Financial Freedom » Income

If I am a disregarded entity for tax purposes, can my personal income taxes be offset?

Financial Advisor — Wed, 03 Feb 2010 03:14:05 +0000

I received a letter from the SBA(small business administration) that says that my debt to them can be offset. I filed a personal chapter 7 and included it in my debt, but when I talked to them they said that it can be collected upon through the business since I did not close it. The fact is that I have other lines of credit that I am paying that was not originally in the bankruptcy that I personally guaranteed. So I cannot really just fold the LLC without the new debt being thrown on my personal credit now. The debt was already discharged two years ago from me personally.

I found this statement on the web: Disregarded entities are unique in that, although they are separate entities for legal purposes (thus affording us asset protection), they are treated as nonexistent for tax purposes.

If that is the case, can they take my refund? I am a single member LLC. But my income comes from a normal 9-5.

Ways to reduce income tax when you began making IRA withdrawals?

Financial Advisor — Thu, 28 Jan 2010 21:14:57 +0000

Any ideas to save on income tax before one has to start making withdrawals from IRA?
I thought one way would be if you're 67 years old and you know you will have major medical expenses in these next 2 years, should you withdraw some out of your IRA since you will be able to deduct the medical expenses from your taxes? Otherwise, if you wait till 70 1/2, then you will not have the deduction benefit.
Any other ways to save income tax when you start making IRA withdrawals?
great answers so far.
The medical expenses are for procedures to be done this year and the next year, afterwards the amount spent on medical expenses will be less than the 7.5% of income required (no more procedures needed- otherwise healthy person).

Is it compulsory to add contribution toward new pension scheme in saving limit of 1 Lac. for income tax calcu

Financial Advisor — Thu, 28 Jan 2010 14:53:41 +0000

new pension scheme by indian government has 10% contribution by govt and 10% by employee and is saved in pension fund. for income tax an individual can save upto 1 lac (PPF, NSC, M. Funds etc).which is deducd from total income while tax calculation. i want to know is it compulsory to add pension fund contribution(both by govt and individual) in personal saving limit of 1 Lac.! it lowers the saving limit of an individual and he has to pay more tax

Does marriage or staying single make a difference in saving on SS & Income tax as we both collect SS Benefits?

Financial Advisor — Thu, 28 Jan 2010 08:42:02 +0000

Would we both pay less SS tax and Income tax if we stay single or does marriage make a difference at all? tax-wise?

Income Tax saving for Education Loan?

Financial Advisor — Wed, 27 Jan 2010 20:37:24 +0000

do I get tax benifit on EMI I pay back ???
do I get tax benifit on interest part of EMI ???
Is there any limit to this benifit ???

When can I claim the Simple Interest part of the Edu Loan for IT benifit ???

Can anyone save income tax returns claiming themself as WFG agent or professional?

Financial Advisor — Wed, 27 Jan 2010 14:40:33 +0000

someone told me they save $2500 from income tax as they become members of World financial group by paying $150-200. Is it true?

Saving gas receipts for income tax time?

Financial Advisor — Wed, 27 Jan 2010 09:52:35 +0000

I'm a college student and I commute. I hear that if I save my gas receipts I can claim it on my income tax. How exactly does that work and is it more of a hassle then it's worth? Thanks!

Do Land loan interest payment qualify for a personal income tax credit in USA?

Financial Advisor — Wed, 27 Jan 2010 02:41:55 +0000

I am renting right now and do not own a house. I have purchased a residential lot to build my home in Texas, USA.
Do the interest payments I make this year on the land loan count towards an income tax credit?

What does the income tax-tuition saving refund act do and why do people want it passed?

Financial Advisor — Wed, 27 Jan 2010 02:38:40 +0000

People keep talking about this and I tried doing my own online research, but it's all too confusing. Can someone explain it to me?

4 ways to overcome a loss in income

Financial Advisor — Tue, 26 Jan 2010 13:11:14 +0000

4 ways to overcome a loss in income
Dear Debt Adviser, My husband died of cancer and I am raising my three children. My youngest is 16, and in August I learned that I would no longer get her Social Security benefits. Therefore, I'll have $2,100 less per month in income.