The Tax Preparation Blog

Question: Florida Income Tax Calculator?

summer job at day care center. dont know how much it pay but i guess atleat $8

so if the job pay $8 and 8 hours a day
how much will i get after taxes?
im a dependent soon to be college student. rest information idk
since florida dont have income tax then what other tax will be apply to my salary?

Answer: Florida doesn’t have an income tax.

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How to Deal With Debt After a Divorce When Ex-Spouse Won’t Pay

Even if there’s a court order, getting money out of a deadbeat ex isn’t easy

2011 Income Tax Calculator

Question: How to pay for US road and bridge repair?

From Yahoo news, “How to pay for US road and bridge repair?
Some lawmakers put a hike in the gas tax on the table, but Bush dismissed the idea on Thursday.”
How about taking from the politicians$$$$$$$$$$$$
Cheffy D…..it is obvious to me that you do not have clue what is going on with an American econmy, wake up!!!!

Answer: Stop raiding the tax money generated from the “gas” tax to build sporting arenas.

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US House candidates clash over pellet issue in NH

A former Republican congressman who’s running for his old job defended himself Thursday against accusations by his Democratic opponent that he created a tax credit while serving in the House to benefit a wood pellet company in which he owns stock.

Medical professionals on the tax table

Question: Tax Credit Monetization Progams In California?

Who does it? How do I sign up?

I’ve contacted sooo many lenders who have NO IDEA what I’m talking about!

Answer: I do not either.

If you are wanting to use your tax credit for a loan you have to get a FHA and a bridge loan. Ask them about that.

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Edmunds.com Clarifies Federal Tax Credit Not Just for Electric Vehicles

SANTA MONICA, Calif.–(BUSINESS WIRE)–What tax credits can you get for buying a new car such as the Chevy Volt, Nissan Leaf or Toyota Prius? Edmunds.com clarifies for hybrid car owners and electric car (EV) owners.

California “New Home” Buyer Tax Credit

Question: Itemized deductions for mortgage interest on Federal tax return?

I have a house – outside US- in India
I have financed this with a loan that I took from a bank in India.
I do not derive any income from this house.

Can I claim this as an itemized deduction just like I do for the one that I have in USA ?

I do not have form 1098 from this bank though I do know the amount of interest that I paid in 2008.

If its OK to claim this as a deduction
1) Where do I put this? In line10 of schedule A or line 11 of schedule A
2) How do I convert the amount from Indian rupees to dollars?

My status on USA – is a legal resident on work permit.
I was in USA for nearly the whole year.
I have one house in USA- which is my primary residence. I have a mortgage on that- for which I paid interest last year

Answer: Report it on line 11. As for the exchange rate you would use the rate in each day you made a payment. Most of the time you can use an average for the year.

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Finance and Banking

Ireland has emerged as a favoured location for special purpose vehicles (” SPVs” ) that are used in many financial transactions including securitisation, asset repackaging and financing transactions.

How to fill Income Tax Return Form 1 (ITR1) – Part 1

Question: Buy a home in 2010-Get first-time homebuyer credit on 2010 return?

My closing date is Jan 29, 2010 (fingers crossed!) Would my first-time homebuyer tax credit be applied to this year’s return, or next year?

Answer: You dont have to file it with your taxes at all. You will get the necessary paperwork at closing. Then you just send it off and get your $8000 in about 6-12 weeks.

TurboTax Home & Business Federal + e-File + State 2010 – [Old Version] $8.07 Designed for sole proprietors, self-employed, consultants, 1099 contractors, and single-owner LLCs. Expanded interview walks you through entering business income and expenses to help you maximize business and personal deductions, home office deductions, depreciation and more. Create W-2 and 1099-MISC forms for your employees and contractors. The Intuit TurboTax Home & Business Tax Year 2010 Softwa…

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Key IRS tax deadline approaches

  A key deadline for millions of individual taxpayers who requested an extension to file their 2009 tax returns, Oct. 15, is fast approaching. It is also a crucial due date for thousands of small nonprofit organizations at risk of losing their tax-exempt status because they have not filed the required forms in the past three years. read more

Maximize your Federal Income Tax Refund in 2009, 2010