Tax FAQ
 

Can I Keep The Tax Reimbursement From My Home Closing?

Question by TheFame | Posted in Renting & Real Estate

I had a abrupt sale, the bank got the proceeds from the sale and the account is settled as agreed. I decent got a check from the title insurance company for a tax reimbursement, can I keep this or do I have to give it to the bank? Will the bank know about this corroborate?

Answer: Yes, you can keep the tax reimbursement pause, it was made out to you and the bank is take care of as agreed. Best Wishes.
 
 

Can Someone Be Eligible For A Tax Reimbursement For His Or Her Children's If This Person Has A ITIN Number?

Question by laura | Posted in United States

My fellow-citizen have a ITIN number and he wants to claim his two kids as dependents in his income tax story. He wants to know if he will be eligible for a reimbursement even though hi has an ITIN number.

 
 

Tax Question: Should I Take Tuition Reimbursement Or Have Company Pay For It?

Question by roblo | Posted in United States

My entourage will be paying for a graduate course this year (cost is $2000). I have the option of paying for it and being reimbursed, or they will pay for it in the first site. Which is the better option for tax purposes? Reimbursement would require reporting of the benefit as taxable revenues, but then I would receive the lifetime learning credit (I think it would be 20% therefore 400 tax credence). Or is it better to avoid having my income go up? Thanks.

Answer: It is more for the company to pay directly for the education. (rather than incur more FICA tax.)

Otherwise, it depends on your gross receipts. There is a narrow income bank where you would owe at least $400 in taxes, but your marginal tax rate is 10%. (but it would be bettor by less than $50).

If your marginal rate is 15% or higher, it is better to have the company pay for it.

Related Topics:

Tax Limited Company
Tax On Pay
Tax Online Payment

 
 

In 2010; How Much Would I Receive Per Dependent In Tax Reimbursement?

Question by MariElena | Posted in United States

I only worked 11 months: From November 2008 to October 2009 at $9 an hour.
I have two children.
I only worked 11 months full hour.

 
 

Help With Charity Reimbursement Tax Issues?

Question by Kayak57 | Posted in Other - Taxes

I pay for a alms-giving's website services out of pocket, and they reimburse me for that payment. I make no profit off of this. How do I see to with this concerning taxes? Do I leave it alone because it evens out? Do I count the payment as an expense and the reimbursement as revenues? FYI- the web services are completely for the charity, I use them for nothing personal.

Answer: You give stop this off of your tax return--unless they send you a 1099-Misc for it.

Related Topics:

Tax Masters
Tax On Real Estate
Cook County Property Tax

 

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