The Tax Preparation Blog

Archive for May, 2009

If you are an entrepreneur who resells wholesale merchandises such as wholesale jewelry, or if you are thinking about becoming a reseller who purchases wholesale jewelry and then resells the items for money, you must know a solid handle on how the wholesale jewelry business works. Even if Although you do not have a strong experience as a retailer or you are just getting started as a reseller business, there are wholesale jewelry businesses that are glad to work with you when you begin your line of work established. Perhaps you have a gift store or a jewelry shop, or maybe you run your reseller jewelry business out of your house. Or perhaps you are just in the designing level of creating your business. Regardless of what stage you are in with your line, you will typically need to transact with wholesale jewelry suppliers on a natural basis to establish your business and keep it functional. Looking upon which companies you are working with, it is at times possible to purchase wholesale jewelry for fifty percent (or even less) of retail. You will need to make your research, to find out which specific wholesale jewelry supplier might be the advisable matches for your needs. Learn as much as you can on what other retailers will have to suppose about operating with any wholesale jewelry provider you are contemplating making dealings with so that you can get a strong hold of their credibility in the industry. Being a reseller, many (if not most) wholesale jewelry providers will ask you to supply them with your clear business license information as well as a sales tax number. (Not all of them require you to render them with this information, but it is important to be aware that many of the more reputable middlemen set this.)

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Contact Information
Company:yiwu dushang jewelry co,ltd
Website:www.jewelry-wholesale-online.com
Phone:86.579-85597585
Fax:86.579-85320753
Adress:3f,No.13-15,Building 4,A zone, Futian jewelry street,yiwu city,zhejiang,china

Cities can add sales tax to utility bills

FORT WORTH (AP) – A new state law gives dozens of Texas cities the option of an additional sales tax on residential gas and electric bills through crime and fire control districts.

Overstock.com’s Patrick Byrne On Internet Sales Taxes, Naked Short Selling & Regulatory Capture

Question: What software do tax professionals use?

I am a CPA and have thought about starting up my own tax service next year. Does anyone know of a good software package that part-time tax preparers use that would allow me to file electronically and request direct deposit for 40-50 customers? I don’t think Turbo Tax will allow you to use their software for business purposes. I don’t want to take any shortcuts in this process.

Answer: I have been using Lacerte for about 7 tears now and am mostly satisfied with it. I’ve been “solicited” by Drake, however, I found that though they claim to be “easy to use and user friendly”, I was unimpressed by the “navigating” process. It may be that I’ve become so accustomed to Lacerte. The bottom line is, most of the vendors will provide an evaluation copy of their software. Try a few and see if they suit YOUR needs.

Tips for avoiding an IRS audit

Worried about an audit this tax season? They’re on the rise, according to the IRS. But here are some ways you can avoid IRS scrutiny.

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Question: Will I get into trouble with the IRS with the following situation?

I know that the IRS prohibits using the ACTUAL EXPENSES METHOD during the first year of vehicle usage (i.e. 2005) and then using the STANDARD MILEAGE deduction for the succeeding years (2006)…But I tried to circumvent this rule by the ff:

I want to shift to the STANDARD MILEAGE method this year and subsequent years. Therefore, I filed an amended tax return (1040x) for 2005 and changed my vehicle deduction from Actual to Standard Mileage. Then I included a payment with the return to make up for the resulting tax deficiency.

I then filed my current return for 2006 using the Standard Mileage method which is easier and allows me a larger deductible this year. Is this allowed?

Answer: Yep, that will work!

However, the bar on switching from actual expense to standard mileage only applies if you took depreciation using any method OTHER THAN straight line. If you used the straight line method of depreciation there would have been no need to amend the 2005 return. If you used any form of accelerated depreciation then you did it correctly.

Avoid These Roth IRA Conversion Mistakes

BOSTON — As years go, 2010 is on course to be a blockbuster for retirement-account owners. Starting in January, all Americans who own a traditional IRA — not just those who have modified adjusted g…

1177-UCC #25-Winston Shrout audio-1099OID process: HOW TO STOP FORCLOSURE !!!

Question: When was/is the deadline for prior-year IRA contributions (2008)?

I filed for an extension and paid an estimate, but am considering making a contribution for my 2008 federal income taxes if it’s still allowable. Was the deadline April 15, or is it October 15?

Answer: April 15, 2009. Applying for an extension of time to file your tax return does not extend the IRA contribution deadline.

Carteret ILA tops stories during 2009

Tideland News Report As the first decade of the 21st century comes to a close, a look back on its final year reveals a number of fascinating local stories.

What Will Happen To The Solar Colorado Rebates in 09

Question: Canada tax question – can I complete my return using software if I can’t find my 2007 assessment?

I have my 4 digit code – I just have a memory last year of needing to input my RSP contributon rm (I’m not hitting the limit)

Answer: I just made up a number for my RSP contribution room. It was in the ballpark of the actual number. They’ll fix it when they give your the 2007 notice of assessment.

A diary of the top national and international news events of 2009

A look at the top national and international news events of 2009:

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