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Archive for the ‘Car Tax Deductions’ Category

Question: How much should I pay for rent?

I will be making about $1900 per month BEFORE taxes and deductions. I need to know about how much I can afford to pay for rent/lease per month if I have to pay $130 per month for insurance then however much for other monthly bills. I don’t know how much these things will cost or even what I will have to pay. Please help! Oh and I am a college student and a CNA. My tuition, books, and cell phone are being paid by my parents and my car is fully paid off and new so I don’t have to worry about any of that. Or gas

Answer: General rule of thumb is that an apartment landlord/manager will want to see you bringing home 2.5-3x the amount of rent. I’ll say you bring home $1425/month (75% of $1900) which means you should qualify to rent $475 or under.

You’ll still need to budget for gas, water, electric, home phone (if you need one), internet access, cable, groceries, and life expenses (clothes, dining out, etc). $820/month is left for that, which should be doable AND you should be able to put a decent chunk away for savings.

Items on Amazon Right Now for Tax Deduction For New Car Lease:

Related Information

ISS is the municipal tax on services levied on the import and the rendering of services listed in Federal Supplementary Law 116/03.

Tax Deduction Tips & Advice : How to Use Car Lease Payments as a Tax Deduction

Question: State sales tax paid on an auto. Deductible?

I will be itemizing my taxes for the first time this year as a new homeowner. I purchased an auto last year but only used my standard decuction. Is it possible to deduct taxes paid last year on the auto in 2007 on my 2008 taxes this year. Thanks in advance for any help.

Answer: No.

Each year (1/1-12/31) stands on its own.

Items on Amazon Right Now for Deductible Auto Sales Tax:

PPG Reports Strong Second Quarter 2010 Financial Results

PITTSBURGH—-PPG Industries today reported sales for the second quarter of $3.5 billion, an increase of 11 percent versus the prior year’s second quarter. Second quarter reported net income was $272 million, or $1.63 per share.

Tax Break for New Car Purchases and Tax Relief for Hardworking Americans with IRS Problems

Items on Amazon Right Now for Auto Insurance Deductible Definition:

Litigation, Mediation & Arbitration

Larkin Hoffman’s Business Litigation Department has compiled a summary of the important laws enacted by the 2010 Minnesota Legislature. This update is organized by areas that will be affected by laws passed during the 2010 session.

Security And Privacy Requirements To Support Exchange of Health Information

Question: Where do I deduct my auto sales tax when filing?

I purchased a car in 2008 and now that I am filing my taxes online, I can’t find the option to deduct my sales tax. I live in TN. Does anyone know if I can make this deduction and where?
I am itemizing this year. I am using H& R but am not sure where in that process I would enter my sales tax information.

Answer: You may only claim sales tax if you do not deduct state income tax. If you itemize, you would checkout Publication 600 from the IRS to get the amount of sales tax you can claim and then add the sales tax generated by the auto. If the total is more than you paid in state/local income tax, then you should take the sales tax deduction, if not, you would want the income tax deduction.

All this assumes that you itemize your deductions. If you do not itemize, then you can’t claim the sales tax or income tax deduction.

Items on Amazon Right Now for Tax Deduction Auto Sales Tax:

Press Briefing by Press Secretary Robert Gibbs, 7/14/2010

See below for answers to questions(marked with an asterisk) posed in the briefing that required follow up.   *The meeting lasted roughly an hour, and Valerie Jarrett also attended.     **By the day of groundbreaking, Compact Power estimates it will employ 70 in construction jobs.  This will rise to 200 by September and 300 at the peak of construction.  The factory will hire more than 300 full …

Recovery: Vehicle Tax Deduction-Claim It January 2010

Question: How can a 2 person plumbing company possibly clear $250,000 a year?

If Joe the Plumber has an operation that makes $250,000.00 a year in taxable profit, why did I go to medical school? Seems like if after expenses, payrolls, taxes, supplies, vehicles, advertising, rent, utilities, licenses, and all the other deductibles that a small business can claim, that if there is $250K left over, they should pay some taxes. This is not socialism, it is taxation and that runs the country.
So the present system we have of providing health care to the unemployed, via medicaid, food stamps for the indigent… that is socialism too? Come on, we are all in this boat together, and the “bail outs” have to save all of us.

Answer: Actually Joe would only have his taxes raised if he personally earns $250,000 in take home pay. That 2 man business would need to gross in the millions for him to be paid $250,000 a year as an owner. That argument is BS.
If I earned $250,000 I would have no problem in paying more taxes. I would be happy to pay more than a person earning less than me. I can’t understand the rich whining when many of them pay LESS in taxes than I do (and I an in the middle class)!

Items on Amazon Right Now for Deductible Vehicle Expenses:

Oak Grove fire chief resigns

OAK GROVE — The Oak Grove Town Council accepted the resignation of longtime Fire Chief Leon Dale at its Tuesday evening meeting. Mayor Charles Merkel said, “Leon has been wonderful for the town through the years, and we all know that.

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