The Tax Preparation Blog

Archive for January, 2011

Question: If I received a tenant’s January 2009 monthly payment on 12/31/2008. Is that income for 2008 or 2009?

Does rent payment received for tax reasons go by the month that it is due (January 2009) or the date that the rent was received (12/31/08)? The contract is for rents to be due on the 1st of the month.

Answer: It depends on your accounting method. If you use cash accounting and you deposit the check 12/31, it’s 2008. If you use cash accounting and deposit it 1/1, it’s 2009. If you use accrual accounting, it’s 2008.

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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….

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Novellus Systems Reports Fourth Quarter and Year-End Results

Novellus Systems, Inc. today reported operating results for its fourth quarter and year ended December 31, 2010. Â Net sales for the fourth quarter were $384.4 million, up $17.2 million or 4.7 percent from third quarter 2010 net sales of $367.2 million, and up $140.2 million or 57.4 percent from fourth quarter 2009 net sales of $244.2 million. Â Net income for the fourth quarter was $81.5 …

Maynard’s Revenge: Keynesianism and the Crisis

Question: Tax Exemption for disabled person in india on lottery winning prize?

Suppose a disabled person in india win playwin superlotto prize of 2,00,00,000(Two crore rupees) how much prize amount he will get after deducting the tax? Is there any tax excemption for disabled in india in above case? please mention the rate of income tax and tax exemption.

Answer: no expemtion on ottery winnings

Govt may enhance I-T exemption limit in coming Budget

At present, income over 8 lakh attracts the highest slab of 30%. The Bill has proposed the 30% rate for income in excess of 10 lakh.

Common man ‘dissatisfied’ with Union Budget 2010-11

Question: I’m about to file an amended tax return for tax year 2006. How long will it take to get my refund?

While doing my taxes for 2007, I discovered that I was eligible for the Earned Income Tax Credit for tax year 2006, and failed to take the credit. I have filled out an amended return for that tax year. I have also submitted my return for the 2007 tax year. If I mail my amended return now, considering this is tax season, how long will it probably be before I get my refund for the amended return?

Answer: Typically 8 to 12 weeks, give or take a bit, on the amended return. You’ll get the 2 refunds separately.

TurboTax Home & Business Federal + State + Federal efile 2009 $42.89 TURBOTAX HOME & BUSINESS WITH…

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Check with payroll

Before you start work on a replacement W-2, call your company’s payroll office. Make sure the payroll administrator has your correct address. If he or she does and the form was just dropped into the mail, you should have it soon.

Starling & Finn Tax Return Preparation, Greensboro, NC

Canadian Oil Sands’ 2010 Cash from Operating Activities and Net Income More Than Doubles Over 2009

CALGARY, ALBERTA–(Marketwire – Jan. 27, 2011) – A

YYCFL 2011-01-26 Calgary City Council – UE2011-02 Fluoride – January 26, 2011