HDTenEightyP/NetNews huggingface dataset:
From: markb@col.hp.com (Mark Barrett)
Newsgroups: misc.taxes
Subject: Re: dependents
Date: 12 Nov 92 21:18:50 GMT
Article-I.D.: col.1992Nov12.211850.5255
Organization: HP Colorado Springs Division

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.
> Are there any rules for claiming a dependent for part of a year?
> 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?
> Thank you
> Please reply to johnson@twsuvm

From JK Lassers:

  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

2)  Support - provided at least 50% of support for the dependent for the year

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

5)  Joint return - married dependent does not file a joint return
    with his or her spouse


Mark Barrett
markb@col.hp.com
From: McAldon International Inc. <mcaldon@igc.apc.org>
Newsgroups: misc.taxes
Date: 10 Nov 92 20:43 PST
Subject: Re: Change in law re: inheritance tax?
Nf-ID: #R:devnull.mpd.tandem.com:2832:cdp:1427800051:000:1420
Nf-From: cdp.UUCP!mcaldon    Nov 10 20:43:00 1992


|Does anyone know about a proposed change to reduce the
|estate tax "deduction" from $600,000 to $200,000?
|I've heard that the bill will go to Clinton the first
|of January and that the only question is when the new
|law will become effective (the date of signing or the
|date out of committee). 
|Anyway, this is what I've heard from a broker. Can
|anyone confirm and give me details?
|Ann Bishop

This is a rumor or possibly a trial balloon to test attitudes. Nothing
by anybody in a position to affect tax laws has been mentioned.  Some
advisors have been spouting the dubious wisdom of utilizing the
lifetime credit of $600,000 now, before the law is changed, without
realizing that the credit may not be grandfathered in if the law is
modified.  It has also been rumored that the $10,000/person exemption
might be altered and this is one that should be utilized if appropriate
if you are worried, since it would not be affected retroactively.  There
would be great resistance to gutting the $600,000 credit provision by
small business people and farmers, whom it was mainly designed to 
protect.  If it were to be changed downwards, life insurance companies
selling key-man insurance would benefit greatly.  I would also expect
to see a surge in incorporations.  DMcKenzie

|    mcaldon@igc.org     | Opinions dispensed herein not guaranteed |
|||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
From: aa473@cleveland.Freenet.Edu (James Brown)
Newsgroups: misc.taxes
Subject: Re: Setting a Corporation
Date: Sat, 7 Nov 92 00:19:45 -0500
Organization: Fedtax-L<==>Misc.Taxes Gateway
X-Gateway-Source-Info: Mailing List



>
>As far as the legal end goes, incorporating removes (to a large degree)
>personal liability from the business.  Should a business go belly-up and
>bankrupt, your personal life's savings can be salvaged, as long as the in and
>out flow of cash of the corporation is seperate from your personal money.
>

This protection is actually overrated.  No bank or conservative lending
institution (Other then venture capitalist junk bond junkie etc) is going
to lend a small (one person?) corporation money without a co-signer ie
the owner of the corporation.

The other way a "corporation" can get into trouble fast is a liability
judgement of some kind.  Guess who will be a named party along with the
"company" in such a case.

There are advantages to incorporating "limited liability" is generally
not one of them for a small private corporation.

I'm not a lawyer but I did get some straight advise from my lawyer when
I set up my business and thought incorporating would protect me from
lossing my --- in case of an "errors or omissions" judgement.  My banker
told me about the loan angle.  Both said "save your money the cost of
incorporating was not worth the benefits."

NOTICE: The above is not legal advise.  (Only the doctors and the lawyers
union can have you put in jail for working without a union card :-) )


Jim Brown
Newsgroups: misc.taxes,misc.legal
From: eck@panix.com (Mark Eckenwiler)
Subject: Maxing out on FICA
Date: Tue, 10 Nov 1992 04:01:17 GMT
Organization: Superseding Information, Inc.
Followup-To: misc.taxes


A quick query that someone with Real World Experience can undoubtedly
answer: what happens with FICA deductions when your tax year salary
income exceeds the FICA ceiling (about 55K), and is split between two
consecutive jobs?

Is the taxpayer supposed to tell employer #2 about income from #1 so
that #2 stops deducting FICA at the right moment?  Is there some more
horrible and complicated workaround?  Or is this just a Tax Screw(sm)?

