A tax exemption is an exemption from all or certain taxes of a state or nation in which part of the taxes that would normally be collected from an individual or an organization are instead foregone.
{ 0 comments }
From the monthly archives:
November 2008
2007 Health insurance subsidy cost: $134 billion
If you’ve ever wondered how employers became responsible for most Americans’ health care, here’s your answer. The tax code essentially gives you a discount on insurance, as long as you buy it at work. The better your plan – and the higher your tax bracket – the bigger the [...]
{ 0 comments }
(This letter was also sent to George W. Bush, Johnny Isakson, Saxby Chambliss and Paul Broun.)
I am writing to you as a constituent and a concerned citizen regarding the severe economic crisis that our nation is now enduring.
I’m sure that there are many very learned people working diligently to help resolve this situation and they [...]
{ 0 comments }
The limit on the exclusion for payments made on a per diem or other periodic basis under a long-term care insurance contract increased last year to $260 per day. The limit applies to the total of these payments and any accelerated death benefits made on a per diem or other periodic basis under a life [...]
{ 0 comments }
Adoption credit. The credit allowed for an adoption of a child with special needs is $11,390 and the maximum credit allowed for other adoptions is the amount of qualified adoption expenses up to $11,390. The credit begins to phase out if you have modified adjusted gross income of $170,820 or more and is completely [...]
{ 0 comments }
Bailout With A Price: Ohio Chapter 11 Bankruptcy
Mention a corporate bailout in the nation’s capital these days and chances are someone will offer a harsh condition to go along with it. Chapter 11 bankruptcy.
Lately, the term “prepackaged bankruptcy” has been gaining currency in the halls of Congress as lawmakers struggle with pleas for help from [...]
{ 0 comments }
AIG has revealed that they are suing the IRS for $329 million, claiming a refund for back taxes and penalties. Hmm, I wonder if they’ll return some of that bailout money if they win?
Oh wait. They won’t win.
That’s because the IRS has already labeled the transactions “abusive” and penalized the company for taking tax credits [...]
{ 0 comments }
An assessment is a determination by a government agency that you owe tax.
In general, an assessment must be made within 3 years from the date the return was filed.
In the case of a false return, a willful attempt to evade tax, failure to file a return, or pursuant to agreement between you and the government [...]
{ 0 comments }
Generation Skipping Transfer (GST) Tax is repealed as of the year 2010 but reapplies in its entirety as of 2011. Until 2010, the exemption amount will be the same as the estate tax exemption amount.
The Generation Skipping Transfer Tax is 45% in 2007 through 2009.
The basic Estate Tax is designed to tax assets when they [...]
{ 1 comment }
The city of Nashua has had it’s tax rate increased by less than 1 percent, the mayor announced Wednesday, and one alderman said it couldn’t have come at a better time.
“This is one of our smallest increases over the last 10 years,” Mayor Donnalee Lozeau said. “I hope this provides some comfort for our residents [...]
{ 0 comments }
