Business and economics |

Taxpayer asks:
Hi Kelly!
I just received my tax rebate, but it was for $600 and I am a single mom so I though it would be $900. I was just wondering how I go about figuring out which amount is correct. Will I receive the $300 later for my son?
You are the only website I have been able to find useful when it comes to anything about taxes. I appreciate it… Thank you!

Taxgirl says:
You should receive all of your rebate in one payment unless you specifically directed that your 2007 tax refund be split (this is unusual and you would know if you had done so).

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No, that’s not a typo. These days, it seems, it is all about the dollars. Even in college sports - or maybe especially in college sports.

The headline on this week’s Philadelphia Inquirer, Sunday Edition, blared “Raising Funds - and eyebrows” - the story about the push to raise money for colleges through athletics made the front page. It seems especially fitting to run the story during football season (and maybe just a little self-serving that it focused on Temple and Penn State Universities less than a week before the well-known Nittany Lions pick on the Owls in Philadelphia) but it’s hardly news. The role of the dollar in college sports has been under fire for more than a year now, from the IRS inquiry into whether the tax-exempt status of colleges should remain considering the “empires” that have been built on the backs of taxpayers to the controversial salaries paid to coaches to Congress’ debate about the role of sports in secondary education - including basketball. What has come out of this debate is largely nothing - a lot of drama on both sides about the value (or not) of sports programs at colleges and universities. While there should be pressure to answer this debate in a very public way, there isn’t. Perhaps it’s impolitic to do it with football play-offs looming in the distance - too many OSU fans in Congress (yes, that’s OSU pictured above)? And then there’s basketball… And then, baseball. It’s just so darned inconvenient. Only Senator Charles Grassley (R-IA) has dared bring it up again recently; he promised last month to take another look at whether tax-exempt status was appropriate - but then, who are we kidding? He went to the University of Northern Iowa.

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What Happened to that Picture?

Sometimes you see photos on websites that look funny - too wide or narrow, tall or short. In other words, out of proportion. Some other terms used are scale, perspective and aspect ratio. One common way to re-size a graphic is using a WYSIWYG editor. WYSIWYG is pronounced wiz-e-wig and is short for what you see is what you get.

Hover over the corner of a graphic, click and drag. Depending on the program, it’s possible to lose perspective, so keep this little tip in mind.

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For years I have been paying sales tax (VAT) on purchases I make online through services such as Clickbank. It is inconvenient but it is much easier for Clickbank to work this way then to have to monitor the location of a seller and buyer.

The general rules in the US, as far as I can determine is that if you have a business presence in a state, you have to pay tax there. This applies if you own your own servers in the sate, or if you have employees.

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FED cut Interest Rate to 3.00% on 30th January 2008

Posted on January 31, 2008
Filed Under Forex News |

On Wednesday, as forecasted by many financial analysts, US Federal Reserve made its second deepest interest-rate cut by 50 basis points. Within a short span of less than 2 weeks, FED has lowered its overnight bank lending rate to 3.0%. Just 4 months ago, the rate was 5.25%.

The FED believed that the rate cut was necessary with the tightening of the credit market, battered housing market, volatile financial market and weakness in the job market. It also hinted that it will continue to lower interest rate if the economy continues to show more sign of weakness.

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Taxpayer asks:
I am a driver for a FedEx contractor, and I just recieved my 1099-misc form from my boss(the contractor) and I have no clue as to what to do from here. In the past, my jobs were paid by hourly wage and I received a W-2 for those. This is totally new to me, and I need to know what information I need in order to report my income.

Taxgirl says:
I have two answers for you, actually.

The first is my generic 1099 answer. If you receive a 1099, you would report that in one of two places on your tax return. If the money was generated from a hobby, you would report it as “other income” on your federal income tax return. If the funds were generated from self-employment (i.e. your own business) as it sounds like yours is, you would report the information as stated on the 1099 on your Schedule C.

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Dear Dave, Janice, and all the Technorati Team,

I’m sorry I rained on your parade yesterday. That wasn’t very nice of me. Usually I’m more careful of such things.

My head was still attached to my heart. The problem was I was only thinking of the people on this side of the equation. I could have let you celebrate your glory for a day. How arrogant of me to charge right in there to find fault. I really am sorry.

But how did you respond?

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I keep been in heaps occupation groups over the elderliness, and I’ve institute essential utilitarian to share problems, to share ideas, and to subsidize and takings suggestions and criticisms. When you muscle for someone extra, you much obtain the space to reproduce mentored. But when you exertion for yourself, I acquisition undeniable’s plain to feel sore and alone. Professional are constant decisions to substitute made for which you may or may not retain the fit expertise: amount judgments, balancing boundness to the company second being contracted to employees, tough personnel issues, horrid monetary situations. Crowded of these things cannot personify discussed with employees - either thanks to they ‘ re involved in some street or for they, vitally, need the expertise.
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Taxpayer asks:
Hi TaxGirl. I’ve searched all over the Internet and the IRS.gov website and I can’t find an answer to my question, so I’m hoping you can answer it:

My sisters don’t currently have healthcare insurance, so my mom is helping them with some of their healthcare bills and expenses. My understanding is that this is not subject to taxation or reporting as long as the payments are being made directly to the healthcare providers. My question is: can my mom instead make premium payments for healthcare insurance for them or does this somehow not qualify in the same way as direct healthcare payments? I know that in personal income tax deductions, premiums can be deducted along with medical expenses, but for gifts, if payments must be paid directly to healthcare providers, than I’m not sure if a healthcare insurance company is consider a healthcare provider or not.

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Taxpayer asks:
Hi taxgirl,

There is a woman at our church who recently lost her home in a storm. A few of us put our heads together and decided to take up a collection for her. We collected money, housewares, bedding, you name it. She lost almost everything that she owned so we started from scratch. I spent nearly $500. I planned to deduct this on my taxes but my husband says that he doesn’t think we can. Help!

Taxgirl says:

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