Followups to misc.taxes.



-- 
	      Spring . . . too long . . . Gongula . . .

	Mark Eckenwiler    eck@panix.com    ...!cmcl2!panix!eck
Newsgroups: misc.taxes
From: philip@mentorg.com (Philip Peake)
Subject: Re: dependents
Date: Fri, 13 Nov 1992 18:16:31 GMT
Organization: Mentor Graphics
Keywords: 
Followup-To: 

In article <1992Nov12.211850.5255@col.hp.com>, markb@col.hp.com (Mark Barrett) writes:
|> 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.
|> > Are there any rules for claiming a dependent for part of a year?
|> > 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?
|> > Thank you
|> > Please reply to johnson@twsuvm
|> 
|> From JK Lassers:
|> 
|>   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
|> 
|> 2)  Support - provided at least 50% of support for the dependent for the year
|> 
|> 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

I find this one strange, and certainly hope that it is incorrect.
Does this mean that I can't claim my wife and son as dependents
since neither of them is a citizen (at least, not a citizen of the USA).

|> 
|> 5)  Joint return - married dependent does not file a joint return
|>     with his or her spouse

Philip
---------------------------
No taxation without representation !
(Some one seems to have forgotten about this ...
From: norsk@mobius (Doug Thompson)
Newsgroups: misc.taxes
Subject: Re: Maxing out on FICA
Date: 10 Nov 92 17:18:37 GMT
Reply-To: norsk@mobius (Doug Thompson)
Organization: Novell, Inc.

In article <1992Nov10.040117.15225@panix.com>, eck@panix.com (Mark
Eckenwiler) writes:
> 
> A quick query that someone with Real World Experience can undoubtedly
> answer: what happens with FICA deductions when your tax year salary
> income exceeds the FICA ceiling (about 55K), and is split between two
> consecutive jobs?
> 
> Is the taxpayer supposed to tell employer #2 about income from #1 so
> that #2 stops deducting FICA at the right moment?  Is there some more
> horrible and complicated workaround?  Or is this just a Tax Screw(sm)?
> 
> Followups to misc.taxes.
>

You get two W-2, one from each employer, then when you file your 1040
there is a line which you put down how much FICA were over paid. Then
you get the amount back with your taxes.

No, there is no other way.
I least nobody I asked knew of a way
 
> 
> 
> -- 
> 	      Spring . . . too long . . . Gongula . . .
> 
> 	Mark Eckenwiler    eck@panix.com    ...!cmcl2!panix!eck

------------------------------------------------------------------------
email:   doug_thompson@npd.novell.com
phone:   801-429-3495

"Me? I'm eighty percent sure I don't like one hundred percent of the 
candidates!"   Answer to a Poll taker.
Polictical cartoon, GORRELL, Copley News Service
Newsgroups: misc.taxes
From: breland@cobweb.mcc.com (Mark Breland)
Subject: Re: 1992 Tax Info
Organization: MCC
Date: Wed, 11 Nov 1992 14:11:22 GMT

In article <DJw2TB3w161w@cdthq.UUCP> gary@cdthq.UUCP (Gary Heston) writes:
>seg3e@holmes.acc.Virginia.EDU (Susan E. Gants) writes:
>
>> My husband and I bought a house this year (our first) and, in
>> addition, his income for '92 has increased tremendously.  He's a
>> graduate student and will be earning about 10,000+ this year compared
>> to about 2,500 last year.  I therefore want to project our tax
>> liability before the year end to make any adjustments that might be
>> helpful.  However, I can't find any forms for 1992 yet.  Where
>> might one obtain them?
>
>They aren't available yet, and won't be until after Jan 1.

Buy a copy of J.K. Lasser's "Your Income Tax 1993", it covers everything you
need to know about filing your 1992 taxes.  I bought a copy last week, so
it should be in your local bookstore.


Mark A. Breland
breland@mcc.com  "...speaking only for myself, no others and vice versa etc..."

Newsgroups: misc.taxes,comp.os.msdos.apps,comp.os.ms-windows.apps
From: bnc@portia.si.macsch.com (Brian Casey)
Subject: Re: TaxCut Tax Software
Organization: The MacNeal-Schwendler Corporation
Date: Tue, 10 Nov 92 18:50:23 GMT

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 had the Windows version of TaxCut last year.  The actual program is 
quite good, and I have no complaints about its tax preparation abilities.
However, last year the Windows version was obviously a last-minute port,
with a number of glaring holes.  From what I've seen in the magazines,
this year's Windows version should be sigificantly better that last year's.

