The Tax Preparation Blog

Question: fixed assets?

can you list & depreciate fixed assets from prior years (2002) that were previously treated as an exprense? is there a benefit to it? i know nothing about taxes.

ours are done by a professional accountant, but bookkeeping is done in house. while going through our records to see what has been donated, i found several (a LOT) of items that should have been listed, from professional reference books to furniture. most items were listed under supplies expense (office supplies) or training.

the company is an LLC taxed as a partnership.

also, a link or name of a site with a list of depreciable fixed assets would be great if anyone knows of one. that would help me weed this out a little.

thanks!

Answer: If they were “expensed” in a prior year, you already received the tax benefit. DO NOT list them as assets to depreciate. You would be taking a deduction twice.

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After Sports Careers, Athletes Enter the Real Estate Game

Some former athletes have discovered that their competitive sports skills translate nicely to property development.

Glazer Kennedy 2010 SuperConference Professional Services Marketer Of The Year

Question: Do I need to purchase a Tax Preparation Software every year?

If I want to do my own tax returns using the available commercial softwares, do I need to buy a new version every year or the software gets updated (free) every year once you buy a copy?

Answer: You have to buy a new one every year, but, you can do multiple returns using the same package So, you can find a couple people to chip in, and it;s not so expensive

’2012 the right time to start GST’

THE Associated Chinese Chambers of Commerce and Industry of Malaysia (Acccim) says 2012 will be the appropriate time for the government to introduce the Goods and Services Tax (GST). Its deputy chairman of SMEs and Head of SMEs Survey Unit, Koong Lin Loong, said a majority of businesses felt that they should be given at least 24 months to prepare for the new tax system. Quoting the Acccim 2010 …

Tax Help : How to File Taxes for Free

Question: What can you do if your insurance co. will not list your insured vehicle on the M.I.D., thus preventing you?

from taxing your car online?

Answer: Call your agent and ask why it isn’t being listed. If you don’t get an answer, go higher, contact the home office and ask. If you don’t like the answer you get, file a complaint with the state insurance commission or attorney generals office.

You might have to switch to an more cooperative insurance company.

Garmin nüvi 265W/265WT 4.3-Inch Widescreen Bluetooth Portable GPS Navigator with Traffic $135.00 …

XM XDNX1V1 Onyx Dock and Play Radio with Car Kit (Black) $44.99 Bundle includes Onyx XMH10A Home kit…

SIRIUS SCC1 Connect Universal Tuner $49.99 This SiriusConnect Vehicle Tuner is a compact component that can integrate with any Sirius-Ready, Sat-Ready headunit, select OEM headunits, and other compatible controllers when combined with specialty SiriusConnect interface bus translators. Connect and control SIRIUS directly through your Sirius-Ready headunit Compact size allows for hidden installation Interface cable combines power, audio and …

Effective Public Sector Citizen Communications

The UK public sector is in the midst of a period of transformation and improving citizen engagement will be key to the success of this change. The effectiveness of public services relies on reliable, accurate and clear citizen communication.

Business Vehicle Buy or Lease a Car?

Question: Which form to fill for exemption of TDS at Bank by an elderly person?

My neighbour, Manimala aunty, is 63 years old. She sold a vacant plot recently for about 13 Lakh rupees and deposited the entire amount in her State Bank of India account.

She came to me to ask if bank is going to deduct tax on the amount or its interest. She is not working, has no personal income neither does she hold a PAN card.

1. Would there be a TDS from Bank?
2. Would it be on the principle amount or the interest on the amount?
3. Is there any form from IT Dept that needs to be filled by her to get exemption of tax?
Form 15H is for people over 65years of age.. Is there any form that can be submitted by a non-working lady of 63 years to get exemption of Income tax.

Answer: 1. As interest income would be > Rs 10,000/-, Bank will deduct TDS.

2. On the interest amount.

3. If her annual income is < Rs 1,90,000/- then she is eligible to submit Form 15H.

She has to report the transaction i.e. deposit of Rs 13 lakhs in Schedule AIR of the ITR.

She might have incurred LTCGs and might be liable for paying LTCG tax.

For this she will require a PAN.

HMT

The Race To Feed The Planet – Why We Need A New Green Revolution To Stop Hunger

World leaders are meeting in New York this week to discuss progress on the United Nation’s Millennium Development Goals. The world’s nations have failed miserably in addressing one of the main goals, the fight against hunger.

Little_PAN_Card_Holder_Of_India

Question: TurboTax users, Have you checked what TurboTax says you owe versus the IRS tax tables?

Using the IRS tax tables for 2008 I owe the Feds $2700 more than TT says I do (married filing jointly, and yes, I am using the correct table). My daughter, filing singly, has a similar discrepancy. Any other TurboTax users notice this? I’ve been using TT for about 7 years, have never re-checked their figures before, and IRS has never come back to me with a mistake. Any insight?

Answer: if you have problems with tax, check out this site

http://tinyurl.com/irs-tax-help

Compare IRAs to see which is a good fit for you

Many people nearing retirement age are being told by financial advisers to put extra cash in Roth IRAs. Here is a comparison of traditional Individual Retirement Arrangements, or IRAs, and the Roth IR …

House Session 2010-04-15 (21:15:34-22:00:05)