Webster weighs in on tax question Oct 17, 2008
3 percent of federal adjusted gross income. State Rep. (Pembroke Mariner, MA)
LETTERS: NCT, Oct. 15, 2008 Oct 16, 2008
Obama's economic policy director, replies that "making" refers to adjusted gross income. Adjusted gross income, or AGI, is what's left after taking your total income and then making various "adjustments," such as deductions for moving expenses, individual retirement accounts, student loan interest, self-employed health insurance payments and numerous other items ... However, adjusted gross income is before you claim either the standard deduction or itemized deductions. (North County Times)
14 comments Oct 13, 2008
Yet when it comes to charitable giving, neither Obama (until recently) nor Biden feels sufficiently neighborly or patriotic to donate as much as does the average American household: 2 percent of their adjusted gross income ... In 2007, President George W. Bush and his wife had an adjusted gross income of $923,807. (Human Events Online)
Credit crisis is far from over, but rescue package has short-term relief for Main Street Oct 8, 2008
But you can only gain the write-off if you have an adjusted gross income of $65,000 or less ($130,000 for joint filers). Want to add solar appliances, windmills, or geothermal heat pumps to your properties. (Boston Globe)
Couch sentenced to prison Oct 7, 2008
During that tax year, the defendant claimed an adjusted gross income of 24,062. His adjusted gross income was actually 142,312. (Sallisaw Sequoyah County Times, OK)
Weathering the Downturn Oct 7, 2008
The one catch with a Roth conversion is that your adjusted gross income must be $100,000 or less. Given the number of layoffs and eliminated bonuses this year, some folks whove previously been ineligible may qualify this year. (SmartMoney)
Sarah Palin's Tax Return Oct 7, 2008
Although Gov. Palin's salary raised the couple's adjusted gross income last year to $166,000a big jump from the $128,000 the two declared in the previous tax yearthe Palins' charitable contributions dropped from $4,880 to $3,325. The 2007 return (excerpted below and on the following six pages) shows that $825, or nearly one-quarter of the Alaskan first couple's largesse, consisted of second-hand items donated on New Year's Eve to the Wasilla (Page 5). (Slate)
Rescue Legislation Contains Palliatives, No Cure Oct 6, 2008
But you can only gain the write-off if you have an adjusted gross income of $65,000 or less ($130,000 for joint filers). Adding some whipped cream to the confection, the Senate served up a number of tax breaks for homeowners and alternative- energy producers. (Bloomberg -- Columnists)
State shifts tax brackets for inflation Oct 4, 2008
Renter s credit is available for single filers with adjusted gross income of $34,936 or less and joint filers with adjusted gross income of $69,872 or less ... The tax threshold, the amount of income reached where a tax liability is incurred, has risen to an adjusted gross income of $12,226 for single or married filing separate taxpayers, and to $24,452 for joint, surviving spouse, and unmarried head of household filers. (Sacramento Business Journal, CA)
Palin tax returns for '06 and '07 released Oct 4, 2008
Overall, the 2007 return shows that last year the couple had an adjusted gross income of $166,080 and paid $24,738 in taxes - about a 15 percent rate after deductions. In 2006, the records show, the Palins earned $127,869 as adjusted gross income, with taxes paid listed at $11,944 - less than a 10 percent rate. (AZCentral -- News)
Obama’s tax cuts Oct 3, 2008
Saint20 wrote on Sep 26, 2008 2:25 PM:" My family has an adjusted gross income of $75,000. The McCain plan will give us additional deductions of $10,500 for our three kids in addition to the $5,000 tax credit for health care. That is a tax savings of over $7,000. I prepare taxes and if you make over $40,000 as a family and have kids McCains plan is better. If you are a single parent with a low income Obamas plan is better. Each individual situation is different if the candidates are able to... (Helena Independent Record, MT)
The Price of Education Oct 3, 2008
Caps are put in place on epayments by student borrowers at no more than 15% of the amount a borrower's and the borrower's spouse's adjusted gross income exceeds 150% of the poverty line. Once a college is selected and check for tuition written, the budgeting effort does not end. (Storm Lake Pilot Tribune, IA)
Take Advantage of 0% Capital Gains While They Last Oct 3, 2008
