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2008-10-07 Tax Law (Questions About Taxes) - Trust disbursement: Chris, Thanks for your question. Based on your description, there should be no taxes involved since the trust shows losses. They would only have to pay income taxes if the trust had income that...
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2008-10-06 Tax Law (Questions About Taxes) - ESOP / 401K: Steve, Thanks for your question. Although plans differ significantly, it is not uncommon for an ESOP to be structured as a qualified retirement plan. Upon separation from the company, several things...
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2008-10-06 Tax Law (Questions About Taxes) - internship tax question.: Saahil, Thanks for your question. If you make estimated payments, you would send them on Form 1040-ES on a quarterly basis on the 15th of April, June, September, and January. The amount would depend...
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2008-10-06 Tax Law (Questions About Taxes) - Renting an inherited property: You can exclude the capital gains up to $250,000 ($500,000 married filing jointly) if you have owned the house for 24 of the past 60 months and lived in it as your primary residence for 24 of the past...
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2008-10-06 Tax Law (Questions About Taxes) - mileage reimbursement: Robert, Thanks for your question. I presume this is a paid position. As such, the mileage between home and the church is considered commuting mileage and therefore taxable income to you and not deductible...
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