The Tax Preparation Blog

Archive for January, 2006

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The importance of you having (small business advice.)

Question: Which Form should I file NJ-1040 or NJ-1040NR?

My Case:
———–
-I am not a homeowner. I rent apartment.
-I stayed in CA from 1/1/06 till 11/19/06 in CA and earned income as Salary and wages from CA
- I switched my Job and came to NY (Not NYC) and stayed in Hotel from 11/20/06 to 11/30/06
- I rented apartment in NJ from 12/1/06 and staying till date
- From 11/20/06 to 12/31/06my source of income was from NY
- My employers send me W2 for CA and NY
- I have done my Federal and NY & CA state tax returns

Questions:
—————-
1. Which form I need to fill for NJ return? Why?
2. What benefit I can claim?
– taxes paid to other jurisdiction
– OR/AND Property Tax Benefit (rental)
– Cerdit OR Adjustment
3. If I get Renter Benefit which is $50 , does this need to be prorated too (50*(1/12)) since I stayed for 1 month in NJ?
4. Do I really need to file NJ return for 2006?

Answer: You would file NJ-1040, but check the box for “part-year resident”. You would report only the income earned while you lived in NJ. You would have to prorate any deductions.
Since you already paid tax on these wages to NY, you would receive a credit for taxes paid to other jurisdictions, and therefore will most likely not owe NJ tax.

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MXB ,a leading global provider of investment decision support tools, including indices and portfolio risk and performance analytics, today announced results for the fourth quarter and fiscal year e…

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State grapples with lottery decline

CHARLESTON, W.Va.–West Virginia lottery revenue has peaked, which means the governor and legislators may have to make some difficult spending choices in coming years.The state has become increasingly reliant on lottery money. The lottery has become th…

Grassroots Morning show v.7 Cyber Monday and online taxes

Harper, economy hold national spotlight

Scott Fenwick , News Staff Stimulus spending puts Canada in $55.9B deficit In the aftermath of 2008’s coalition showdown with the opposition, the federal Conservatives started the biggest government intervention in the Canadian economy since the Great Depression. read more

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Senior Legislature top legislative proposals

The California Senior Legislature has announced its “Top Ten” state and “Top Four” federal priorities for 2010.

Milton Friedman – Free to Choose 1990 – 1 of 5 The Power of the Market PL 3/5