HDTenEightyP/NetNews huggingface dataset:
From: Steve Olsen <SRO@arlan.byu.edu>
Newsgroups: misc.taxes
Subject: Re: Savings Bonds for College; Student Financial Aid
Date: 23 Nov 1992 18:23:25 -0600 (MDT)
Organization: Fedtax-L<==>Misc.Taxes Gateway
X-Gateway-Source-Info: Mailing List

> If I remember correctly there is a section in the FAF that asks you
> about the value of your home (or parents home).  Can someone verify
> this? >

FedTax-L-ers,
For 1993-94, the Free Application for Federal Student Aid (which all
students must use to apply for Federal financial aid) will exclude
home equity for all students, spouses, and parents.  It will also
exclude "family farm equity, if the family lives on the farm."

In addition, independent students (based on the Department of
Education's criteria), or parents of dependent students, who do not
file a Form 1040, and have an adjusted gross income under $50,000,
will not have to list any assets on the need analysis form for Federal
financial aid.  Anyone who qualifies for the full earned income
credit will automatically qualify for the maximum amount of Federal
financial aid.

These rules are new starting with 1993-94.  For the 1992-93 academic
year, and prior years (at least five, as I recall), home equity, farm
equity, and other assets had to be reported if the student, spouse,
or parents filed a Form 1040, or if the adjusted gross income of the
student, spouse, and parents was $15,000 or more.

Students and parents may fill out the CSS FAF form, the ACT FFS form,
or the PHEAA form, to apply for private, state, and institutional
financial aid, but cannot be required to do so to apply only for
Federal financial aid.

Steve Olsen
BYU Financial Aid Office
Provo, Utah
sro@arlan.byu.edu
Newsgroups: misc.taxes
From: careyb@sweetpea.jsc.nasa.gov (Brian Carey 283-4181)
Subject: Does any one have a tax table for next year?
Organization: McDonnell Douglas Space Systems Company
Date: Thu, 19 Nov 1992 17:31:46 GMT

I am interested in finding out if I have been paying 
to little taxes this year. This is my first year of marrage
and my wife and I both work. So I will need a table for
two incomes. I am trying to avoid being greater the 10% off.
thanks in advance
Brian Carey
Xref: sparky misc.taxes:3591 misc.legal:20070
From: prem@prem.lbl.gov (R. Shirdi Prem)
Newsgroups: misc.taxes,misc.legal
Subject: Charitable Contribution to a foreign charity -- Deductible ??
Followup-To: misc.taxes
Date: 17 Nov 1992 19:36:47 GMT
Organization: Lawrence Berkeley Laboratory, Berkeley
Distribution: usa
NNTP-Posting-Host: 128.3.140.191
Keywords: Charity, foreign organization, is it tax deductible ??

	Hi folks,

	I need some advice about the tax implications of contributing to
	a charitable organization outside the United States.

	I live & work in the United States (not a citizen). I was recently
	approached by an organization which does excellent work in education
	of poor children in India. I would like to donate a substantial sum
	(about $5000, substantial to me at least) to this organization, and 
	want to know if this is tax-deductible.

	If it is not directly tax-deductible, is there any other way I can
	make a tax-deductible donation to this organization ??

	As far as I can tell, contributions to foreign organizations are not
	tax-deductible. However, the person who represents the charity says
	that my contribution will be deductible.

	Please let me know which one of us is correct, and why.

	Thank you very much.
	Prem!

	prem@prem.lbl.gov
From: mtoms@ems.cdc.com (Mark Toms)
Newsgroups: misc.taxes
Subject: Investment Tax Credit?
Date: 16 Nov 92 18:50:56 GMT
Reply-To: mtoms@ems.cdc.com
Distribution: usa
Organization: Empros Systems International, a division of CDC

Hi,

  I am considering purchasing some equipment for use in my
business.  Should I consider buying it in 1993 as opposed to 1992
for tax reasons?  In other words, will there be an invenstment
tax credit for purchases in 1993?

