Taxes - October 2007

Does the benefit of a tax-deferred investment account (like a regular IRA or 401(k) plan) come entirely from the possibility that I may be in a lower tax bracket in retirement?

I think I understand the mechanics of these accounts: If I take my money and save it in a normal taxable account, I pay tax now at my current tax rate, then I pay tax on the income at my normal tax rate, and I pay tax on the capital gains at the capital gains tax rate, which is normally lower than my tax rate.

If I put my money in a tax-deferred account, I pay no taxes on the contributed amount or the income till I retire; then I pay tax on the full amount withdrawn at my post-retirement tax rate. (And I lose the benefit of the lower capital gains rate.)

If someone's pre- and post-retirement tax rates are the same, is there any benefit to a tax-deferred account?

(The 28% Fed. tax bracket extends from $77K to $160K, so it's not hard for someone to be in the same bracket pre- and post-retirement.)

2007-10-20 18:56:42 · 5 answers · asked by Erik 2 in United States

why BAGTCO is recruiting without even interviewing, I got an offer to work at St Helena as Mktg Mgr. it sounds something fishy.

2007-10-20 18:37:15 · 2 answers · asked by sanjiv 1 in United Kingdom

I attended a college about five years ago and paid a substantial amount because I was an out-of-state student. I just found out this year that I can receive money back on my federal taxes. Is five years to long to file or is it a lost cause?

2007-10-20 18:19:56 · 5 answers · asked by Ross W 1 in United States

I don't work so I'm soooo confused...

2007-10-20 16:10:28 · 5 answers · asked by Anonymous in Other - Taxes

2007-10-20 16:08:52 · 6 answers · asked by Anonymous in United States

all the money they take from yor paycheck's do u ever get that back?

2007-10-20 15:10:13 · 11 answers · asked by Anonymous in United States

I am a contracted employee required to take 40 hours of computer-related continuous education annually. However, my employer will not cover the expense, nor provide the training. Is this common practice, or even lawful?

2007-10-20 14:49:31 · 5 answers · asked by Jordan S 1 in United States

I am a contracted employee required to take 40 hours of computer-related continuous education annually. However, my employer will not cover the expense, nor provide the training. Is this common practice, or even lawful?

2007-10-20 14:46:03 · 3 answers · asked by Jordan S 1 in United States

is this really possible

2007-10-20 14:34:39 · 5 answers · asked by POLITICK; 3 in Other - Taxes

I would very much prefer the $25K to go to a specific charity (in a form of a tax-deductible donation) rather than to vanish in the bottomless pocket of the IRS. Any idea if this would be possible? PLEASE DO ME A FAVOR AND ANSWER ONLY IF YOU KNOW. DO NOT GUESS.

2007-10-20 13:20:03 · 8 answers · asked by Anonymous in United States

original value is $35,000?

2007-10-20 11:50:56 · 4 answers · asked by Anonymous in Other - Taxes

do you have to take out taxes
or can you just say you deal with the taxes?
just woundering how this works ?

2007-10-20 11:04:23 · 8 answers · asked by cher 5 in United States

If so why won't the IRS show us the law that requires us to pay income taxes? i mean i know the 16th Amendment but it was never ratified.

2007-10-20 09:20:17 · 11 answers · asked by Anonymous in United States

The job needs to be easy,located in Hiawassee,Georgia,and easy on his back(he has degenerative disk disease).Help!(he dosen't want a full time commitment job,just one that will last a few days off and on .

2007-10-20 08:24:29 · 3 answers · asked by Holly G 1 in United States

I'm doing some investment forecasting and I'd like to know what rates I should use for someone in what is described as the "highest tax bracket"?

I need the 3 USA federal rates for ordinary income, capital gains, and cost recovery.

2007-10-20 07:41:35 · 1 answers · asked by Patrick 1 in United States

My 16 y/o son, who is a fulltime student and I support 100% financially (lives with me) and materially, works parttime (less than 15 hours a week) at minimum wage since July of this year. I have been claiming him on my returns since birth so I don't have to worry about anyone else claiming him...and I am a single mother so I file the EIC as well. My questions are, how would I go about claiming him this year and what do I do with his W-2 (his YTD income/wage)? Do I need to fill out another form? Filling out my returns have been very simple as I do not owe/own anything. I usually file taxes online for free.