You could report up to $90,000 of adjusted gross income this year (including long-term capital gains and dividends) and still be within the 15% rate bracket ... You could have up to $62,150 of adjusted gross income this year (including long-term capital gains and dividends) and still be within the 15% rate bracket ... You could have up to $41,500 of adjusted gross income (including long-term capital gains and dividends) and still be within the 15% rate bracket. (SmartMoney)
6 ways to save money on drugs and doctors Oct 3, 2008
5 percent of your adjusted gross income, you can get a tax deduction. Many people eligible for this tax break don't use it because it requires a good deal of record-keeping. (CNN -- Health)
Biden's Financial History Disqualifies Him For High Office Sep 24, 2008
Over the course of ten years (1998 through 2007) the Bidens averaged an adjusted gross income of $245,000 placing them uncomfortably close to that threshold of $250,000 a year that Senator Obama considers wealthy and deserving of sharply increased taxes ... Between 1998 and 2007, his adjusted gross income never dipped below $210,797, but his charitable giving never exceeded $995 (while actually dipping as low as $120 a paltry $10 per month) ... In other words, the Bidens'... (Townhall.com)
Two visions for health care overhaul Sep 23, 2008
The center assumes that would include a 2 percent income tax surcharge on adjusted gross income above $250,000 for couples and $200,000 for others, and an additonal 2 percent payroll tax for employers on workers above those levels. That could increase taxes on high-paid workers by nearly $400 billion over a decade. (MSNBC -- Health)
The Best Way to Save on Health Care Costs Sep 23, 2008
5% of their adjusted gross income, the level at which they can begin to itemize medical deductions on their income taxes. So how do these plans work. (SmartMoney)
Heads Up: New farm bill starts to take shape (2) Sep 21, 2008
The U.S. House farm bill would forbid farm program commodity and conservation payments to anyone with an adjusted gross income (AGI) above 1 million, with no exceptions. The current AGI limit is 2. (Sioux Falls Tri-State Neighbor, SD)
California's rich keep on giving Sep 20, 2008
Under U.S. tax law, individuals can write off up to 30% of their adjusted gross income for cash gifts and up to 20% for gifts of securities, he said. The question becomes: How much of my wealth am I going to pass on to my children, how much do I give to government and how much am I going to give to charity. (Yahoo News -- Philanthropy and Volunteerism)
Casino revenue drops in Colorado Sep 19, 2008
Black Hawk casinos reported adjusted gross income, or AGP, of $47. 75 million in August, down 5. (Denver Business Journal, CO)
Experts recommend overhaul of federal student aid Sep 19, 2008
Families getting means-based public benefits would be eligible for the maximum Pell award without IRS data, and Pell awards would be based on family size, adjusted gross income and would see yearly increases tied to the Consumer Price Index. Remove distinctions between subsidized and unsubsidized loans and transfer those subsidies toward students who are in repayment. (Pittsburgh Post-Gazette, PA)
Group calls for major overhaul of federal student aid Sep 19, 2008
Base eligibility for federal Pell Grants only on family size and adjusted gross income. That data could be packaged and presented in easy-to-access tables that would enable families to estimate how much they would get, based on their current financial circumstances. (USA Today -- News)
A Very "UnAmerican" Answer to Solving Our Financial Woes Sep 18, 2008
Nope, the majority of the people in this country who make an adjusted gross income of $250,000/year are not small business people and farmers. True, small business people and farmers do drive the economy but they are not in the top 1% of wage earners. (Townhall.com)
Towing company owner pleads guilty to tax fraud Sep 18, 2008
Since Sherman reported the profits of Budget Towing on his personal returns, he admitted that he substantially understated the adjusted gross income on his 1040 return for 2003. Reader Comments. (St. Louis Business Journal, MO)
Jeff Jacoby: Seeing through Obamanomics Sep 15, 2008
Barack and Michelle Obama's show that from 2000 through 2004, when their adjusted gross income averaged nearly a quarter of a million dollars a year, their annual charitable donations amounted to just $2,154 - less than nine-tenths of 1 percent. Not until he entered the US Senate in 2005 and began to be spoken of as a presidential possibility did the Obamas' "neighborliness" become more evident. (Boston Globe)
Seeing through Obamanomics Sep 14, 2008