Thanks,
Mark Toms
From: smothers@nauvax.ucc.nau.edu
Newsgroups: misc.taxes
Subject: Moving expenses
Date: 18 Nov 92 15:18:46 GMT
Organization: Northern Arizona University


   To be eligible for a moving expense deduction, an employee must be
employeed on a full-time basis at the new location for 39 weeks in the
 2 month perod. However if you don't meet the test you can still file for
the deduction on your next tax return.

2. What you can deduct:

1. Moving your stuff from the old house to the new.

2. M
2. Moving you and your family. This includes meals, transportation (including
about nine cents per mile traveled.)

3. You can take a deduction for advanced house-hunting trips (including
meals and lodgin.)

4. You can deduct temporary living expenses.
{

3. How much you can deduct:

There is no limit to the deduction allowed for traveling and moving.
there is a $1,500 limit for house-hunting and temporary living expenses.
Pleazse note: You are limited to 80
% of all costs of eating.

Get a hold of Form 3903 fromm the IRS to fill out the deductions.

There are a few complications so you might want to hire a tax guru for this
one. He/she shouldn't charge you much because it is relatively simple for
us dudes with tax accounting backgrounds.

Any other questions? Give me an e-mail at the above address.

Ciao.
--------
I make no guarantees implied or expressed of any tax information given over
electronic medium. If you blindly take my advice without checking t out yorself
you deserve to be audited.
Xref: sparky misc.taxes:3576 comp.os.msdos.apps:5590 comp.os.ms-windows.apps:4922
From: carllr@sluggo.sdsc.edu (Rich Carll)
Newsgroups: misc.taxes,comp.os.msdos.apps,comp.os.ms-windows.apps
Subject: Re: TaxCut Tax Software
Date: 16 Nov 1992 17:26:27 GMT
Organization: San Diego Supercomputer Center
NNTP-Posting-Host: sluggo.sdsc.edu



For those of you who need to do more than 5 tax returns in Turbotax,
Just rename the TAXDATA files in the fed and state programs and 
away you go! My tax accountant does about 200 people a year and 
.ZIPs the files onto floppies.

Rich
Newsgroups: misc.taxes
From: billj@b11.ingr.com (Bill Johnson)
Subject: Re: TaxCut Tax Software
Organization: Intergraph Corp. Huntsville, AL
Date: Mon, 16 Nov 1992 20:08:24 GMT

In article <9211131328.AA06817@slc10.INS.CWRU.Edu>, aa473@cleveland.Freenet.Edu (James Brown) writes:
|> 
|> 
|> >
|> >In article <1992Nov9.181412.2411@cypress.com>, mjl@cypress.com (Mike La Bouff) writes:
|> >>Has anyone had experience with "Taxcut" from Meca? Is it as good
|> >>as Turbotax?  There is a windows version this year. Has anyone
|> >>tried it?
|> >>
|> >>Mike
|> >>
|> >I used Taxcut last year, Turbotax the previous year, and Taxcut the year
|> >before that. I prefer Taxcut, but not by that much. Both work quite well.
|> >I have not used either windows version.
|> >
|> >----------------------------------------------------------------------
|> > Michael Benedik				INTERNET: Benedik@uh.edu
|> >
|> >
|>    Is anyone familiar with a package call "Personal Tax Edge " it is
|> sold by Parsons Technology.
|> 
|> My individual taxes should be fairly simple but I will also need to
|> prepare a Partnership "informational" return which will have all the
|> "joys" such as depreciation (in home) office expenses etc.
|> 
|> Jim Brown

I used TaxCut for several years.  Found it very easy to use, and like their
gurantee that if the software miscalculated, THEY would pay for it!!