Brian Casey
bnc@macsch.com
Newsgroups: misc.taxes,comp.os.msdos.apps,comp.os.ms-windows.apps
From: bloc0017@student.tc.umn.edu (The DuDe)
Subject: Term program for windows
Organization: University of Minnesota, Minneapolis, MN
Date: Tue, 10 Nov 1992 23:29:36 GMT

	Does anyone out there have a term program for windows that has lots of
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.

	Thanks,
-- 


The DuDe
bloc0017@student.tc.umn.edu
From: pazzani@pan.ics.uci.edu (Michael Pazzani)
Subject: MacInTax phone number
Newsgroups: misc.taxes
Reply-To: pazzani@ics.uci.edu (Michael Pazzani)
Organization: Univ. of Calif., Irvine, Info. & Computer Sci. Dept.
Date: 11 Nov 92 00:34:43 GMT
Distribution: usa

Does anyone have the phone number of the company that
sells  MacInTax (I think it's ChipSoft now). I lost the
card they sent me to reorder this year.

Thanks
Mike Pazzani
From: jmuth@pyrps5.eng.pyramid.com (John Muth)
Newsgroups: misc.taxes
Subject: Re: Maxing out on FICA
Date: 10 Nov 92 20:59:10 GMT
Article-I.D.: pyramid.184207
Organization: Pyramid Technology Corporation, Mountain View

In article <1992Nov10.040117.15225@panix.com> eck@panix.com (Mark Eckenwiler) writes:
>
>A quick query that someone with Real World Experience can undoubtedly
>answer: what happens with FICA deductions when your tax year salary
>income exceeds the FICA ceiling (about 55K), and is split between two
>consecutive jobs?
>
>Is the taxpayer supposed to tell employer #2 about income from #1 so
>that #2 stops deducting FICA at the right moment?  Is there some more
>horrible and complicated workaround?  Or is this just a Tax Screw(sm)?
>
>Followups to misc.taxes.

Both employers withhold as if the other didn't exist. When you file your
tax return you will get refunded for the excess FICA withheld. In the 
meantime the government gets to use your money interest free.

-John Muth
From: robertg@hpcc01.corp.hp.com (Robert Gallagher)
Date: Fri, 13 Nov 1992 03:22:15 GMT
Subject: Re: Sales Tax List.
Organization: the HP Corporate notes server
From: markb@col.hp.com (Mark Barrett)
Subject: Re: TaxCut Tax Software
Date: Fri, 13 Nov 1992 17:43:11 GMT
Organization: HP Colorado Springs Division

aa473@cleveland.Freenet.Edu (James Brown) writes:
> >
>    Is anyone familiar with a package call "Personal Tax Edge " it is
> sold by Parsons Technology.
> 
> Jim Brown

   I used "Personal Tax Edge" last year and JK Lassers the year before.
This year I will be using "Taxcut".  My selection criteria thus far 
has mainly been the price.  However, I don't recommend "Personal Tax Edge".
It did not have laser printing or one of the forms I needed.  This
year when I got an offer to buy "Taxcut" for $35 (if I bought in September)
I found a computer magazine article from last February that reviewed 
several different tax packages.  They liked "Taxcut", but did not like
"Tax Edge".   This persuaded me to try "Taxcut".  

PS:  I second the beef concerning lack of "cents" in these tax prep
programs.  Every other financial institution calculates to the penny;
why not the IRS.


Mark Barrett
markb@col.hp.com
From: rdyreng@logdis1.oo.aflc.af.mil (Russell I. Dyreng;OO-ALC/LILE-1)
Newsgroups: misc.taxes
Subject: Re: Uniform Gift To Minor Act
Date: Thu, 5 Nov 92 08:41:31 -0700
Organization: Fedtax-L<==>Misc.Taxes Gateway
X-Gateway-Source-Info: Mailing List

> In prior years, I put money in an account for one of my children
> via the Uniform Gift To Minor Act (UGMA).  Now, I would like to
> take some of it out of the account (money market fund) and purchase
> common stock for the same child.  If I do this, will a 1099 be sent
> to the IRS?

