The Tax Preparation Blog

Archive for the ‘Tax Preparation’ Category

Question: form 1040 ES vouchers?

I’m trying to fill out the 2008 1040ES form given this info:
2007Federal AGI: 237,000
2007 Federal Income Tax Liability: 41,500
Anticipated 2009 withholding: 30,000

I’m given a list of estimated tax payments for 4/15/08, 9/15/08, and 1/15/09.
How would I fill out the first voucher that is due 4/15/09? How would I figure my amount of estimated tax I’m paying?
Okay, I mean the 2009 ES

Answer: The hard way involves estimating what the 2009 tax liability will be. If you know that amount, multiply by 90%, subtract $30,000 (the anticipated withholding), and divide the amount that is left by 4. If you do not know the 2009 tax liability, then take the 2008 tax liability, subtract $30,000 (the anticipated withholding), and divide the amount that is left by 4.

Small retailers join online shopping war

THE National Retail Association has added small retailers’ voices to the call for a GST on online sales as the retail sales war heats up.

Ron Paul on the Public School System

Question: Anyone know of any good tax preparation courses..online? taken any course?

Im looking for something that has a good reputation and is for real. and of course affordable. i looked through a couple but im curious if anyone has taken an online tax prep course and your thoughts on it. which one was it? or should i just do the h and r block one?

Answer: Take the H&R Block one. You can’t learn by sharing an instructor’s experience by taking an online class. Online classes are fine for some things, but something as detail oriented as taxes needs to be learned by having live interchange with a person who has been there. And there is NO tax class as good as H&R Blocks class. (I should know, I have been teaching it for years!) And it is dirt cheap. They keep changing the price up and down, but I think it like $100 this year.

BRCC offering online tax prep classes

WEYERS CAVE —Blue Ridge Community College, in partnership with The Income Tax School, offers online courses in tax preparation.

Online Auctions: Tax Lien and Deed Training

Electronic Payments

Two Bills Introduced In 112th Congress Would Repeal Federal Estate Tax: H.R. 86 & H.R. 99

Last week, two bills were introduced in the U.S. House of Representatives that propose to repeal the

Sheldon Richman at FFF: “Capitalism” vs. the Free Market

Question: What exactly are Tax Schedules? Help Please!?

My college needs a signed copy of my parents 2008 Federal Income taxes, along with W2s and any other schedules… What are these schedules? Are they like property taxes, mortgage interest payments, real estate taxes, bank statements, or the 1099-G form? These that I just listed are what my parents have in their 2008 Taxes file, that’s why I listed them. (I suppose I could ask my parents, but they’re gone right now and want to send these back asap). Thanks.

Answer: The college doesn’t need all that. If your parent’s taxes are complete, then just make a copy of the entire thing- the tax return- all your needed schedules will be in there. If they say they also need a copy of any W-2s, go ahead and make a copy of those as well.

Hope that helps. :0)

Tax Cutters Set Up Tomorrow’s Fiscal Crisis: Simon Johnson

President Barack Obama is receiving congratulations for moving to the center on the tax agreement with Republicans last week.

Geithner’s New York FED bank told AIG to hide payments to Goldman Sachs. GEITHNER MUST GO!