However, last year I switched to TurboTax.  Meca had decided to create a
"Professional" version of TaxCut.  To accomplish this, they pulled several of
the supported forms out of the "Personal" version to include in the Professional
version.  Late in the year they decided NOT to release the Professional version,
but they never returned the supported forms into the Personal version.  This was
a killer for me, since I required several of the forms they dropped.  TurboTax
was the only other tax software that came close to the forms I needed, and they
also had an Alabama state tax package, which TaxCut did not offer.

I've decided to stick with TurboTax this year.  If Meca puts those forms back
into the Personal version, the two packages would be very similar.  

Bottom line is: check the software packages for the supported forms you need. 
Having to do your taxes is bad enough, but having it PARTIALLY automated is a
real nightmare!

Bill


Newsgroups: misc.taxes
From: dward@scf.nmsu.edu (Dan Ward)
Subject: Re: dependents
Organization: New Mexico State University
X-Newsreader: TIN [version 1.1 PL6]
Date: Sun, 15 Nov 1992 20:01:40 GMT

Mark Barrett (markb@col.hp.com) wrote:
: JOHNSON%TWSUVM.BITNET@SHSU.edu writes:
: > One of my dependents moved out in June this year and I have not

: > contributed to his support since that time.
      you can probably NOT claim him/her.

: > Are there any rules for claiming a dependent for part of a year?
          No.

: > Also, I had a total loss on a vehicle this year.  The insurance payoff
: > did not payoff the full amount of the loan.  Vehicle purchased new,
: > 100% financing.  Is this a loss?
       It depends on whether the asset was a business asset or a 
        personal asset.  The amount of the loan really has nothing
        to do with it.  The amount of the loss is based on the 
        lower or cost or fair market value immediately before the
        wreck ( if it was a personal asset.) reduced by insurance
        recovery less 100.00 less 10% of your adjusted gross income.

        If this was a business asset, the loss is based on  "book
        value" (Cost less depreciation previously allowed or allowable)
        immediately prior to the wreck less insurance recovery.

        A personal loss is claimed as an itemized deduction on schedule
        A - which may mean you lose - unless you have enough other
        deductions to make it greater than the allowable standard 
        deduction.  If the vehicle was a business asset, you may use form
        4797 to claim the loss.  You do not have to reduce the loss
        by 1-0% of your AGI.

        (deleted material)
 
:   In order to claim an exemption for a dependent the following five
: tests must be met:
: 
: 1)  A relative - child, or a person who was a member of your household
:     for the entire year

        The "household" test requires the exemption be (a) a member 
        of your household for the entire year or (b) a relative as
        defined in  the IRC  ( Parent - child (including step and foster)
        or sybling.  A few other exceptions.  There are, of course, special 
        rules for divorced parents.
 
: 2)  Support - provided at least 50% of support for the dependent for the year
         Must be OVER 50% of total support.

: 
: 3)  Income - the dependent has less than $2050 gross income, or the 
:     dependent is a child under 19, or a student under 24
: 
: 3)  Income - the dependent has less than $2050 gross income, or the 
:     dependent is a child under 19, or a full-time student under 24
: 
: 4)  Citizenship - the dependent is a citizen
          or a resident of Canada or Mexico

: 
: 5)  Joint return - married dependent does not file a joint return
:     with his or her spouse
: 
        unless there was -0- tax owed by the children - and the 
        only reason they filed a joint return was to get back ALL 
        of their withholdings.

     Dan
From: jms@vision.sarnoff.com (Jerry Shapiro x2420)
Newsgroups: misc.taxes
Subject: Re: Education Tax Deduction
Date: 18 Nov 92 14:31:42 GMT
Reply-To: jms@vision.sarnoff.com
Organization: David Sarnoff Research Center

There is a good discussion of this in the Tax Guide for Engineers.

Sounds to me like you win. My wife did this in 1989 before the Bush
"no new taxes" tax put in that 2 1/2 % floor. She got a fellowship
after that any way. We only saved a few hundred dollars because we the
expenses were only slightly above the standard deduction. The IRS
hasn't complained yet.