Barack and Michelle Obama's tax returns show that from 2000 through 2004, when their adjusted gross income averaged nearly a quarter of a million dollars a year, their annual charitable donations amounted to just $2,154 - less than nine-tenths of 1 percent. Not until he entered the US Senate in 2005 and began to be spoken of as a presidential possibility did the Obamas' "neighborliness" become more evident. (Boston Globe)
Bidens report giving fraction of income to charity Sep 13, 2008
Biden and his wife, Jill, earned $319,853 in adjusted gross income and paid $72,787 in federal taxes last year, including $2,721 in alternative minimum taxes. They claimed $995 in deductions for charitable giving, about triple what they deducted in any of the nine previous years. (Boston Globe)
Slipshod lending practices come home to roost Sep 10, 2008
" Through decades of commitment, Sen. Clinton cracked the glass ceiling and helped others up the ladder. Gov. Palin, a "free rider" to the women's movement, offers but her own divisive "pitbull" vision of America. Eight years were enough. No way, no how -- no more. -- MICHELLE LAMAR, HamiltonObama tax plan less than fair In Democratic presidential candidate Barack Obama's economic plan, he states he "will restore fairness to the tax code," meaning that he will increase taxes on those he... (NJ.com -- Times)
Comparing tax plans (290) Sep 8, 2008
number of dependents, and an estimate of your adjusted gross income. It ll tell you how you d do under each tax proposal. (Green Valley News & Sun, AZ)
Time to think about IRAs Sep 7, 2008
If either spouse is covered under a retirement plan, their modified adjusted gross income (MAGI) will determine how much will be tax deductible. You can always make a nondeductible contribution no matter how high your income is. (Casper Star-Tribune, WY)
Here Are Five Things Democrats Won't Tell You: Caroline Baum Sep 2, 2008
The bottom 50 percent of (adjusted gross income under $32,000) earned 15 percent of the income and paid less than 3 percent of the income taxes in 2006, according to the. At the other extreme, the top 1 percent of filers (AGI over $389,000) accounted for 21 percent of the income earned and almost 40 percent of the taxes paid. (Bloomberg -- Columnists)
Taxes on Vacation Homes Aug 29, 2008
The IRS will let you write off up to $25,000 of passive-rental real estate losses if you "actively participate" and have adjusted gross income under $100,000 ... Unfortunately, the exception is phased out for adjusted gross incomes between $100,000 and $150,000, and the IRS says the exception doesn't apply anyway when the average rental period is seven days or less. (SmartMoney)
IRAs Are Better Than Ever Aug 28, 2008
If you are unmarried and covered by a retirement plan in 2008, your eligibility to make a deductible traditional IRA contribution for this year is phased out between adjusted gross income (AGI) of $53,000 and $63,000. However, you can contribute to a traditional nondeductible IRA regardless of income. (SmartMoney)
Economy: The Pie Got Bigger Aug 27, 2008
According to the latest data from the Internal Revenue Service, average adjusted gross income in 2006 hit $58,029 in 2006 dollars. It was the first time that average income had exceeded the peak year of 2000, the year before incomes began to decline. (Investors Business Daily)
Boston seeks help to lower small business energy costs Aug 26, 2008
Adjusted gross income reported on tax returns averaged $58,029. In 2006 dollars that was an increase of $739, or 1. (Boston Globe)
Late Payments of Estimated Taxes Can Be Smart Move Aug 21, 2008
5% if your 2007 adjusted gross income was over $150,000). Be Sure to Catch Up by 4/15/09. (SmartMoney)
What the Housing and Economic Recovery Act of 2008 Means for You Aug 19, 2008
But even if you are over the modified adjusted gross income level of $95,000 (single) or $170,000 (married), you may be able to receive partial tax credits. And getting started with the tax credit program is simple. (RealtyTimes)
Twice As Many Rich Escape U.S. Tax Aug 18, 2008
7% of those filed), reported adjusted gross income of $200,000 or more, up from 3 million returns in 2004 ... This increase was largely explained by a temporary break Congress passed in the wake of Hurricane Katrina; taxpayers making cash donations after August 27, 2005, and before January 1, 2006, were allowed to wipe out all of their adjusted gross income with a charitable deduction. (Yahoo News -- Taxes and the IRS)
Help for Home Buyers Aug 17, 2008
In general, the credit is available in full only if your adjusted gross income doesn't exceed $75,000 ($150,000 if you file a joint return). The credit phases out over the $150,000 to $170,000 adjusted gross income range for joint filers ($75,000 to $95,000 for individual filers). (Wall Street Journal)