In the case of your money market fund, I assume that interest is paid
to the account on a regular basis, either monthly or quarterly.  In
this case the institution will file a 1099 on an annual basis.  There
would normally be no capital gains on sales of shares from a money
market fund, since they are generally worth a constant amount and any
increase in value of the account is credited to you in the form of
more shares of the same value (usually $1 or $100 per share).

> Since the stock will be purchased on behalf of the child (UGMA),
will I be > taxed on the money withdrawn?

Again, in the case of an interest bearing account with no capital
gains, the tax is assessed annually.  Therefore there will be no
additional taxes paid on money withdrawn from the account.  You may
then transfer the money to another UGMA which owns stock.  When you
sell the stock there will probably be some sort of capital gain or
loss associated with the sale.  This will be subjected to tax in the
year of the sale.  This tax is just the same as for any other UGMA
account.

> What if I wanted to spend the money on, e.g., braces for the child.
 Would > I be taxed on that?
>
I know that there are specific things for which UGMA money can and
can't be spent.  Unfortunately I don't know just what those specific
things are.  Is there anybody out there who could elaborate on some of
these?

> Thanks,
>
> Harold McCabe

Russ
Newsgroups: misc.taxes
From: TW.A51@isumvs.iastate.edu (Jim Berg)
Subject: MacInTax?
Organization: Iowa State University, Ames IA
Date: Sat, 14 Nov 1992 01:45:30 GMT

I am looking for opinions on MacInTax, the tax prep software for the
Macintosh.  If you have used it... do you like it?  are you going to
use it again? Etc....

I welcome all replies

Jim
x1berg@exnet.iastate.edu
From: aa473@cleveland.Freenet.Edu (James Brown)
Newsgroups: misc.taxes
Subject: Re: TaxCut Tax Software
Date: Fri, 13 Nov 92 08:28:55 -0500
Organization: Fedtax-L<==>Misc.Taxes Gateway
X-Gateway-Source-Info: Mailing List



>
>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
Xref: sparky misc.taxes:3549 comp.os.msdos.apps:5540 comp.os.ms-windows.apps:4796
From: bchs1b@Elroy.UH.EDU (Michael Benedik)
Newsgroups: misc.taxes,comp.os.msdos.apps,comp.os.ms-windows.apps
Subject: Re: TaxCut Tax Software
Date: 12 Nov 92 06:48:04 GMT
Article-I.D.: menudo.1992Nov12.064804.25596
Reply-To: bchs1b@Elroy.UH.EDU
Organization: University of Houston

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
 Dept. of Biochemical & Biophysical Sciences	
 University of Houston				BITNET: Benedik@uhou
-----------------------------------------------------------------------
Newsgroups: misc.taxes
From: dhosek@hmcvax.claremont.edu
Subject: Gift to public school. Deductable?
Organization: Quixote Digital Typography
Date: 7 Nov 92 10:22:24 PST

Out of curiosity, does California or Federal law allow a donation
to a public school to be written off of personal or corporate
taxes? I'm beginning a school board run and one of the things I'm
looking to do is establish public/private ventures in education
(e.g., have local businesses sponsor teachers, buy books,
equipment, etc.). If such a thing is not deductable, I'll have to
lobby for it at the State and National level.

-dh
Newsgroups: misc.taxes,misc.consumers
From: tomw@megatek.com (Tom Wright)
Subject: Re: H&R Block Training/Employment
Reply-To: tomw@megatek.com
Organization: Megatek Corporation, San Diego, California
Distribution: usa
Date: Wed, 11 Nov 1992 21:57:33 GMT

In article <BxH2qs.Hto@taligent.com> cep@taligent.com (Christophe Pettus) writes:
>I have a vague understanding that H&R Block hires a large number of
>temporary tax return preparers to help with the January-April tax
>season.  My SO, who has some accounting background but is not a CPA, is
>interested in such a thing.  Does anyone have any information about
>this?
>--
>-- Christophe
>
>"I draw the line at Styrofoam packing kernels, you sick pervert."

I can't tell what state you live in, but here in CA you can do this kind of
work as a "Certified Tax Preparer" or something with some name like "inter-
viewer" or some such. To become a Certified Tax Preparer, you have to pass a
state approved course. Obviously H&R Block pays these people more than the
interviewers. It is almost certainly too late to start one of their evening
courses. They might have some sort of crash course.