I remember that she should still list her occupation as a manager, not a
student.  There is also this bit about a one year limitation, but that
Tax Guide cited a case where the court ruled that unreasonable.

You also might want to time when you incur deductable expenses, because
these are all considered Unreimbursed Employee Business expenses (Form
2106) and are the expenses under 2 1/2 % of your income are not
deductable.

Good luck
Jerry Shapiro
From: aa473@cleveland.Freenet.Edu (James Brown)
Newsgroups: misc.taxes
Subject: Re: TaxCut Tax Software
Date: Mon, 16 Nov 92 08:17:11 -0500
Organization: Fedtax-L<==>Misc.Taxes Gateway
X-Gateway-Source-Info: Mailing List



>
>aa473@cleveland.Freenet.Edu (James Brown) writes:
>
>>    Is anyone familiar with a package call "Personal Tax Edge " it is
>> sold by Parsons Technology.
>>
>> My individual taxes should be fairly simple but I will also need to
>> prepare a Partnership "informational" return which will have all the
>> "joys" such as depreciation (in home) office expenses etc.
>
>I just received PTE (hey, PTE and Money Counts for $44 including
>shipping; couldn't beat the deal) and was glancing through the
>manual last night. A quick look through the index shows nothing
>under "home office", nothing under "deductions" for home office,
>and nothing under "office". There are a bunch of entries under
>depreciation, though; it supports Form 4562 and related schedules,
>Section 179 expenses (whatever they are), and 13 different
>depreciation methods. It may do the job, I don't know--this will
>be the first tax package I've used.
>
>I suppose you could email them at 75300.631@compuserve.com and
>get specific answers....
>
>Gary Heston, at home....
>gary@cdthq.uucp
>
>

  I guess I could have saved some bandwidth and deleted the above but
it helps set the background for a more complex question.

I have had a "home office" before and used my old CPM Kaypro
in my business.  This was before the IRS rules on keeping a log or
whatever on a computer located at home  and only charging a
proportional amount as a business expense.


There is only a very small part of my usage that can't be justified
as business related on my current 486 system.  Since it is a part
of the partnership can I treat it like I would if it was located
in a separate away from home office ie take the full write off
without bothering with a log.

Likewise will I have an easier time with "office expenses" charged
off through the partnership then can be expected from the "home office".

My partner is providing the financial backing while I develop a
small business Human Resource Management program package.  It would
not be logical to rent office space to pursue this project, (except
to impress the IRS :-) ).

Incidently I was audited twice in three years under the old business
without any "findings" either time.  While neither was the nightmare
type experience I have heard of others having it wasn't something I
would want to do annually.

Jim Brown
Xref: sparky misc.taxes:3627 comp.os.msdos.apps:5658 comp.os.ms-windows.apps:5224
From: gerard@netlabs.com (Gerard Horan)
Newsgroups: misc.taxes,comp.os.msdos.apps,comp.os.ms-windows.apps
Subject: Re: TaxCut Tax Software
Date: 19 Nov 92 01:59:21 GMT
Organization: NetLabs, Inc.

In article <1992Nov14.181212.19758@adx.adelphi.edu> pp5206f92a@auvax1.adelphi.edu writes:
>I'been using TaxCut for the last 3 yrs. I prefer TC simply because I can prepare more than just 5 Retuns. With Turbo You can only do 5 returns unless you buy ProTurbo which cost $399.

