The Tax Preparation Blog

Archive for October, 2006

Question: Which “supporting forms” need to be sent in with a tax amendment for the purpose of adding a dependent?

I am filling out a 1040X form (tax amendment) for the 2008 tax year because I need to claim my stepdaughter as a dependent. Her father is filing his taxes with an extension in October and is not claiming her. She has been living with me for more than half of 2008 and 2009. She’s only 18 but in 2008 she was 17 therefore she was a minor. I filled in line 33 but I need to know what additional forms (if any?) need to be sent in with the 1040X… what kind of proof is required to prove that she has been living with me for more than half the year in 2008? She was a minor so what kind of evidence is there?

“Enter the line number from the front of the form for each item you are changing and give the reason for each change.
Attach only the supporting forms and schedules for the items changed. If you do not attach the required information,
your Form 1040X may be returned. Be sure to include your name and social security number on any attachments.”

Answer: You don’t send in anything. Just write an explanation.

The IRS will contact you if they want proof–generally, they ask for school records for the entire year, medical records, etc.

Buy home, cash in

Homebuyers hoping to take advantage of the first-time homebuyers tax credit program will have to forgo the Internet and file their claims the old-fashioned way.

Corrupted Obama – The Antoin Rezko case

Question: If Obama wins in Nov.- do you think your Fed withholding taxes will go up?

Just for example: Say you have $300 beding deducted from your paycheck each payday from federal withholding, with a $7500 individual tax credit adjustment each year you file taxes, what do you think your net paycheck will look like next year and how much do you think you’ll see the tax credit be reduced to?

Remember, we need to fund billions into helping illegal immigrants, social services and fund a massive health care government system with 1000′s of new governemnt emoployees. The money will 100% come from your paychecks next year ( 2009), the question is guess how much you’ll as a single person will be paying for it all???????

Answer: The thing that must be taken into account is that Obama’s proposals are ignoring the effect that removing the 2001 tax reductions would have on the taxpayers.

If you factor in the across-the-board tax rate increases for _all_ taxpayers when the tax cuts expire then we all will be paying much more.

Another thing to consider is how little additional revenue will be produced by Obama’s tax increases on the “rich.” When you look at just how few people are in those super high tax brackets – the total government receipts will not be enough to cover the costs of his campaign promises.

Homebuilder Lennar records profit in fiscal 4th-quarter, boosted by a tax adjustment

MIAMI – Lennar Corp. says it posted a profit in its fiscal fourth-quarter earnings as the homebuilder benefited from an adjustment in its income taxes.

161 Federal Tax Charges, 0 Convictions

MDN at 130: Some things stay the same: Gov. bailouts, bioterror, oil prices and AIDS were in the news 30 years ago, too

If Rip Van Winkle had fallen asleep in 1979 and awakened in 2009, he wouldn’t have felt entirely out of place, at least when it came to some aspects of the news.

12/9/09: White House Press Briefing

News in brief

Poster contest for Student Film Fest HOLLISTER – The San Benito County Arts Council is seeking submission for its 2010 Student Film Festival poster contest. Students in sixth grade through community college can enter an original piece of artwork. Students can use pen, ink or paint mediums.

Haleigh Cummings Aunt Lindsey, Wife of Hank Jr.

Question: Do CPA firms hire Seasonal Tax Preparers / Reviewers ?

I am a CPA with experience in tax preparation / review. I recently quit my job to work with a family member to assist her in the accounting / tax function of the business. Can I still get a seasonal tax job with a CPA firm? Do firms hire on a seasonal basis and when ???

Answer: The trick is to know the firm personally. If you have proven your skills to someone, firms can always use the extra help during tax season. If you have the experience there’s no reason they wouldn’t want the help, but I do think you would have to be a sure bet in the firm’s view though. Good luck!

K-9S GET CHRISTMAS GIFT

FOURTH CANDIDATE DECLARES COMMISSIONER RUN Sunday, January 03, 2010 Canadian County employee Audre Knott says she would like to turn her “9 to 5” job into a full-time c…