Archive for July, 2011
Standard Deductions For 2010
July 31st, 2011
Question: 2010 Tax return question?
I’m filing 2010 return as joint return. My standard deduction is greater than Itemized deduction.
I have quick questions
1> The amount i pay for Toll Roads, will that go into Itemized deduction or somweher else in Credit?
2>When i filed my 2009 tax returns in 2010, i owed $874 to IRS and paid those to IRS in March 2010. Can i add/Claim that amount now. How?Answer: No and no.
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Deductible Ira Income Limits
July 31st, 2011
Question: INVESTING AND RETIREMENT QUESTION! 10 pts!
?
A retiree has a nest egg of $50,000 that earns 5.5 percent per year,
compounded quarterly. If the nest egg is to be depleted to zero in 30 years, how much should be withdrawn each month?a. $537
b. $340
c. $281
d. $230The deductibility of contributions to a traditional IRA can be limited by:
a. age or adjusted gross income (AGI).
b. whether or not a person has earned income.
c. whether or not a spouse is covered by a retirement plan
atwork.
d. All of the above factors can limit the deductibility of
contributions to a traditional IRA.If a contribution to a traditional IRA is not deductible:
a. there is no point in making the contribution because it will
not save any tax.
b. the contribution must be used for higher education expenses
if it is withdrawn before age 591h.
c. the income from the contribution will be compounded tax
deferred until the money is withdrawn.
d. it should be converted immediately to a Roth IRA.Answer: 1-c, actually I calculated $274.89 per month
2-d
3-c
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Posted in Tax Deduction Limits | 
Tags: business, deductible ira, deductible ira income limits, deductible ira income limits 2011, deductible ira income limits for 2010, federal, home, income, ira income limits, non deductible ira income limits, non deductible ira income limits 2011, tax | 
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Standard Deduction Worksheet 2008
July 31st, 2011
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Tax Deductions For Donations 2009
July 31st, 2011
Question: Can I itemize state taxes for the whole 2009 if I bought a house in November 2009?
My question is: If I itemize on my 2009 tax return for a house that I bought in November 2009, can I deduct the entire amount of state taxes (and donations) I paid in 2009 or only the fraction for the two months I owned the house in 2009? If the full amount cannot be deducted, the standard deduction of $5700 will be higher than my itemized items and I would not itemize.
More Details:
Closed on the house November 19th, 2009.
Total prepaid interest and property taxes: $4505
State Taxes paid in 2009: $6000
Donations made: $720Thank you!
Answer: if what you can itemize is greater than the standard deduction, by all means itemize
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Car Donation To Charity = Car Donation Tax Deduction, Unless…
Posted in Donation Tax Deductions |
Tags: donations, federal, form, income, return, tax, tax deductions, tax deductions for donations 2009 |
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When Is Mileage Deductible
July 30th, 2011
Question: Do I need a Honda Care Extended Warranty on a 2003 Civic?
I just bought a pre-owned 2003 Honda Civic which has a mileage of about 89400 miles on it. I was sort of persuaded by the dealer to buy the HondaCare extended warranty for 2 years or 24000 miles, at a cost of $1860 and deductible $100. However, when I got the contract, there are so many exclusions. I am now wondering whether I should cancel the contract as I am not sure whether it would be worthwhile. Can you advise? Are there better ones?
Answer: Oh yeah, you got screwed. The chances of your Honda having problems equaling $1860 in the next 24k miles is almost nil. Even if your engine goes, rebuild costs less than $1500.
Cancel it ASAP! I believe Honda allows you to cancel within a specific time period.
You do not need any extended warranty on a Honda. They can easily go 200k miles without a problem, as long as you do regular maintenance and replace the timing belt & water pump every 90k miles.
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Tax Forms & Deductions : Can I Write Off My Computer on My Taxes?