This is not true, you can only have 5 TAX returns in any one directory. If
you change where the TAX returns are stored, ( One of the options in the
menu) you can create as many returns as U like. When I asked a Professional
who used Turbo Tax about the differences he told me he had more forms and
better printing.

gerard

What do people think of this years head start version of Turbo TAX. I prefer
the old user interface!!!!!!
Newsgroups: misc.taxes
From: claebaur@shell.portal.com (Tony S Annese)
Subject: Re: Term program for windows
Organization: Portal Communications Company -- 408/973-9111 (voice) 408/973-8091 (data)
Date: Tue, 17 Nov 1992 03:52:37 GMT

In article <62061@mimsy.umd.edu> lhcompt@cs.umd.edu (Lawrence H. Compton) writes:
>In article <1992Nov10.232936.17546@news2.cis.umn.edu> bloc0017@student.tc.umn.edu (The DuDe) writes:

>>protocols, good dial directory, and if at all possible supports or does
>>it's own MNP 5 protocol.  The MNP is not a must but the other two options
>>are and if anyone knows where I can get a program that does this please let
>>me know.

Have ya'll tried Procomm Plus for Windows? Works real good once you get the fonts and screen sizes worked out. The cut and paste wigs out every once in a while but other than that all seems to work real good.
--
=-=-=-=-=-=-=-=-=-=-=-=-=-=-=-=-=-=-=-=-=-=-=-=-=-=-=-=-=-=-=-=-=-=-=-=-=-=-=-=
Tony Annese                                           claebaur@shell.portal.com
We are all masters of our own destiny. Blessed Be.
=-=-=-=-=-=-=-=-=-=-=-=-=-=-=-=-=-=-=-=-=-=-=-=-=-=-=-=-=-=-=-=-=-=-=-=-=-=-=-=
Xref: sparky misc.taxes:3626 misc.invest:14109
From: mark@infocomm.com
Newsgroups: misc.taxes,misc.invest
Subject: Re: Taxes and stocks (mostly)
Date: 23 Nov 92 11:22:55 PST
Organization: INFO COMM - Computer Consulting, Redwood City, Ca

In article <1992Nov20.171006.25850@Princeton.EDU>, nfs@volkl (Norbert Schlenker) writes:
> I'll admit you have a point.  Ted Frank will admit you have a point.
> But Ted Frank is talking about a situation where the capital gains
> rate went from 20% to 28% over year end; that is not an insignificant
> jump.  Portfolios with large capital gains in them would be obvious
> candidates for sale before such a change.  The question is whether
> it's better to pay a 1% commission today to avoid an 8% increase in
> taxes.  In many cases (I would guess in ALL cases where one would
> anticipate a sale anyway within a few years), paying the commission is
> the right thing to do.

You are comparing apples(1%) and oranges (8%).

The 1% commission is 1% of the Asset Value

The 8% tax delta is 8% of the Capital Gain.

--
Mark Pizzolato - INFO COMM Computer Consulting, Redwood City, Ca
PHONE:	(415)369-9366	UUCP:  decwrl!infopiz!mark or uunet!lupine!infopiz!mark
DOMAIN:	mark@infocomm.com
From: "hilary miller" <hilary.miller@execnet.com>
Newsgroups: misc.taxes
Subject: savings bonds for col
Date: 23 Nov 92 16:25:46 EST
Reply-To: "hilary miller" <hilary.miller@execnet.com>
Distribution: misc
Organization: Executive Networks Information


Anne M. Harvey, in a message to All on 11-21-92 at 8:16pm, said:

AM>|I am considering purchasing U.S. Savings Bonds as part of a plan to sav
   |my 1 yr. old daughter's college expenses.  I am unsure of whether I sho
   |purchase the bonds in my name or in my child's name.  I would appreciat
   |explanation of the advantages and disadvantages of either choice.
   |_______________________________________________________________________

          U.S. Series EE savings bonds are an excellent investment
          vehicle for a risk-averse investor.  They are 100% safe. 
          They provide a guaranteed minimum rate of return which is
          significantly above that currently offered on money-market
          mutual funds, and the rate varies upward if market conditions
          change.  From a tax standpoint, they are delightful.  Unless
          you actually cash them in or make an election otherwise, the
          interest earned on the bonds is tax-deferred.  That's impor-
          tant because the "kiddy tax" is imposed on the unearned
          income of children under age 14 at their parents' rate.  So,
          if you hold them until your child is 18, you can defer and
          compound interest for 17 years, and then pay federal income
          taxes at the child's rate on all of the accumulated income. 
          They are exempt from all state income taxes.


