The Tax Preparation Blog

Calendar — Tuesday, March 29, 2011

The Organize for America training seminar at the Raleigh County Public Library today has been canceled. It will be rescheduled at a later date. For more information, call 304-252-5203 or 304-673-1663.

Raleigh NC Tax Preparation Expert and CPA Marc Gilfillan’s Tax Tips #4

New York Gay Pride Marchers Say ‘Thank You, Governor Cuomo’

With rainbow flags waving and throbbing dance music blaring, as many as 6,000 marchers in Manhattan’s annual Gay Pride parade celebrated the passage of Governor Andrew Cuomo’s bill making New York the sixth state to legalize same-sex marriage.

Question: in california does the percentage of tax taken out of your paycheck differ each time?

I make 15.00hr and last week I worked 25.5 reg hrs and 3.5 ot hrs. i calculated the total taxes taken out (i claim 1 single) at around 17%. this week I worked 40 reg hrs and 21.5 ot hrs and the total taxes taken out this time was almost 28%. BS! I was so looking for a different better number on my check! So does the total taxes percentage differ from paycheck to paycheck depending on what you earn each pay period?

Answer: Yes, it can differ considerably when your hours vary that much.

Robert Rizzo, aide accused of conspiracy in Bell corruption scandal

Former city administrator and his assistant conducted an elaborate plan to conceal benefits and bypass state law by hiding their true pensions, an indictment says. Former Bell City Administrator Robert Rizzo and his assistant spent seven years conspiring to illegally boost their pensions, created fake contracts, secretly increased their benefits and then filed workers’ compensation claims as …

Cold War Kids – We Used To Vacation

Question: Is State Income Tax Payments deductiable from my federal income tax?

I am new to filing taxes and I live in California.Can I deduct the total amount I have paid in state income tax from the total amount I owe in federal income tax on my tax return?

I am filing as a single person.

Answer: You can’t deduct the total paid in state income tax from what you owe in federal income taxe, but what you can do is you can deduct your state Income Tax Payments on Schedule A itemized deductions on state or sales taxes line 5. You have the choice of taking either. But you have to itemize for the state income taxes to do you any good, and if you itemize and deduct state income taxes, then if you get a refund it’s taxable to you in the next year.

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Brown releases plan for Calif. pension changes

(03-31) 18:17 PDT Sacramento, Calif. (AP) — Gov. Jerry Brown released a 12-point proposal to revamp California’s public-employee pensions Thursday, drawing immediate outcry from state workers complaining that it asks…

California controller to suspend tax refunds, welfare checks

Question: I still haven’t received my federal tax refund, what does this mean?

I filed a couple weeks before the due date in april, I haven’t received any response or my refund. What gives??? They would have let me know if there was a problem, correct?
I prepared it online (turbotax I believe), but had to print it on and send it in.

Answer: Generally not getting your refund in a timely manner means one of two things. First there was a problem with the IRS receiving the return (like it got lost in the mail or their process). Secondly is the case where the IRS believes that you owe them or some other governmental agency money. You can check on your refund at the link below. You will need to know you filing status, SS number and the amount of the refund.

http://www.irs.gov/individuals/article/0,,id=96596,00.html

Federal Circuit allows cash-method issuer to deduct interest payments before due date.: An article from: The Tax Adviser $5.95 This digital document is an article from The Tax Adviser, published by American Institute of CPA’s on March 1, 2000. The length of the article is 456 words. The page length shown above is based on a typical 300-word page. The article is delivered in HTML format and is available in your Amazon.com Digital Locker immediately after purchase. You can view it with any web browser.Citation DetailsTitle:…

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…

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

LifeCare Holdings, Inc. Announces 2010 Year-end Results

PLANO, Texas, March 30, 2011 /PRNewswire/ — LifeCare Holdings, Inc. (the “Company”) today announced its operating results for the year ended December 31, 2010. Three Months Ended December 31, 2010 Net Revenues Our net patient service revenue decreased by $2.3 million, or 2.5%, to $87.1 million for the three months ended December 31, 2010, as compared to the same period in 2009. Patient days in …

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