The Tax Preparation Blog

Archive for February, 2010

RONA Ends Year on High Note With Increased Sales and Profits in Fourth Quarter 2009

BOUCHERVILLE, QUEBEC–(Marketwire – Feb. 25, 2010) – RONA inc. (TSX:RON) F

Mugger

Question: Signed 1040 tax form?

I called the IRS to get a transcript of my 1040 form from 2007.

But to get financial aid, I must send my school a signed 1040 form. Is there any difference from the 1040 form I got from the IRS and the signed 1040 form?…After all, I filed my taxes online.

Answer: An IRS transcript and a signed copy of the 1040 form are not the same thing. The school should accept either if you sign them. However each year I hear stories about different schools that seem to make up the rules as they go. I always instruct clients to sign either if they are sending it to a school for financial aid. You should try the online site that you used to see if you would be able to print out a 1040 form.

Earth Watch

Troubled waters tinge UK’s marine protection plan

McCain: Town Hall 05/01/08

Question: TAX QUESTIONS! please help me! 10 pnts!!!?

Which one of the following cannot be used as an itemized deduction?
a. Unreimbursed job travel expenses
b. Tax preparation fees
c. Social security taxes withheld
d. Charitable contributions

and..

The income tax that should have been paid during the year, either through withholdings or estimated payments, is based on:
a. adjusted gross income.
b. total itemized deductions.
c. filing status.
e. taxable income.

Answer: C & E

Wyden posts tax reform

Senators Ron Wyden (D-Ore.) and Judd Gregg (R-N.H.) introduced Tuesday a proposal to vastly simplify the nation’s tax code by cutting the number of personal income tax brackets in half and flattening the corporate tax rate.

America’s Next Lady Liberty | Sample Video | Liberty Tax Service

Calendar

Submissions for “Community Calendar” are required two weeks preceding the date of publication. Send to: Mary Ann Bottari, Pioneer Press, 3701 W. Lake Ave., Glenview IL 60026; mbottari@pioneerlocal.com. Information may be faxed to (847) 486-7495.

Clergy Taxation – Roger Klosterman & Co., CPA www.rk-cpa.com

Question: question about sales tax certificate, wholesale license?

I’m in the process of opening an online retail store and need to get my wholesale license to buy products wholesale. I have checked the NC (that’s where I live)DOC website but just can’t seem to find the proper form. Can you please give me a link, tell me exactly where to find it, or just tell me what else it may be called? Thanks so much.

Answer: In North Carolina what you need is a Sales and Use Tax Certificate from the Department of Revenue. Go to the first link I have provide. You will sell a tab that says tax forms. That will take you to the second link that I have provided. There you want form NC-BR. Once in the fill-in form the second page gives you instructions to obtain a “Certificate of Registration” which is what you need before a merchant can issue you a “Certificate of Exemption”. To complete the NC-BR for you need to have applied for an EIN number. That is an Employer’s Identification Number which you can get on-line at the third link that I have provided.

I charge clients a couple of hundred bucks to do this but you can do it yourself rather easily.

1. http://www.dor.state.nc.us/downloads/sales.html

2. http://www.dor.state.nc.us/downloads/fillin/NCBR_webfill.pdf

3. http://www.irs.gov/businesses/small/article/0,,id=102767,00.html

NACCO Industries, Inc. Announces Fourth Quarter and Full Year 2009 Results

NACCO Industries, Inc. today announced consolidated net income of $42.5 million, or $5.12 per diluted share, for the fourth quarter of 2009 on revenues of $687.6 million compared with a consolidated net loss for the fourth quarter of 2008 of $428.2 million, or $51.69 per share, on revenues of $945.7 million.

JLF’s Michael Sanera discusses Charlotte’s special sales tax