,i can claim exemption/deduction from my salary i received from ngo, as there is a treaty of double tax avoidance and this salary is exempted in britain. i get salary from this international ngo.

Answer: Hello following is clarification for your querry-

When is the income of an Individual chargeable to tax?
< Meaning === means next column>

Source of Income ======R & OR== R & NOR N===R
INDIAN INCOME:
Income received or deemed to be received in India during the current financial year =======T =T= T
Income accruing for arising or deemed to accrue or arise in India during the current financial year =T= T= T
Income accruing or arising or deemed to accrue or arise outside India, but first receipt is in India during the current financial year =T= T= T
FOREIGN INCOME:
Income accruing or arising or deemed to accrue or arise outside India, but first receipt is outside India, during the current financial year. =T= NT= NT
Income accruing or arising outside India from a Business / Profession controlled from India during the current financial year. T =T= NT
Income accruing or arising outside India from any source other than Business / Profession controlled from India =T= NT =NT

R & OR: Resident and Ordinarily Resident
R & NOR: Resident and not Ordinarily Resident
NR: Non-Resident
T: Taxable
NT: Not taxable

Kindly provide the details about ur residential status.
This will definitely work for you
I am a CA Final year student.
Bye

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County won’t cut jobs, hours

BUCYRUS — Crawford County Commissioners approved a balanced budget that reduced expenses without cutting jobs or hours this year.

Social Security, Medicare and Other Taxes

This Week in Health Care Reform

After weeks of logjam on Capitol Hill, lawmakers in both the House and the Senate have reported progress in their respective negotiations this week, clearing way for a possible vote on sweeping health care reform legislation after the August recess. To help you make sense of the numerous reform plans and plan details, review the attached chart.

Public Plan

House Democrats Reach Compromise: After weeks of infighting, House Democrats on the Energy and Commerce Committee came to an agreement on Wednesday that would shave $100 billion off the House bill’s original price tag of more than $1 trillion. The Energy and Commerce Committee resumed marking up the legislation Thursday, but the full House will not vote until after the August recess.

Congressional Budget Office (CBO) on House Plan: The CBO helped the House Democrats’ case for a public option when it reported that under the proposed legislation , most people would still choose employer-based coverage rather than a government-run option. The CBO stated that, given the individual mandate, more employees would sign up for coverage through their employers. However, the latest analysis also stated that the proposal would still increase budget deficits.

Senate May Choose Co-Op Over Public Option: Senate Finance Committee negotiators indicated that they were close to reaching a bipartisan deal that would include a co-op modeled public plan. The proposal being discussed would include a tax on insurers and would use non-profit cooperatives to compete with private insurers. The proposal would also not include an employer mandate.

Alternative Plans

House Republicans Unveil $700B Plan: On Wednesday, House Republicans unveiled a $700 billion health care plan that would offer Tax Deductions and credits to assist individuals in purchasing insurance, as well as take on medical malpractice. According to House Republicans, the proposed plan would be fully paid for, but CBO has yet to officially assess the cost of the legislation.

Financing the Plan

New CBO Score on Senate Bill: The Senate Finance Committee got a boost when the CBO estimated the latest version of the Committee’s health reform bill would cost less than $900 billion. The bill would cover 95 percent of Americans by 2015 and would be fully paid for in the first 10 years, according to Finance Chairman Max Baucus (D-MT).

Tax on “Cadillac Plans” Gains Momentum:The Senate Finance Committee’s option to tax insurers on high-value “Cadillac plans” has attracted support in the Senate, and it seems senior House Democrats are warming to the financing proposal. A spokesperson for America’s Health Insurance Plans voiced opposition to the plan, and many assert that a tax on insurers will ultimately be passed down to consumers.

CBO Rates Independent Panel: CBO reported this week that the proposed independent panel to oversee payments by Medicare would result in just $2 billion in savings over 10 years.

Additional Activities

AARP Voices Concern: President Obama held a town hall-style meeting at the American Association for Retired Persons (AARP) Washington headquarters this past week to address growing concerns among seniors about health reform and subsequent cuts in benefits. Polls show that senior citizens are more skeptical about health care reform than any other age group. Consequentially, AARP has had to walk a careful line in endorsing the House bill. Earlier this week, AARP expressed disappointment in the lack of progress in the Senate, saying that Senators have “failed to act.”

Looking Ahead

House lawmakers plan to conclude work this week and break for a month-long recess, returning to their districts to further discuss health reform efforts. The Senate will recess on August 7th.

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Battle lines drawn over tax measures 66 & 67

BEAVERTON, Ore. — As Oregon business interests and others band together to fight new taxes in the state, both sides are taking their arguments to voters. In Beaverton, dozens of voters gathered Monday for a debate between the supporters of Measures 66 and 67 and those who would overturn the measures. The tax hikes were passed by the Oregon legislature, then referred to voters, who will decide …

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