The Tax Preparation Blog

Archive for April, 2009

Snowstorm hits region

Heavy snow fell on the West Midlands today as motorists and commuters faced nightmare journeys and hundreds of school pupils were told to stay at home.

Brand new home for sale in Harbour View South in Winnipeg Manitoba

Question: I am a US citizen who spent all of 2008 abroad, what is my tax obligation?

I am a grad student and spent the entire year in Turkey. I took on a management consulting job that payed ‘under the table’ and I am wondering what my obligation is to the IRS (the position didn’t pay well, just enough to keep me afloat). Thanks for your advice, I am having a time trying to solve this puzzle. I am sure your answer will be of great help to others in my position.

Answer: Congratulations, you have self-employment income. As a US citizen, you are taxed on worldwide income. See IRS publication 54.

You will file a 1040 tax return, reporting the income on schedule C (or C-EZ) and fill out schedule SE.

If you spent 330 days out of 365 in Turkey, you will also use form 2555 (or form 2555-EZ) to exclude up to $80-85K of the income. This means you will probably owe $0 income tax and 15.3% SE tax on the money.

PS, if you had a foreign bank account and it had $10,000 or more in it at any time, you need to file a form TDF 90-22.1 in June. No tax, but it creates a papertrail and the fines if you don’t are horrible.

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Pennsylvania Taps Debt Market as Gambling Vote Bridges Deficit

Jan. 11 (Bloomberg) — Pennsylvania and Arizona lead state and local governments set to borrow about $13 billion in the U.S. municipal bond market this week, and the increased supply may offer some bargains for investors.

Tax Law Changes Affecting 2008 Tax Returns

Question: How to pay my personal property taxes online in the state of missouri?

i need help!!!!!

Answer: There is no single place to pay MO personal or real property taxes. They are collected by the individual counties (or the city in the case of KC and St Louis). Not all counties have on-line payment available. I live in Jasper County and they just started offering it within the past year or so but McDonald County still does not offer it. Hit your county tax collector’s website. There should be a link there for paying personal and real property taxes. There also should have been an insert in last year’s bill for how to pay on line if your county offered it.

If you can’t find a link on your County Tax Collector’s web page you’ll have to pay it in person.

Niangua police, Amish sex charges among big stories in second half of ‘09

During the second half of 2009, the Marshfield Board of Aldermen continued to make headlines, with discussion about where to place a proposed emergency storm shelter, and debating rules for public discussion at meetings and when items could be placed on the agenda.

Sarah Palin: McCain/Palin Rally 09/08/08

A secondary impact of property tax relief–rent control (Working papers / School of Public Administration) …

Tenth Tax Institute: Lawyer-Acountant Tax Planning for 1958 …

Equality in California school finance: Impacts of alternatives on taxpayers (Working paper / School of Public Administration) …

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Valley congressional battle may get ugly

It’s been a little more than a week since George Radanovich announced he would retire from Congress, and already three high-profile, politically viable Republicans are looking to replace him.

Islamic Law, Administration & Public Finance: Ramzi Rouighi

Real estate professionals: do their rentals qualify for nonpassive status?: An article from: The Tax Adviser $9.95 This digital document is an article from The Tax Adviser, published by American Institute of CPA’s on December 1, 2009. The length of the article is 1513 words. The page length shown above is based on a typical 300-word page. The article is delivered in HTML format and is available immediately after purchase. You can view it with any web browser.Citation DetailsTitle: Real estate professionals: do…

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What Vince Gray Is Waiting For: Loose Lips Daily – City Desk – Washington City Paper

Morning all. D.C. Council Chairman Vincent C. Gray ‘might be the only politician standing between Mayor Adrian M. Fenty and a second term,’ write Tim Craig and Nikita Stewart in an extensive WaPo piece this morning on Gray’s decision to run.

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