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FAQs
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What tax transcript form should I fill out to find my old W2 forms to file for a tax return? -I have not filed before and I'm 53.?
I guess this link answers to your question: Transcript or Copy of Form W-2
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How can I fill out the details of my PPF and LIC in income tax return along with Form 16 details?
PPF contribution and LIC premium paid is shown under section 80C deductions ( chapter VIA deduction) in ITR.However total limit under 80C is 1.5L.( I am assuming that you have referred to investments made -ppf/LIC and not withdrawals (income)from the same).Regards.
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How could the federal government and state governments make it easier to fill out tax returns?
Individuals who don't own businesses spend tens of billions of dollars each year (in fees and time) filing taxes. Most of this is unnecessary. The government already has most of the information it asks us to provide. It knows what are wages are, how much interest we earn, and so on. It should provide the information it has on the right line of an electronic tax return it provides us or our accountant. Think about VISA. VISA doesn't send you a blank piece of paper each month, and ask you to list all your purchases, add them up and then penalize you if you get the wrong number. It sends you a statement with everything it knows on it. We are one of the only countries in the world that makes filing so hard. Many companies send you a tentative tax return, which you can adjust. Others have withholding at the source, so the average citizen doesn't file anything.California adopted a form of the above -- it was called ReadyReturn. 98%+ of those who tried it loved it. But the program was bitterly opposed by Intuit, makers of Turbo Tax. They went so far as to contribute $1 million to a PAC that made an independent expenditure for one candidate running for statewide office. The program was also opposed by Rush Limbaugh and Grover Norquist. The stated reason was that the government would cheat taxpayers. I believe the real reason is that they want tax filing to be painful, since they believe that acts as a constraint on government programs.
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Why don't schools teach children about taxes and bills and things that they will definitely need to know as adults to get by in life?
Departments of education and school districts always have to make decisions about what to include in their curriculum. There are a lot of life skills that people need that aren't taught in school. The question is should those skills be taught in schools?I teach high school, so I'll talk about that. The typical high school curriculum is supposed to give students a broad-based education that prepares them to be citizens in a democracy and to be able to think critically. For a democracy to work, we need educated, discerning citizens with the ability to make good decisions based on evidence and objective thought. In theory, people who are well informed about history, culture, science, mathematics, etc., and are capable of critical, unbiased thinking, will have the tools to participate in a democracy and make good decisions for themselves and for society at large. In addition to that, they should be learning how to be learners, how to do effective, basic research, and collaborate with other people. If that happens, figuring out how to do procedural tasks in real life should not provide much of a challenge. We can't possibly teach every necessary life skill people need, but we can help students become better at knowing how to acquire the skills they need. Should we teach them how to change a tire when they can easily consult a book or search the internet to find step by step instructions for that? Should we teach them how to balance a check book or teach them how to think mathematically and make sense of problems so that the simple task of balancing a check book (which requires simple arithmetic and the ability to enter numbers and words in columns and rows in obvious ways) is easy for them to figure out. If we teach them to be good at critical thinking and have some problem solving skills they will be able to apply those overarching skills to all sorts of every day tasks that shouldn't be difficult for someone with decent cognitive ability to figure out. It's analogous to asking why a culinary school didn't teach its students the steps and ingredients to a specific recipe. The school taught them about more general food preparation and food science skills so that they can figure out how to make a lot of specific recipes without much trouble. They're also able to create their own recipes.So, do we want citizens with very specific skill sets that they need to get through day to day life or do we want citizens with critical thinking, problem solving, and other overarching cognitive skills that will allow them to easily acquire ANY simple, procedural skill they may come to need at any point in their lives?
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If I don't earn enough money on social security to file income taxes, will I still need an income tax return to fill out a FAFSA, and other financial aid forms for my daughter?
No. Just provide the information requested on the form. If you later need proof you didn't file, you can get that from the IRS BY requesting transcripts.
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How long before Vermont figures out how to tax and regulate the sale of marijuana, which they do know, so the real question is when does the state get wise and allow taxable store fronts for recreational marijuana sale to open?
There is, I've found by looking this question up, some serious complications in the present State laws and the whole process is in a state of flux and changing by the month.Here's a part-cut-n-paste from one of many Google articles:Is it legal to buy marijuana in Vermont?Not unless you're a registered medical marijuana patient, in which case you're already buying marijuana from a dispensary.While Massachusetts is gearing up for retail sales of marijuana this summer, Vermont's law is silent on how people will purchase marijuana if they don't already have it.People will probably be allowed to give marijuana, seeds or plants to one another as gifts, said Laura Subin of the Vermont Coalition to Regulate Marijuana.Entrepreneurs have been eager to exploit the "gift" loophole in other states without a marijuana market. In Maine, one businessman began giving away marijuana for free and accepting donations for "packaging and handling," the Portland Press Herald reported in September 2017. Similar businesses popped up in Washington, D.C., and Boston, where marijuana has been given away with a delivery fee or a purchase of another item."I think that a $300 T-shirt would be rather suspicious to law enforcement," Subin said. She sees this gray area as a reason for Vermont to keep considering a regulated marijuana market.Gov. Scott made it clear he is opposed to any further discussion of regulating marijuana, at least until the end of the year when his marijuana commission reports on education, prevention and highway safety."It is important for the General Assembly to know that — until we have a workable plan to address each of these concerns — I will veto any additional effort along these lines, which manages to signNow my desk," Scott said.Contact April McCullum at 802-660-1863 or amccullum@freepressmedia.com. Follow her on Twitter at @April_McCullum. Do you have a breaking news tip? Call us at 802-660-6500 or send us a post on Facebook or Twitter using #BFPTips.
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