Tax Day '10

Friday, April 09, 2010

Kevin McCormally, editorial director of Kiplinger’s Personal Finance, shares all you need to know about life's only other certainty.

Live Chat with Kevin McCormally Today at Noon! All Your Tax Questions Answered!

Comments [13]

Luis from New York City

I am a freelancer that earns income through my Florida S-Corp and am issued 1099s from clients. I was told by my tax preparer that S-Corps do not pay income tax but instead that I as CEO have to declare the salary the S-Corp paid me, essentially what I paid myself. Is this correct?

Apr. 09 2010 11:55 AM
Jaime Viñas from NYc

Your guest was speaking so fast...
Please touch on these topics again:
Making Work Pay Credit ($400 for singles, $800 for married couples)

Property Tax Credit.



Apr. 09 2010 11:55 AM
Adam from New Jersey

In New Jersey we have civil unions, and though we have both estate tax and inheritance tax, civil union partners are counted at the same level as spouses.

Apr. 09 2010 11:54 AM
June from Westchester, NY

I got an insurance payment for storm damage, do I have to pay taxes on that?

Apr. 09 2010 11:52 AM
Mac from manhattan

I am a new freelancer and i am not getting 1099's I have consistently been issued a W9 from my clients. is that the same thing?

Apr. 09 2010 11:49 AM
eric Dunst

Just a comment... but it's been a bad year; unemployed and living on unemployment (until last week when it ended) and I owe more than $1,00 taxes on it because unemployment is not considered "earned income." I'm not complaining about paying taxes, but find this quirk interesting

Apr. 09 2010 11:46 AM
eastvillage from nyc

My wife and I actually have to pay Federal Taxes this year whereas last year we got a rebate. We only had a minor income increase and make well below $150,000 jointly. I used two tax software progams and got the same results. Is there an explanation for this?

Apr. 09 2010 11:44 AM
RLewis from Bowery

Brian, get the simantics right: it's not do they "pay" income tax, it's do the "owe" income tax.

We all pay out of our check every week. It's just a matter of whether that's enough, too much (refund), or do we owe more.

Many people are getting this question wrong, so no good answer comes out. And you've just added to the confusion.

ps. the new web design SUX.

Apr. 09 2010 11:44 AM
Sarah from NYC

If someone in NJ leaves an inheritance to someone in NY then which state actually gets the tax $?

Apr. 09 2010 11:42 AM

what does Eliot think about it?

Apr. 09 2010 11:36 AM

What about senior citizens living on social security. I understand they don't have to file a return?

Apr. 09 2010 11:35 AM
Kayla from Rego Park

Hey, I am interested in any tax breaks I may be entitled to as a college student? I know about the Hope lifetime tax credit that I am entitled to but is there anything else?

Apr. 09 2010 11:35 AM
Mary from nyc

What about taxes when the older person, now deceased, had a "reverse mortgage"? i.e. they did not claim interest since they did not pay anything while they were alive, now at death the house gets sold and principal and interest gets paid all at once. Does the estate get taxed at a certain threshold? after interest? before?
Thank you.

Apr. 09 2010 11:34 AM

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