The Tax Preparation Blog

Archive for September, 2007

Question: income taxes at end of accounting period?

the adjusting entry to record additional income taxes owed at the end of the accounting period includes:
1. debiting corporate income taxes payable and crediting income tax expenses
2. debiting factory overhead and crediting corporate income tax payable
3. debiting income tax expenses and crediting corporate income tax payable
4. debiting income tax expense and crediting factory overhead.

Answer: 3

For Members

Congress took its first tentative step toward fundamental tax reform when it enacted the Taxpayer’s Relief Act of 1997. Certainly, the Taxpayer’s Relief Act belongs to a class of legislation that warms only the hearts of lobbyists and specialists who must deal with the growing tax labyrinth.

Year in review

From the opening of businesses and a new school, and the appointment of new city leaders to the loss of hope found in young lives, after-school programs and state education budgets, 2009 in Galt was marked by a series of new beginnings and lost promise.

“Home” from “Beauty and the Beast” sung by Bianca

Question: If I earn 75000 AUD in Australia what will be my total tax ?

Please include income tax deductions likehouse rent, food allowance etc. Assume a house rent of 1000 AUD for example. I just want a ball park figure for my total in-hand income. I have seen the tax table but I don’t know about deductions.

Answer: I suggest that you get an accountant or look up the Australian Master tax Guide through a library somewhere as the MTG is pretty close to being a tax bible for most accountants. MTG will explain what you may treat as deductions, what rebates if any are available and there is a table in the back to look up your “taxable” income to find out how much tax you would have to pay.
Please keep in mind though that PERSONAL expenes such as travel, food, rent, entertainment etc are generally not deductible.

In the wind: America’s drive towards clean technology

In her final dispatch from the US, Washington correspondent Anne Davies examines the drive to clean technology.

Freeman Australian Mark Pytellek 6hrs & other Australian, US, UK, Canadian

IRS promises greater scrutiny of paid tax preparers

Most of us don’t do our own tax returns. My husband did ours for years. He finally surrendered, too frustrated with the never-ending task of keeping up with the many changes to the tax code. We now pay a professional, and it is money well spent to pass on the aggravation to someone else. So bravo…

Letters to the Editor, April 7, 2010

Teacher’s role in break-in at AHS a shame I was saddened and appalled by the recent report “Teacher disciplined …” in your March 31 edition. It is my understanding…

INSTANT PAY RAISE WITH TAX REFUNDS FROM YOUR NETWORK MARKETI