But take heart! There are numerous correspondence schools offering the same
thing, and you don't have to drag yourself to class at night. I contacted the
State of CA tax preparer certification people (they were in the San Diego
phone book State Government section even though they were in Sacramento) and
they chearfully sent me a list of schools free of charge. I got my course
from Federated Tax Service in Chicage. It includes both Federal and CA courses.
Their number is 312-929-5700. I believe they were a little cheaper than H&R
Block too.

Tom
From: breland@cobweb.mcc.com (Mark Breland)
Newsgroups: misc.taxes
Subject: Re: Maxing out on FICA
Date: 10 Nov 92 15:15:48 GMT
Article-I.D.: mcc.1992Nov10.151548.20541
Organization: MCC

In article <1992Nov10.040117.15225@panix.com> eck@panix.com (Mark Eckenwiler) writes:
>
>A quick query that someone with Real World Experience can undoubtedly
>answer: what happens with FICA deductions when your tax year salary
>income exceeds the FICA ceiling (about 55K), and is split between two
>consecutive jobs?
>
>Is the taxpayer supposed to tell employer #2 about income from #1 so
>that #2 stops deducting FICA at the right moment?  Is there some more
>horrible and complicated workaround?  Or is this just a Tax Screw(sm)?

Believe it or not, this answer is quite simple.  On the back of Form 1040 is
a line item deduction for overwithheld FICA.  It refers in turn to a worksheet
to determine if you've been overwithheld for the 6.2% non-Medicaid portion of
FICA (with a $55,500 cap) and perhaps overwithheld for the 1.45% Medicaid portion
of FICA (with a $130,200 cap).  BTW, they started differentiating between the
two in tax year 1991. Thus, the 6.2% maximum is 3441.00 and the 1.45% maximum is
$1887.90.

Most poor schmoes like us most likely get overwithheld only on the 6.2% portion
as the following example shows:

    Acme Brick earnings 1/1/92 - 8/31/92  = $47,500.00
                        non-Medicaid FICA = $ 2,945.00
                            Medicaid FICA = $   688.75
                               Total FICA = $ 3,633.75

    StinkoTech earnings 9/1/92 - 12/31/92 = $65,000.00
                        non-Medicaid FICA = $ 4,030.00
                            Medicaid FICA = $   942.50
                               Total FICA = $ 4,972.50

    Total 1992 earnings     = $112,500.00
    Total non-Medicaid FICA = $  6,975.00
    Total Medicaid FICA     = $  1,631.25

    Overwithheld non-Medicaid FICA = 6975.00 - 3441.00 = $3,534.00
    Overwithheld Medicaid FICA     = 1631.25 - 1887.90 = $ -256.65 (sorry, no dice)

Got it?...I've got the same problem this year.


Mark A. Breland
breland@mcc.com  "...speaking only for myself, no others and vice versa etc..."
From: ann@devnull.mpd.tandem.com (Ann Bishop)
Newsgroups: misc.taxes
Subject: Change in law re: inheritance tax?
Date: 9 Nov 92 23:00:40 GMT
Reply-To: ann@devnull.mpd.tandem.com (Ann Bishop)
Distribution: usa
Organization: Tandem Computers; Austin TX
Originator: ann@wave9


Does anyone know about a proposed change to reduce the
estate tax "deduction" from $600,000 to $200,000?
I've heard that the bill will go to Clinton the first
of January and that the only question is when the new
law will become effective (the date of signing or the
date out of committee). 

Anyway, this is what I've heard from a broker. Can
anyone confirm and give me details?

Thanks--
Ann Bishop
Tandem Computers
ann@mpd.tandem.com
Newsgroups: misc.taxes,comp.os.msdos.apps,comp.os.ms-windows.apps
From: mjl@cypress.com (Mike La Bouff)
Subject: TaxCut Tax Software
Originator: mjl@lunatic
Organization: Cypress Semiconductor, San Jose, CA
Date: Mon, 9 Nov 1992 18:14:12 GMT

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
From: UKMIDDLE%EMUBUS.BITNET@SHSU.edu
Newsgroups: misc.taxes
Subject: (None)
Date: Wed, 11 Nov 1992 17:17 EST
Organization: Fedtax-L<==>Misc.Taxes Gateway
X-Gateway-Source-Info: Mailing List

Please take me off the list. I have been trying to use listserv, but it keeps sa
ying that this list
doesn't exist.