The Tax Preparation Blog

Archive for February, 2010

Question: When did rich or wealthy mean high income?

It annoys me when people say “tax the rich” or “raise the federal income taxes on the rich”. Rich doesn’t mean high income earner. Rich means having a high amount of accumulated wealth. Raising the federal income tax doesn’t “tax the rich”, it increases the taxes on high income earners. Did the Democrats change the definition just to get low income earners to side with them? Why raise the taxes on the earnings of those that might not yet be rich but just happened to work hard enough to earn the high income? What about the person who came from a poor family, studied hard, worked hard and now is earning a high income? Are we supposed to punish those people?

http://dictionary.reference.com/browse/richest

I guess it doesn’t mean much to you that you are using the wrong definition for the wrong term.

Answer: I couldn’t agree more. Take Warren Buffet for example the man is worth tens of billions of dollars, yet only takes home a six figure paycheck.

As you said, taxing the rich does not neccesarily ensure that the individuals who are the most well off are paying more taxes, just the people who are taking home incomes, interest payments and dividend income.

But don’t hold your breath, with the new Congress (esp. Miss Speaker) it wouldn’t suprise me if they started coming after our accumulated assets too. (Pelosi already said that she wanted to “tax the ridiculously high levels of the Dow”…..Yeah and she is the Speaker of the House.)

Investment Performance Measurement (Frank J. Fabozzi Series) $72.45 Many investment books include a chapter or two on investment performance measurement or focus on a single aspect, but only one book addresses the breadth of the field. Investment Performance Measurement is a comprehensive guide that covers the subjects of performance and risk calculation, attribution, presentation, and interpretation. This information-packed book covers a wide range of related top…

Definition of Income in PPACA for Certain Medicaid Provisions and Premium Credits $0.99 Under the Patient Protection and Affordable Care Act (PPACA; P.L. 111-148, as amended), the definition of income for eligibility for certain Medicaid populations and premium credits in the exchanges is based on modified adjusted gross income (MAGI). The initial intent of using MAGI was to standardize the definition of income for Medicaid eligibility purposes to reduce some of the variability and c…

The Income Tax (Definition of Unit Trust Scheme) (Amendment No. 2) Regulations 1992 (Statutory instruments: 1992: 3133) …

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Comcast quarterly profit up on revenue boost, tax gain

Comcast added a net 701,000 customers for Internet, phone and digital-TV service last quarter, compared with the 537,000 estimate of Marci Ryvicker, an analyst at Wells Fargo Securities LLC.

Queen Bicycle Race [High Definition] HD

Question: Can you make personal Income Tax Estimated Payments all lumped together in the fourth quarter?

Or MUST you pay them in approximately four or more equal payments throughout the year? Would there be a penalty for paying it all at once in the fourth quarter? I am trying to avoid any penalties, and I can certainly pay the taxes right now in January and well before April 15th. This is in regards to federal taxes, but any insight on state taxes would be great too (such as for Massachusetts and Rhode Island).

Thank you for your help.

Answer: The IRS calculates the estimated tax penalty by the date the payment came in.

If you pay the entire amount due on 1/15, the computer will notice that the amount due 4/15/2009 came in 9 months late; the amount due 6/15 came in 7 months late; the amount due 9/15 came in 4 months late and the 1/15 payment was on time.

Yes, you will reduce the penalties by sending money now, but you won’t avoid them if they were due.

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….

TurboTax Estimated Taxes Quarterly Income Tax Filer Win/Mac $29.95 TurboTax Estimated Taxes is your complete estimated income tax solution, from figuring to filing. It helps eliminate tax-time surprises, penalties and fines…and minimizes under- and over-payments. Enjoy the relief, peace of mind and control that come from doing your quarterly estimated income taxes right: this online program guides you through estimated taxes, step-by-step, quarter-by-quarter, a…

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Delphi Retirees to Pay Taxes on Pension Payments

Delphi retirees might need to make quarterly estimated tax payments on income they’re beginning to receive from the federal Pension Benefit Guaranty Corp., the Ohio Department of Taxation said last week.

[Federal Housing Tax Credit] How To Use It and Save $$$…”Continued..Part 2

The Bible 1 And U.S. Immigration 2

Editor’s note: This Article was written as humorous commentary. The Bible 3 teaches that we should have respect for governments and/or their righteous laws.

Shareholders’ Day 2009

0°C – Cloudy with snow showers, moderate in intensity at times

THE Scottish Government’s s30 billion Budget was tonight passed by MSPs after a string of funding concessions were announced to secure opposition support.

Jack McConnell – Newsnight Scotland (Part 1) 24th April 2007

Sify Reports Revenues of $ 39.19 Million for the Third Quarter of Fiscal Year 2009-10

Sify Technologies Limited , a leader in Enterprise and Consumer Internet Services in India with global delivery capabilities, announced today its consolidated unaudited results under International Financial Reporting Standards for the third quarter of fiscal year 2009-10.