March 15, 1987 |
Like thousands of other graduate students, Sacha Nelson has racked up a hefty debt (about $20,000) and squeaks by on a modest annual stipend ($8,000). Now, for the first time, he soon will face the additional hardship of taxation on his meager academic income. "I'm figuring around $1,000 a year in taxes," said Nelson, 27, a UC San Diego biology student who does neurophysiology research at the Salk Institute. "At the worst, I'm hoping I'll have to borrow an additional thousand a year."
January 24, 2012 |
Frequent-flier miles clearly have value — why else would people want them? But do they also represent taxable income? Citibank seems to think so. It's sending tax forms to people who received thousands of miles as a reward for opening a checking or savings account. Those forms value each mile at about 2.5 cents and list the total dollar amount as miscellaneous income. This is news to tax pros. "I've been practicing for 25 years and I've never had an instance where miles have been treated as taxable," said Gregg Wind, a West Los Angeles certified public accountant.
May 18, 1986
The Senate Finance Committee's tax bill provides for 15% and 27% tax brackets. The 27% bracket would apply to a joint return if a couple' taxable income exceeds $29,300. This plan and the tax plan approved by the House of Representatives has one glaring inequity that I have not heard discussed. Taxpayers with a taxable income at the borderline between the two brackets (three brackets with the measure passed by the House) will need an extraordinary raise in salary (or other income)
February 21, 1985 |
QUESTION: I have less than two months to go to tax time, and my wife and I still haven't decided where to put our IRA money this year. The last two years, we have taken the easy way out and put it in a certificate of deposit at our bank. But this year, a lot of my friends are buying zero-coupon bonds with their IRA money, and for that reason alone my wife and I are thinking of doing the same. Can you tell me something about them and why they are considered good IRA investments?--F.S.
June 4, 1999 |
Millions of U.S. workers will get a modest income tax cut this year because of a change in the way the federal government figures the value of group life insurance provided by their employers. Final federal regulations released Thursday, and that take effect July 1, are based on updated mortality estimates showing that people are living longer and that women now make up roughly half the U.S. work force.
CALIFORNIA | LOCAL
August 19, 1988
Wolf seems to feel that a business deduction is money lost to the government. In fact, in almost all cases one company's business deduction is someone else's taxable income. When Iacocca got his $29 million one year, a tax deduction for Chrysler, it represented a major tax bill to Iacocca. Tax deductions for business jets crisscrossing the country represent the timely transportation of captains of industry to the places they need to be so they can be more productive for their companies.