The Tax Preparation Blog

Archive for August, 2010

Question: NC State 2009 Tax Law Change?

Are real estate property taxes on my home which are deducted form Federal Taxable Income excluded from NC Taxable Income in 2009?

Answer: There is nothing about a tax law change in North Carolina regarding your property taxes. See the NC Department of Revenue web site http://www.dor.state.nc.us/aboutus/education/lawchanges2009.html for more information.

The only taxes deductible for federal taxes that aren’t deductible on your NC return is your state income taxes. The NC tax law on this hasn’t changed in about 20 years.

I hope this helps.
Gary

Dumping Election Promises – German Government Pulls A Bait and Switch On Taxes

German Chancellor Angela Merkel’s government came into power promising tax cuts. Now, it is proposing a raft of new taxes and is raising paycheck deductions. Reducing the budget deficit is now seen as more important than keeping campaign pledges.

Federal Estate & Gift Tax changes

Question: I start a new job in two weeks, I know what my salary is and I just downloaded form W-4 I did the work sheet?

And based on my deductions it states total number of allowance’s to be 4. So how can I find out what my net checks are going to be? I have found many tax estimating calculators online but the million dollar question is at my income minus 4 dependents how much do I get!? I won’t get a paycheck for atleast 4-5 weeks and I’d kinda like to plan Help! Also I live in California

Answer: I can compute it for you but you can do it yourself. You need to know your annual gross salary and how many times a year you are paid and if you are claiming married or single.
Subtract 3,150 for each of the 4 exemptions then look up you annual salary minus that in Circular E on the annual tables for married or single. Divide that by how many paychecks you will get.
Deduct 7.65% for SS and Medicare.
Deduct your state income tax.
Deduct anything else they might have like medical insurance.
You might have trouble with the annual tables, I have been doing this for 35 years so it is easy for me. Tell me your gross, married or single and how many paydays a year and I can do it for you.
IRS.GOV has some kind of calculator but I haven’t ever used it.

Media Contacts

A provision of the health reform law provides a tax credit to small employers who pay at least 50% of their employees’ premiums. To find out if the credit has actually led to an uptick in new business, HPW randomly surveyed 25 health plan operators.

Self Employment Tax Tips : 50 Percent Rule for Self Employment Tax

Question: Can someone tell me about course offered for tax preparation?

Are the classes offered by liberty, hnr block and Jackson hewlett legit. What can you tell me about the courses. Do you make good money during tax season?

Answer: Yes, they are legit. Of those 3, the Block course is the best. From what I have read, the Block course covers the most. The courses teach on how to prepare a basic income tax return. Block’s course goes a little more in depth when it comes to deductions and credits.

If you get hired, how much you make depends a lot on how much you work. Many first year preparers with the 3 big chains don’t make very much because they haven’t built up their client base yet.

Calendar

The Edison-Norwood Times Review welcomes items for our Community Calendar. Items must be received a minimum of two weeks prior to publication, but earlier is better. Items are printed as space allows, and publication is not guaranteed. E-mail items to mbottari@pioneerlocal.com; fax to (847) 486-7495; or mail to: Pioneer Press, 3701 W. Lake Ave., Glenview IL 60026.

Why Liberty Tax

Question: Cornell Financial Aid forms help?

I filled out all of the nessesary forms for cornell College Scholarship Service (CSS) PROFILE, Noncustodial Parent PROFILE, and Free Application for Federal Student Aid (FAFSA). On time!. The only thing need is I filled out the Freshman Financial Aid Application and the Custodial Parent Taxes (2008 and 2009) but the forms will get to the admissions office 1 day after the due date. Is this a big deal?

Answer: Normally, Cornell allows you to send the papers a day after the deadline, there is no problem, the thing is that should be postmarked by Jan 2.

good luck!

Ferro Corporation Announces Extension of Tender Offer for Its 6.50% Convertible Senior Notes Due 2013

CLEVELAND—-Ferro Corporation , announced today that it is extending its previously announced tender offer for all of its outstanding 6.50% Convertible Senior Notes due 2013 until midnight, New York City time, on August 30, 2010.

Using Electronic Payment for Federal Taxes

Liberty pursues technology plan

The City of Liberty is putting together a long-term technology plan in order formalize its goals for the future.

“War On Economic Freedom” San Antonio Tea Party April 15 2009