The Tax Preparation Blog

Archive for April, 2009

Question: tax credit question? U.K. only please?

Hi, last year my husband earned approx £18500 whilst I stayed at home with the children and took care of them. We were paid approx £3500 in tax credits over the year. This year we filled out the review pack and stated that I am now working (self employed) and our joint income would be £30000 approx. They said our award for this year would be the same as the amount hadn’t gone up or down by more than 25k. The situation has now changed and I am on my own earning £12000 roughly and I have checked the tax credit calculator online and it seems that although we have lost my husbands £18,500 the tax credits dont change? It will be a struggle on my wages and tax credits but I want to work so any ideas? Really cannot afford to get this wrong!
Cheers,
Donna.
should have said my income is £12000 before deductions.

Answer: Wish I could help you…but I think you might have better luck asking this in the tax category…good luck!

Ten for ‘10: Follow these practical tips for stabilizing your finances

Breathe a sigh of relief. The financial rocky road of 2009 is nearly at an end. If you’ve weathered this year’s wallet-squeezing, here’s some how-to advice for keeping more money in your pocket in 2010. Take your pick from our “Ten for ‘10″:

Free Alternative Energy Home Remodeling 4EverGreen13.com …

Question: When is Obama or someone else going to tell the truth about the “tax cuts”?

I dont think most of the public are aware of this. The so called tax cut, that we are getting starting in April are NOT what you think.
First off, its about 13 bux a week (dont spend it all in once place). Secondly, the extra 13 a week goes down to 9 a week next year. Now here is the REAL kicker. Tax rates are NOT decreasing! This is not a tax cut. In 2009 on your tax return, this 13 bux you get a week this year will show as income. Talk to your tax people if/when you do taxes this year. That is how I found out. Again tax rates are not going down. This isnt a tax cut, its a credit, which means YOU HAVE TO PAY IT BACK!
So when will Obama make this clear to the public? He certainly doesnt tell us this during his speeches. I know most of you are in Awe of him when he talks. But be careful, someone like him who can speak so well, can do so in such a way you never hear what he really means or intends. Look beyond his words. He is lying and leaving out things. So much for transparency

Answer: NOT true:

Step 1
Beginning April 1, 2009, the tables that calculate the federal tax withholdings from your paycheck will be revised. For the next nine months of 2009, certain people will have less federal taxes withheld from their paychecks, and take more money home.
Step2
The stimulus bill states that the maximum tax credit for a single person is $400, and the maximum tax credit for joint return filers is $800.
Step3
To receive the stimulus bill tax credit you must be employed or self-employed, and paying into Social Security. For this reason, the tax credit is known as a “making work pay” credit.
Step4
To calculate the amount of tax credit that you will receive you must look at your annual gross income. The amount of the tax credit that you will be eligible for decreases when your taxable income exceeds $75,000 as a single filer, and $150,000 as joint filers.
Step5
The stimulus bill tax credit is not available to single filers who make over $95,000, and joint filers who have a taxable income over $190,000.
Step6
If you are eligible for the maximum amount of the stimulus bill tax credit, and your employer begins using the revised tax tables starting April 1, you can calculate that you will bring home an additional $44 each month as a single filer, and $89 as joint filers.
Step7
If you have two jobs, and you qualify for the stimulus bill tax credit, you will receive the tax credit at each of your jobs, and receive twice as much back as you are supposed to. You will then have to pay back the extra money you received when you file your taxes for 2009 and calculate the amount of the tax credit you were actually eligible to receive. You may be able to adjust your federal tax withholdings with one of your employers if you want to prevent this from happening.

Schwarzenegger proposes tax credit to spark new home building

Jan. 7–More than 20,000 California homebuyers could get state tax credits of up to $10,000 this year under a new stimulus proposed Wednesday by Gov. Arnold Schwarzenegger.

We The People Asheville, NC Tea Party April 15, 2009

One year after the Satyam scandal…

On January 7, 2009, B Ramalinga Raju confessed to orchestrating India Inc’s biggest fraud.

Country Analysis Report – United Kingdom – In-Depth PESTLE Insights – New Report Published

The UK Country Analysis Report analyzes the political, economic, social, technological, legal and environmental (PESTLE) structure of UK. The report provides a holistic view of the country from historical, current and future perspectives.

Universal Health Care – Should the USA Imitate UK? PSA Video

Question: What is the last date for filing income tax return for individual in India for A. Y, 2008-09?

Answer: For individual non-audit cases, the last date for filing income tax returns for A.Y. 2008-09 is 31st july, 2008

Rasmala MENA Markets report

MENA equity markets outperformed global markets in March as the MSCI Arabian Markets Index climbed 6.4% on the back of positive performances from all regional markets. This compares with a monthly gain of 5.9% on global indices as measured by the MSCI World Index.