Pricey health coverage eases worries for future Aug 16, 2008
5 percent of adjusted gross income. Like other medical costs, they can be deducted on Arizona income-tax returns. (AZCentral -- Business)
Real Estate Taxes, Refunds and Rip-Offs Aug 14, 2008
If your adjusted gross income is less than $52,000 look at the program from the IRS for a speedy refund. And plan ahead so you need not rely on RAL loans and the obscene costs they represent. (RealtyTimes)
Dear Editor: No dishonest politicians Aug 14, 2008
The richest 1% of Americans garnered the highest share of the nation s adjusted gross income since 1929 and the tax rate for them fell to its lowest level in 18 years. Consumer spending fell in June as shoppers were hit with the second largest increase in prices in nearly three decades. (Heber Springs Sun-Times, AR)
How to Cut Health-Care Costs Aug 8, 2008
5% of your adjusted gross income. Trackback URL for this story. (SmartMoney)
Writing Off Your Investment Costs Aug 7, 2008
Just about anybody, as long as these expenses along with your other "miscellaneous itemized deductions" like tax-preparation fees and unreimbursed business expenses exceed 2% of your adjusted gross income (AGI). (Much more favorable rules apply to "traders." See below. (SmartMoney)
Housing Help--For Accountants Aug 7, 2008
The allowed credit starts being reduced once a single has $75,000 of modified adjusted gross income, or once a couple has $150,000 of income. The credit goes away entirely at $95,000 for singles and $170,000 for couples. (Forbes -- Business)
The Tax Perks of Charitable Giving Aug 6, 2008
It does, however, qualify as a miscellaneous itemized deduction subject to the 2% of adjusted gross income rule ... Depending on the exact type of charity and whether you contribute cash or other items, your write-off can potentially be limited to 20%, 30% or 50% of your adjusted gross income. (SmartMoney)
Bands outnumber fans at disaster-relief fundraiser Aug 6, 2008
" Just another case of misinformation that shows up on these posts all the time. Sounds to me like the Whiteheads are running a sole proprietorship. If they do the $30,000 would show up as an expense under contract labor line 11 and subtacted from the gross income of the business to come up with the net income of the business on schedule C(1040)- Profit or Loss From Business line 31. That profit or loss would then be transfered to their 1040 U.S. Individual Income Tax Return and be put on line... (Mason City Globe-Gazette, IO)
At a glance: McCain, Obama farm policies Aug 6, 2008
--Would cap subsidies to farmers who have adjusted gross income of 250,000 or more, while providing small farmers with "a reasonable safety net.". --Pledges to press Agriculture Department officials to research drought-resistant and higher-yield crops. (Sioux City Journal)
Little-known provisions of housing bill Aug 3, 2008
But you can not get the credit if your adjusted gross income is too high. The phase-out range - where the credit is reduced and then eliminated - is $150,000 to $170,000 for married couples filing jointly and $75,000 to $95,000 for everyone else. (San Francisco Chronicle -- Business)
3 New Tax Changes Aug 2, 2008
It's Phased Out for "High-Income" Types The credit is phased out or completely eliminated if your adjusted gross income (AGI) is "too high.". The phase-out range for unmarried individuals and married folks who file separately is between AGI of $75,000 and $95,000. (SmartMoney)
Minority business consultant pleads guilty to tax fraud Aug 2, 2008
For 2001, his return falsely reported adjusted gross income of $48,494; for 2002, adjusted gross income of $80,330; for 2003, $109,474. In 2004 and 2005, Hasan did not file an income tax return even though he earned income from MOKAN and other sources, Hanaway said. (St. Louis Business Journal, MO)
> Builders benefit more than retailers from housing law Aug 2, 2008
The credit phases out for taxpayers with adjusted gross income in excess of $75,000, and it has to be repaid to the government over 15 years. Nearly 40 percent of homes are purchased by first-time buyers, but many of those potential buyers are sitting on the sidelines, said Lawrence Yun, chief economist for the. (Washington Business Journal, DC)
Housing Stimulus Bill a Big Win for Construction Industry Aug 1, 2008
