The Tax Preparation Blog

Archive for the ‘Tax Professionals’ Category

Question: where to get started??!!?

You see my husband and I started our construction business this year. We did ok but i’m really confused about filing our taxes. I know we have to issue 1099’s to our sub contractors, but i’m not sure how. Also, what do we do for our own taxes. I’m pretty new at this, and am prob. going to get a professional to handle it. But I would like to know what to expect. I dont want to be audited. My husband has an itin number and i have a tax id number for my business. Can you give me an idea of where i need to get started?

Answer: !st rule of business is file for and extension which will take you out to october of 2008. 2nd is get an accounting agency they are well worth it.

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Union ‘thrilled’ by UI plan to help tax-stricken

URBANA – A graduate employees’ union is “thrilled” by the University of Illinois’ plan to help graduate assistants shoulder unexpected tax-withholding costs this semester. Graduate assistants due to have money withheld from their paychecks starting next week can get emergency grants from the university to cover the cost. read more

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Question: How to calculate T.d.s.on amount including service tax?

If professional fees includes service tax, on which amount T.D.S. to be deducted: on gross amount or on amount excluding service tax?

Answer: to calculate TDS on your salary

calculate
your salary x 10.33 / 100 = your TDS deduction

Turbotax Deluxe + State 2011 $49.99 This tax preparation software features the EasyStep® Interview for an easy walk-through regarding taxes, incomes, refunds and deductions. It also features the Audit Risk Meter® that reduces the chances of being audited. The Deduction Maximer helps maximize your tax deductions and provides accurate results. You can also import last year’s data from TurboTax and other software brands to help…

TurboTax Deluxe Federal + E-file + State 2011 for PC [Download] $44.84 TurboTax Deluxe: Guides you step-by-step to maximize your deductions…

H&R Block At Home Deluxe + State 2011 Win [Download] $29.99 H&R Block At Home: Deluxe–Homeowners/Investors, Federal + State H&R Block At Home Deluxe is the right choice for those with more complex tax situations to easily complete their federal and state returns. It includes the H&R Block tax expertise you trust–plus H&R Block’s maximum refund guarantee. H&R Block At Home Deluxe includes everything you need to easily complete your federal and state taxe…

Senate Tax Chair Says Tax Breaks Same As Spending

The Republican chairwoman of the state Senate Taxes Committee says she views tax breaks as state spending and says they should be reviewed to see if they should stay on the books.

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Question: can a consultant having income below 800000 p.a. be exempted for regn./payment of service tax in India?

I have heard that professional consultants are exempted from registration / payment of service tax if there in come falls below Rs. 800000 per annum & above that level they have to pay service tax @ of 12.36 %. I am interested in the lower limit. Can I pay the fee to somebody falling within the lower limit without paying him service tax. this refers to the Indian Laws/

Answer: What sort of Consultancy is being provided by you?
It is only Business or Management Consultant which is liable to service tax on exceeding Rs 8 lakh in a financial year.
Refer to link below for all notified taxable services

http://www.allindiantaxes.com/service-tax.php

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Peachtree Pro Accounting 2010 $4.71 Accuracy.  Control.  ResultsProduct InformationPeachtree by Sage Pro Accounting 2010 helps improve your productivity with standard accounting features that can automate invoices checks and track employee payroll1. You can record customer payments create budgets and track sales inventory and expenses. It provides 100+ reports and financial statements. All first-time Peachtree customers receive 30…

The Value Added Tax (Increase of Registration Limits) Order 1993 (Statutory instruments: 1993: 766) …

China: The Battle Against Inflation

China’s central bank once again raised bank reserve requirement ratio for banks by 50 basis points, or 0.5 percentage point. China will continue raise reserve requirements along with interest rates, but these efforts to dampen inflation will be futile.

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How to invest smartly and save tax

In an hour-long chat with rediff.com, financial planning expert Sailesh Multani offered some valuable tips.

Question: What is the new slab of professional tax in karnataka ?

Answer: There is a changes in Professional Tax slabs effected from the financial year 2009-10. upto —–
Professional Tax Slabs

1. Upto 9999/- – No Tax
2. 10,000/- to 14,999/- – 150/-
3. 15,000/- and above – 200/-