The Tax Preparation Blog

Archive for the ‘Tax Preparation Information’ Category

Question: i never got any information regarding my tax return/refund?

the “where’s my refund” option on the irs website requires i know the exact dollar amount of my refund to find it. I have gotten nothing regarding anything from the irs. I did put in my taxes.

Answer: You should have kept a copy of what you filed. The exact dollar amount for your refund will be on that.

Or you can just call the IRS, identify yourself, and ask for your info.

IRS reduces paper-filed tax return processers, encourages e-filing

The most anyone might want from the Internal Revenue Service is a refund.IRS officials are hoping more can reach that goal with fewer errors by filing their tax returns electronically this year versus sending in a paper version.

Tax Tips & Information : How to File a Tax Return

In this year of economic turmoil, you may not be sure what you can afford to improve in your home. However, with the help of the federal government and a little bit of your savings, you can be on your way to a more valuable home. One of the projects around your home that qualifies for the U.S. governments 2009 tax credit is the purchase and installation of a tankless water heater.

While there are many different types of water heaters, only tankless models actually qualify for the government’s tax credit. The tax credit is only 30% of the cost of the actual tankless water heater and it has a maximum ceiling cap of $1,500 per tax year. Other than that, you can have any brand or model of tankless water heater that you desire. There are many different brands and models that can give you the amount of hot water that you need.

When you are shopping for a tankless water heater, there are a few things that you should look for. The first thing that you need to know about your tankless water heater is how much water it can handle. The more water, the more energy your tankless water heater will need. However, even with a larger tankless water heater, you will still be using less energy than you currently are with your current water heater.

There are a variety of tankless water heater models available on the market today. One of the best brands of tankless water heaters currently on the market are the Bosch water heaters. These water heaters are amazing. They use much less energy than any of their competition, and can often give you a more constant supply of water than many of the other water heaters that are on the market. Bosch water heaters are also useful for homes that do not have a large need for hot water or simply do not have the room for the larger models of water heaters.

When you are looking for a tankless water heater, they may seem to be a lot of money. Sometimes it is worth putting the money out there, even though it costs more upfront than some of the tank water heaters may cost. Stiebel Eltron electric tankless water heaters are another choice for people who do not want to pay for the brand name of the Bosch tankless water heaters. Stiebel Eltron electric tankless water heaters cost about half of the cost of the Bosch water heaters, and you do not lose any of the water heating capabilities. You are simply paying more because of the brand name.

Whether you end up purchasing a tankless water heater or decide that it is not for you, you want to make sure that you know your options. You could have as much as $1,500 in your pocket as a tax credit from the federal government if you purchase your tankless water heater before the end of this year.

Tax-credit key to home-sale rally

The van Almelos ideal home had slipped through their fingers. Then it looked like an $8,000 tax credit toward purchase of another home would too.

Federal Housing Tax Credit explained

Question: Who agrees that companies should not be required to offer healthcare plans?

I buy my own auto/home/flood insurance on my own. I save for retirement on my own in my IRAs, annuities, etc.

I think free market competition, no federal mandates, improved information/fact disclosure on best practices in treatments and costs, and more tax-deferred health savings accounts are the way to go, not more socialism such as medicare/medicaid prescription drug coverage.

The following is a perfect example of what NOT to do (a.k.a. the Clinton & Clinton plan):

http://www.telegraph.co.uk/news/main.jhtml?xml=/news/2008/01/02/nhs202.xml

Answer: Health insurance was originally offered as a benefit or incentive to work for a company. Now it is assumed to be a standard cost of employment. Democrats want it mandated and eventually state-run (socialized).

If an employer can attract employees without offering Health Insurance, more power to them.

12 new state laws went into effect on Jan. 1

Gov. David A. Paterson recently announced the 12 new laws that took effect on Jan. 1. “2010 will bring with it new laws on the books in New York state.

CNN Reports on Rangel Resolution

Question: Do all MLS Real Estate listings include Tax Assessor information?

When a Real Estate Agent adds a listing to the MLS, does the MLS service provide the same services and the same types of data? And do all MLS services generate the same type of MLS Listing in each area of the country?

Does a listing in Caldwell Idaho have the same infortmation as a listing in Reston, Virginia? Specifically the Tax Roll info?

And does each MLS operate under it’s own rules in regards to how the ONLINE MLS data for that “County” (or however MLS chapters are defined) is aggregated and displayed?

Answer: Each MLS system is different in the information offered, although there is a core of traditional information that most include.

In Venice, Florida, the tax and owner information pulls up from the County. We don’t enter it manually.

And, of course, County information was entered by human hands, and people can make mistakes, but usually it’s accurate, at the instant it was pulled.

If the property has been on the MLS past the period of time when the local County tax folks update for the new tax year, that new information will not automatically appear on the old MLS listing.

I always suggest that buyers do the research with the County – or ask a realtor – about the local millage figures so they can make an informed decision about what their new tax bill might be, but it’s difficult to pin point it exactly because the County may not use the sales price as the fair market value. They have their own appraisers that establish that, based on comps on record at the time the appraisal is completed (early in the calendar year).

Plus there is the homestead/no homestead factor.

But you can certainly get a rough and ready estimate using the sales price and the current millage numbers. Most times that will be higher than your eventual tax bill – yay!

Good luck and best wishes.

U.S. Is Said to Consider Easing Informant’s Term

Lawyers for a former UBS banker asked to postpone his prison term, saying he is ready to further cooperate with U.S. authorities in their pursuit of tax cheats.

How to Delete A Form in TurboTax Online

Question: Rockford Illinois or Lansing Michigan?

Which city is a better city in which to live in.

The two are somewhat similar, in population distribution, lack of economic growth/stability, income distribution.

Illinois state income tax is similar to Michigan’s. (NOT the same though)

Michigan has no tax on food or medicine.
I think Illinois still has 1 cent tax on food or medicine.

Illinois public educational system is fair, but the Chicago, Elgin, and Rockford districts pull down the stats nearly every year.

Michigan’s public educational system is fair, but the Detroit, Lansing, Flint, and Ann Arbor districts pull dow the stats nearly every year.

*I’ve lived in both states and am familiar with the cities I’ve listed*

—–The additional information provided should be in no way construed as chatting. The information was provided to give additional background to my question.—-

Answer: Lansing is so much better

Free electronic tax filing begins Jan. 23

LEXINGTON – The Lexington Volunteer Income Tax Assistance Coalition (VITA) campaign is gearing up for another tax season. VITA is encouraging taxpayers to check out the earned income tax credit, which is a tax credit available to many low and moderate income working families and individuals.

Defense hints Feds wanted Brown dead (IRS, income tax)