Thank you for your time :).

2007-10-20 07:31:52 · 7 answers · asked by Anonymous in United States

Do You Have To Pay Taxes In The State Of Florida I Don't Think You Have To Cause Of Tourists And Toll Roads But I Wanted To Make Sure

2007-10-20 06:43:09 · 5 answers · asked by MidnightStar Sparks 3 in United States

2007-10-20 06:43:05 · 9 answers · asked by Anonymous in Other - Taxes

2007-10-20 05:14:26 · 1 answers · asked by temrocks1 1 in United States

Do I only get taxed if I make profit?

2007-10-20 04:58:00 · 3 answers · asked by Anonymous in United States

they finished my amended return. if they send off the check on a friday would I get in on a saturday?

2007-10-20 04:35:34 · 5 answers · asked by Anonymous in United States

2007-10-20 04:15:25 · 5 answers · asked by bradhust 2 in United Kingdom

2007-10-20 04:07:04 · 3 answers · asked by Aaron W 1 in United Kingdom

1. The company I worked for was taken over and my employee purchased stock was exchanged at the ratio of 0.7104. My number of shares was reduced fro 935 to 664. The orginal price was $29.00.

2. Later there was a reverse split 1:7. Leaving me with 94 shares.

I sold some this year and need to find the basis. Does anyone know where I can find an example on how to find the basis or know how to do so?

2007-10-20 04:03:14 · 4 answers · asked by rachel F 1 in Other - Taxes

My brother-in-law owns a small business. He lacked some cash flow and I gave him $120,000 in Jan 1, 2007. He considered me as an investor and I have been receiving a dividend ($2,500) each month as per an official special legal agreement. A few days ago, I was surprised to hear him saying that I should expect 1099-MIS to file next year. Now he considers me as an independent contractor. I never did any work for him or anything at all. I need some advice people. Is this a legal tactic on his part? Why is doing this now? How can I challenge him? What are my rights and obligations? What tax form should I really file in this case? Please help! Thank you so much.

2007-10-20 04:02:16 · 7 answers · asked by Mr. J 4 in United States

Let me elaborate. It's true that gambling winnings are reported by casinos to the IRS. If you do not report these winnings, the IRS will come after you for them if the amount is at all significant.

But ... you can claim gambling losses to offset your winnings.
Say you win 20,000 playing poker. You put the 20,000 on your return as gambling income. On a separate line in the return you claim 20,000 in gambling losses. The IRS will not question your losses up to the amount of your winnings. True or false? That's what I heard anyway. Can someone confirm?

2007-10-20 03:59:04 · 9 answers · asked by alfie 2 in United States

2007-10-20 02:58:54 · 3 answers · asked by fiyo 4 in Other - Taxes

a friend of mine wanted to get his property and home appraised so he could get it better insurance coverance, the county acessor came out and apraised it. tax is $700 more now, and insurance coverage is no better his insurance agent told him to get it apraised and all he got is a bigger property tax, he has 90 days to appeal that tax he wanted it appraised by them he didn't know this is how it would turn out any sugessions how to get the tax back down

2007-10-19 23:46:44 · 4 answers · asked by flipper 2 in United States

Hi Guys,

I'm a 30y/o career changer to accounting and have recently been offered an internship in corporate tax. The problem is that I have only 2 days to accept but I have 2nd round interviews with Public Accounting firms in the next week, one a big 4.

I truly want my CPA and the public accounting experience but what are the chances of getting an offer from a 2nd round interview. This position is on the table and I'm not opposed to a taxation internship that will probably lead to a full time offer.

What are your thoughts... Should I gamble on the 2nd round interviews or accept the corp tax internship?

2007-10-19 21:12:13 · 2 answers · asked by keepitmovin 1 in United States

uhhh im new at this. I need to fill out my financial aid application soon and these are some of the things i need to know. What exactly is an IRS income tax return and is it required that you fill one out? I live with my parents and only one of them works if that helps.

2007-10-19 20:47:35 · 4 answers · asked by jackSprckk 3 in United States