The credit begins to phase out for a taxpayer with an adjusted gross income in excess of $75,000 ($150,000 in the case of joint returns). About AED AED is an association of independent distributors, manufacturers and other organizations involved in the distribution of construction equipment and related products and services in North America and throughout the world. (PR Newswire)
Buying Your College Kid a Condo Jul 31, 2008
Fortunately, a special exception allows you to deduct up to $25,000 of annual passive losses from rental real estate provided: (1) your annual adjusted gross income (before the real estate loss) is under $100,000 and (2) you "actively participate" in the rental activity. Active participation means being involved enough to at least make management decisions like approving tenants, signing leases, and authorizing repairs. (SmartMoney)
LETTER: Last week's sad display on budget simply unacceptable Jul 29, 2008
Of course, at only 3%, someone earning $40,000 per year (adjusted gross income, at that), is paying $1,200 per year in state taxes. No one likes to pay taxes, but we like the things we get for it -- roads and bridges and their maintenance, basic assistance and healthcare for the poor, public education, and state prisons to help protect the public, to name just a few. (Mattoon Journal-Gazette, IL)
Real estate slump is a boon to conservation deals Jul 29, 2008
If they donate land, they can deduct from their federal taxes the value of the donation of up to 50 percent of their adjusted gross income per year. Some landowners qualify for higher percentages, and some states also offer tax breaks. (Concord Monitor)
Who will benefit from the new federal housing act? Jul 27, 2008
(The income caps for the full benefit are adjusted gross income of $75,000 for single people and $150,000 for couples who file taxes jointly. . (USA Today -- Money)
CCH Says Some Taxpayers Will Benefit, Some Will Pay for Housing Bailout Bill Jul 26, 2008
The deduction is taken as part of the standard deduction, rather than an "above-the-line" deduction that reduces adjusted gross income. "This means that phaseouts tied to adjusted gross income won't be affected," Luscombe observed. (PR Newswire)
2008 Farm Bill passed Jul 19, 2008
Many of the changes to farm programs, such as revisions to producer payment limitation determinations, reduction of the Adjusted Gross Income eligibility level and the ACRE program will not be enacted until the 2009 program begins in October. For 2008, programs remain basically the same with a couple of exceptions. (Princeton Bureau County Republican, IL)
How to Make a Low Down Payment Loan Work for You Jul 15, 2008
The deduction allows households with an adjusted gross income of 100,000 or less to deduct the full cost of their government or private mortgage insurance premiums on their federal tax returns. Families with incomes between 100,000 and 109,000 are eligible for a reduced deduction. (Pekin Times, IL)
Mutual Funds &Personal Finance Jul 4, 2008
Single taxpayers with modified adjusted gross income up to $55,000 and couples filing jointly making up to $115,000 can take the maximum. Copyright 2000-2008 Investor's Business Daily, Inc.. (Investors Business Daily)
Farm bill conference report passes with bipartisan veto-proof majority Jul 2, 2008
"The bill passed today is a farm bill in name only. It does not target help for the farmers who really need it, and it increases the size and cost of government while jeopardizing the future of legitimate farm programs by damaging the credibility of farm bills in general. At a time of record setting income for farmers, it sends the wrong message to the rest of the country who are not experiencing the boom of the agriculture sector. This bill is loaded with taxpayer funded pet projects at a time... (Sioux Falls Tri-State Neighbor, SD)
Oil creates 'overnight millionaires' in N.D. Jul 1, 2008
The number of taxpayers reporting adjusted gross income of more than $1 million in North Dakota rose from 266 in 2005 to 388 in 2006, Strombeck said. The 2007 numbers won't be known until October, she said. (MSNBC -- Business)
Tax return shows Roy and Kim Brown paid $36,600 in 2007 Jun 28, 2008
HELENA Republican gubernatorial nominee Roy Brown and wife Kim paid about 36,600 in federal and state income taxes on a federal adjusted gross income last year of about 206,600, returns released Friday show ... In comparison, Schweitzer and his wife, Nancy, reported in April paying 39,815 in federal and state taxes on a 2007 federal adjusted gross income of 189,039. (Missoulian, MT)
Bowen Homes tenants learn about relocation Jun 26, 2008
Tenants currently must pay 30 percent of their adjusted gross income for rent and utilities. Those costs, she said, will be higher in their new homes. (Atlanta Journal-Constitution -- Metro)
