I received 1099 A which reported that the balance of the outstanding debt is $ 381,000.00 and Fair Market value is $ 280,000.00. My original loan was $ 355,000.00. I filed for bankruptcy and discharged on May 2009. I purchased the property on 2006 for $ 461,000.00

Here is my question.

1.On form 4797 sale of business property, what shall I use as Gross Sale Price?
2.Shall I also report the difference between the outstanding balance and fmv as income?
3. The outstanding balance reported included the original loan amount plus interest. Can I not use the original loan amount?
4.Or what is the best way to handle this to make the most tax deduction possible?

Thank you for all your effort with my tax question and for your website.

I am not going to cheer or condemn. You be the judge. This is an official list of the upcoming increases in taxes for various individuals and businesses in Pres. Obama’s budget. Pull them apart and give us your thoughts. Good or not good…and why?

President Obama’s budget proposes 9 billion in new taxes over the course of the next 10 years, starting fiscal year 2011, most of which are tax increases on individuals.

1) On people making more than 0,000.

8 billion – Bush tax cuts expire
9 billlion – eliminate itemized deduction
8 billion – capital gains tax hike

Total: 6 billion/10 years

2) Businesses:

billion – Reinstate Superfund taxes
billion – tax carried-interest as income
billion – codify "economic substance doctrine"
billion – repeal LIFO
0 billion – international enforcement, reform deferral, other tax reform
billion – information reporting for rental payments
.3 billion – excise tax on Gulf of Mexico oil and gas
.4 billion – repeal expensing of tangible drilling costs
million – repeal deduction for tertiary injectants
million – repeal passive loss exception for working interests in oil and natural gas properties
billion – repeal manufacturing tax deduction for oil and natural gas companies
billion – increase to 7 years geological and geophysical amortization period for independent producers
2 million – eliminate advanced earned income tax credit

Total: 3 billion/10 years

they send to me this offir for job in london

www.limpetoil.eu.pn

AGREEMENT FOR CONTRACT FOR SERVICES/OFFER LETTER
FOR CARRYING OUT EXPATRIATE TECHNICAL SUPPORT SERVICES PROVISION IN THE LIMPET OIL COMPANY INTERNATIONAL (DB)
THIS AGREEMENT is made this
BETWEEN
LIMPET OIL COMPANY INTERNATIONAL
(The "Employer")

JOB REF NUMBER: UK/684NAS

Eng. Mohamed Atia M.A. Ashour

(The "Employee")
1. For good consideration, the Company employs the Employee on the following terms and conditions.

2. TERM OF EMPLOYMENT: Subject to the provisions for termination set forth below this agreement will begin on 28TH DAY OF OCTOBER, 2009, unless sooner terminated.

3. SALARY: The Company shall pay Employee a salary of £6,400.00 every month after tax deduction, for the services of the Employee, payable at regular payroll periods.

3.1Employer for each intercontinental trip shall pay £2500.00 flat rate travel/entertainment allowance to employee. Travel shall be by business class/first class. However for the purpose of commencement, the cost of travel ticket shall be paid in addition to travel/entertainment allowance.
3.2Employer shall also take care of employees’ travel ticket including that of employees’ family only on employees’ early notification to employer and as shall be requested by employee.

3.2Adequate private office space in a conducive and comfortable work environment shall be provided for employee.

3.3Employee will obtain London Valid papers documents through the service of Travel Counsellors Agency on their expenses to show their readiness, preparedness, and willingness and later be reimbursed before embarking to London.

POSITION: Project Manager

The Employee’s duties may be reasonably modified at the Company’s discretion from time to time.

4.1 JOB LOCATION: 11 West Ferry Circus Canary Wharf London
E14 4HA London

4.2 RESUME WORK DAY: 28TH DAY OF OCTOBER OF THE YEAR 2009

4.3 CONTRACT DURATION: 2 YEAR

5. JOB PROCEEDING/REQUIREMENT:

New employed and recruited for LIMPET OIL COMPANY INTERNATIONAL (And not presently possessing a valid Residence, Work Permits, Visa) shall be expected to personally incur all expenses as shall be related to the

processing, procurement and acquisition of their necessary permits clearance papers with the CONSTANT VISA TRAVELING INTERNATIONAL AGENCY (CVTA) and shall be duly reimbursed and will be substantiated with receipts and the employer will reimburse the employee not later than Five (5) working days after submission of employee’s expense report and receipts.

You shall be required to furnish us with your valid residence, work permits and visa on or before the 6TH of OCTOBER, 2009 as a proof of readiness to join the LIMPET OIL COMPANY INTENATIONAL project team in the due time as stipulated above for your job resumption with the LIMPET OIL COMPANY INTERNATIONAL in London and also to enable you receive your first monthly salary including your due entitlements/emoluments prior to your departure for services with the LIMPET OIL COMPANY INTERNATIONAL in London.
However, for expatriate services employees who do not presently posses their valid Residence/Work Permits papers and Visa, they are to make contact with the address given below for directives and assistance on the acquisition and procurement of their United Kingdom valid residence and work permits papers.

CONSTANT VISA TRAVELING AGENCY LONDON

109 Hills Road – Yorkshire

GB 09 London, United Kingdom

Contact Person: CONTROLLER (DR RICHARD HILLS)

Designation: VISA, WORK/RESIDENT DEPARTMET

Email: constantvisauk@yahoo.co.uk
constantvisauk@sifymail.com
Tel: +447024075779,
Fax: +44.768.678.6566

6. EMPLOYEE TO DEVOTE FULL TIME TO COMPANY: The Employee will devote full time, attention, and energies to the business of the Company, and, during this employment, will not engage in any other business activity, regardless of whether such activity is pursued for profit, gain, or other pecuniary advantage. Employee is not prohibited from making personal investments in any other businesses provided those investments do not require active involvement in the operation of said companies.