   L A
 I    R        Hilary B. Miller of Greenwich, Connecticut
  H/\Y         CIS: 76040,1743
    
---
  DeLuxe/386 1.25 #11645  A seminar on time travel will be held 2 weeks ago
--
Executive Network Information System  (914) 667-4567
International ILink Host
From: MARK@wvnvm.wvnet.edu
Newsgroups: misc.taxes
Subject: Auto leasing vs. Purchasing for business
Date: 23 Nov 92 20:42:14 GMT

For my business I have always purchased my vehicle with financing.

I have been told by others I should check into leasing instead.

In the past since I owned my vehicle I have always taken the standard
mileage rate since this was always greater than itemizing the actual expenses.
If I was to lease a vehicle I understand I can deduct the
actual lease payments as a business expense.

Can I also take the standard mileage rate as a deduction in addition to
the lease payment or must I use the actual operating costs (gas, oil,
tires insurance) since the standard mileage rate includes depreciation.


                                Mark
From: "Peter M. Olson" <PO7005%ALBNYVM1.BITNET@SHSU.edu>
Newsgroups: misc.taxes
Subject: Re: cash flow crisis
Date: Mon, 23 Nov 92 10:25:35 EST
Organization: OLSON INSTITUTUE OF LOWER LEARNING
X-Gateway-Source-Info: Mailing List

Mr. Woodson:


    Follow the advice given before, tell your friend to get a GOOD LAWYER,
imediately, before it is too late.  Money problems are like a virus they keep
growing worse and worse if not treated.

@@@@ @@@@ @@@@ @  @ @   @  Peter M. Olson
@    @  @ @  @ @ @  @   @  SUNY Albany
@    @  @ @@@@ @@    @ @   Accounting Major
@    @  @ @ @  @ @    @    Perot Supporter
@@@@ @@@@ @  @ @  @   @    "Do the best you can with what you got"
Newsgroups: misc.taxes
From: shm@syl.syl.nj.nec.com (Shailendra Majmundar)
Subject: *** WARNING:BUGS IN PARSON'S TAX EDGE ***
Reply-To: shm@syl.nj.nec.com
Organization: NEC Systems Laboratory, Inc.
Date: Thu, 19 Nov 92 16:51:07 GMT

While glancing at the pre-release version of the Parson's Tax Edge, I
noticed that line #3 and 4a of the form 2106 ( Employee Travel Expenses) of
this s/w asks to include meals and entertainment on line 5. This is the very 
opposite of what the IRS form 2106 says in these lines- "Do not" include 
these expenses. This is typed in bold face in the IRS form because the meals 
and entertainments are only 80% deductible vs the other travel related 
expenses are 100% deductible.

I tried to get Parson's Tech's attention by hanging on their tech support 
line for 30 minutes yesterday (million thanks to my speaker phone!!) and 
sent them an e-mail on the CompuServe without any response. Finally I called 
the sales dept. to cancel all my orders of the Fed, State returns and 
the electronic billing kit (which TaxCut includes at no extra charge).
I informed the sales lady of the problem with this form and that even after
running a marathon, I could not report the problem. She claimed that she 
can only cancel my order, but I can describe the problem in writing and may 
be they will address before the final version rolls out in December!

Parson's Tax Edge is certainly affordable (only $29) if you can afford 
to have mistakes in filing tax returns. I won't be surprised if their tech 
support may respond to this mail saying "Hey, you have another full year to 
file for an amendment"!!

Sam
shm@syl.nj.nec.com
---------------------------------
Disclaimer: I speak for myself and nobody else.
Newsgroups: misc.taxes