The Tax Preparation Blog

Archive for March, 2009

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Five Lessons From Your ’09 Tax Return

MoneyWatch.com: These Money-Making Tips Will Help you Analyze Last Year’s Finances in Order to Lower Your Taxes in the Future

Umbrella Company Calculator IR35 Calculator Umbrella Company

Question: What is the best program for online US tax (free or otherwise) filing when I have foreign income?

This is the first year that I am filing taxes where I have income earned in the US and in Canada. I need to report both on my US taxes. I have tried to use the HR Block free online version, but it didn’t even support the Foreign Income Tax Credit form nor was there any help available for some of the undeciperable questions it was asking me.

Has anyone found an online tax filing program that makes this process easy? I’d even be willing to pay if the service can make this process simpler.

Answer: You can convert the tax cut to a signature return. A preparer wil then check and make any corrections that are needed. They can also complete any forms needed for the foreign income. Your tax return is a little to complicated to try and complete yourself.

Christine EA Master Tax Advisor

This advice was prepared based on our understanding of the tax law in effect at the time it was written as it applies to the facts that you provided.

http://www.hrblock.com/tax_professionals/christine_wilkins.html

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QuickBooks for Mac 2012 [Download] $131.23 New to QuickBooks? Find out why QuickBooks is the #1 best selling small business accounting software1. Built for your Mac Synchronize contacts with Address Book so you never have to enter an address or phone number twice2 Add reminders to iCal so you can be reminded to print invoices and checks or to pay bills in one consolidated calendar 2 Protect important data by backing up files to MobileMe…

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‘No MOre Trash’ contest open

Muppet character Oscar the Grouch aside, most people don’t care for trash, especially when it’s tossed into their yards or on the side of the road.

How to File Your Tax Return for Free – Free Tax Filing

Question: Fedral taxation help?

In 2007, Paul who is single has a comfortable salary from his job as well as income from his investment portfolio. However, he is habitually late in filing his federal income tax return. He did not file his 2007 income tax return until November 30, 2008 (due date was April 15, 2008) and no extensions of time to file return were filed. Below are amounts from his 2007 return:
Taxable Income $140,000
Total tax liability on taxable income$ 33,311
Total federal tax withheld from his salary$ 27,290
Paul sent a check with his return to the IRS for the balance due of $6,021. He is relieved that he has completed his filing requirement for 2007 and has met his financial obligation to the government for 2007. Has Paul met all of his financial obligations to the IRS for 2007? If not, what additional amounts will Paul be liable to pay to the IRS?

Answer: No, Paul has not met all of his financial obligations because there will be interest and penalties for not filing his ’07 return until November 30,2008 (calculating this should be simple & can be found in your book) When you fail to file a return, you cannot simply pay the balance due at your leisure, hence the interest and penalties. Good luck w/ your tax class.

TurboTax Home & Business Federal + State + Federal efile 2009 $42.89 TURBOTAX HOME & BUSINESS WITH…

TurboTax Basic Federal + e-File 2010 – [Old Version] $4.99 The Intuit TurboTax Basic Tax Year 2010 Software automatically double-checks to help make sure your return is accurate. It features downloadable Audit Support Center, which provides guidance on everything you need to do if you are contacted by the IRS. And finally, it files your return electronically and prints it on plain paper….

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Needles in brief – a collection of area events.

NEEDLES – On Wednesday, Dec. 30, swine flu (H1N1) vaccinations will be given free to the public at the Needles Regional Senior Citizens Center from 1-3 p.m. PST.

Mumia Abu-Jamal thanks his supporters!

Question: Taxes on unearned income?

I’ll start by saying that I don’t know much about taxes and I’m preparing to file on my own for the first time (in the United States).

I have been looking tonight and it seems that interest earned in a simple high-yield savings account counts as unearned income. I have found charts that give the tax brackets for earned income, but can’t find anything about unearned income.

Is unearned income taxed? If so, can someone point me to the chart so that I can calculate it for myself? Is it just a flat rate?

Thanks.

Answer: Unearned income is fully taxable. How it’s taxed depends upon the type of unearned income but interest is taxed as ordinary income. Enter it on the Interest Income line on your tax return. That’s line 8a on Form 1040.

Whether or not any tax will be due will depend upon many factors such as your marital status, other income, residency status for tax purposes, number of dependents, etc. Without that information it’s not possible to say what the tax in your case will be, if any is due at all.

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US stocks notch modest gains

NEW YORK: Investors’ cautious optimism about the job market gave U.S. stocks a modest lift Thursday, one day before the government’s report on December employment. Stocks closed mostly higher after ma…

McCain’s tax plan is better than Obama’s as long as you…

IRS Tax Preparer Course & RTRP Exam Study Guide 2011, with FREE ONLINE TEST BANK $162.42 How do you become a Registered Tax Return Preparer (RTRP)? You do not need an advanced degree, or even a college education; however, it does require some work. First, you must prepare for the IRS competency exam. The IRS has two separate tests that you can take depending on the type of returns you will file. This course covers both tests and provides FREE access to an online test bank for you to p…

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Good morning: Moraine group seeks new logo

The nonprofit, volunteer Moraine Preservation Fund is on the prowl for a new logo.

Community Tax Center 2008 IRS stimulus Package Day 03.28.200