7. CONFIDENTIALITY OF PROPRIETARY INFORMATION: Employee agrees, during or after the term of this employment, not to reveal confidential information, or trade secrets to any person, firm, corporation, or entity. Should Employee reveal or threaten t

I have to be honest, though, while Pres. Obama adopted the meat of McCain’s proposal, he sure made it less inclusive and more regressive. Being some DINO Mr Obama proves to us once again.

John McCain proposed 00 tax credit to EVERYONE for purchasing health care.
If you are wealthy and in the 38% tax bracket that would give you 00/38% = 94 worth of health care free to everyone.
If you are middle class and in the 25% tax bracket that would give you 00/25% = ,000 worth of health care free to everyone.
See? Wealthy people would enjoy less tax exemptions. That’s progressive.

Now goes Mr. Obama actual proposal to put a cap on health care tax deductions. Needless to say that people who by health care insurance privately do not need to apply. This is how Obama encourages small businesses in their mission of jobs creation. But lets forget about such small irrelevant things.

There is now 100% tax detectability of health care group policy provided by employers. Obama wants to put 00 cap on this tax deductible benefits. Meaning that compared to McCain’s plan wealthy people whose tax deduction would be only 94 anyway under McCain will get no tax hit, but those in the middle class will be liable for the difference ,000 – ,000 = ,000 to lose its tax deductible and hence pay ,000 x 25% = ,000 extra tax.

So much for taxing the rich.
Ref:

http://taxvox.taxpolicycenter.org/blog/_archives/2009/2/26/4105759.html

There are more and I admit that some of my input data are not accurate, but its only because

a) The liberal media ignores the misdeeds of Barack Obama
b) The plans are still in the making – and this is the best point to stop them.
Ref:

http://taxvox.taxpolicycenter.org/blog/_archives/2009/2/26/4105759.html

There are more and I admit that some of my input data are not accurate, but its only because

a) The liberal media ignores the misdeeds of Barack Obama
b) The plans are still in the making – and this is the best point to stop them.

Ok I need to know more about the social security taxes. When you are working for someone, I know that the employer pays half of the medicare and social security taxes. Iam tryin to understand how does this work when you are self-employed(running ur own business), I read in the book that the IRS allows you to take half the amount as tax deduction on FORM 1040–I need some more clarification on what it means.

im doin a school project about and in the project the business is donating something oversea how do i find out how much tax deduction do i get i need to get a website to put in the referance, but i couldn’t find any…….does anyone know where i can find it?

i read the IRS contribution 526 it says if its donated to orgnizations like the red cross and ect its good for tax deduction.
also is IRS 526 is that for personal donation or is it for busninesses also?

im doin a school project about and in the project the business is donating something oversea how do i find out how much tax deduction do i get i need to get a website to put in the referance, but i couldn’t find any…….does anyone know where i can find it?

I just began a job working for a company as a bookkeeper with part-time hours. My work hours are classified as contract labor. I am the only (employee?) there so they didn’t want to set up payroll for one person. I agreed to pay my own taxes. I will issue myself a 1099 at the end of the year. Which box would I put my total income made? Can I keep tract of my commute mileage for a tax deduction? I will be driving approx. 30 miles one way. What about tolls? I will probably just take a lunch to work but if I eat out, how about meals as a deduction. Now to make things more complicated, I will be filing married, joint return with my husband and his self-employed business income. I do not have a business of my own. We have our taxes done by a CPA so there is no problem there. My problem is mileage b/c he has mileage too and we have one cell phone to share for my work and his work. Any help will be appreciated. I know to keep all receipts. Thanks in advanc

i am posting for my younger sister,

my 19 year old sister have been working at a Japanese restaurant about 90 to 100 hours a MONTH. she is getting paid 8 dollars min. in California
she is currently being paid under the table meaning that they should not deduct any money from her pay check because after all getting paid in cash means its her own " responsibility" to report her own tax. ( please dont judge my sister for being illegal, she is not some low life idiot, she is currently in school and waiting for her green card to arrive. ) i just found out that she is getting paid about 200 dollars a month when she is suppose to get paid about 800 to 1000 dollars a month. reason being, they said its a tax deduction which is based on her total sales and tips. i worked at a restaurant for 4 years in the past and this was unheard of. why would this be based on her total sale not her pay. what i dont understand is that this 3 star restaurant is located in 3 of high class malls in California. do you think there is legal way for them to be abusing these young college kids trying to make extra cash? can this system actually work? even if they take large amount of tips every night, this should not work in my opinion.

how would my sister start this process? she wants to be compensated and wants to get the business in trouble. they are practicing unfair "tax" deduction and not allowing any server to take any breaks other than a quick bathroom trip when they need to.

where should she start?
i wasnt expecting any kind of some lawyer answers but wow doesnt seem like anyone knows what they are talking about,

first of all. being illegal does not take away her rights to do anything. except voting.
college take illegal students for more money, illegal people can buy vehicle, get credit cards, rent a property, get driver license as long they have social security. they is alot of things they CAN do.

so much people are just so mean.

can you claim a tax deduction as you’ll have to provide food for her? I think this could be a good investment as you can pay for her business classes so she can be an accountant and help your business at lower wage and you could also invest in a second one for cookery. Is it legal somewhere? Also, what if she doesn’t like you and runs away?