The Tax Preparation Blog

Archive for the ‘Tax Preparation Information’ Category

Question: I need to find my AGI from my 2005 tax return, but I can’t find my printout. Where can i go to get this info?

I bought Turbo Tax to do my 2005 tax return. I cannot locate the copies I made last year. I have no clue how to figure my AGI from last year. Will the IRS give this info over the phone, etc? This info is all I’m missing and I can e-file my 2006 return.

Answer: Yes the IRS can provide this information. They will first need to verify you idenitity, call 1-800-829-1040 Monday thru Friday from 7 am to 10pm. Once they verify your ideniitity they can pull your account up right then and provide the information that you need. You can also have them send you a transcript of the return for you to keep for your records free of charge. You would get this with in 7 to 10 days via a phone call or by using form 4506T, Or order an actual photo copy of the return filing in form 4506, this process can take approx. 60 days to process.

Deficit info sought

The province’s auditor general is urging the Liberal government to explain in more detail how it plans balance its books again within five years after incurring substantial budget deficits.

How To Deduct Items You Donate to Charity on your Tax Return

Question: I am an American living in Germany. How do I file my income taxes for 2007…do I pay only SS tax in the US?

I am an American citizen only, not a German citizen. As far as I know, I have to pay the 15% Social Security tax in the US or 19% Social Security tax inGermany. But the bottom line is I must pay into a least one system or the other for SS tax.

I am also self employeed in Germany so I think I file a 1040 with a Schedule D for foreign income in the US and then file a self employment income tax form with Germany.

I have asked the IRS, but I get different answers depending on who answers the phone that day. Is there a tax consultant anywhere out there that knows both German and American tax law?

I am trying to be proactive for the 2007 tax year so that I am not hit with big surprises from the US or Germany on April 15, 2008. I would really appreciate any links or information you may have as I want to pull my hair out with all this bureaucracy.

Answer: You must report all your world wide income, including the income in Germany on Form 1040. You must report all your self employment income on 1040. For the self employment income, you complete Schedule C.

If you have to pay taxes in Germany, which should be normally true, and if U.S. has a tax treaty with Germany (true for majority of countries), then you will fill Form 1116 to claim Foreign Tax credit on line 47 of Form 1040.
(In short, though you will declare your foreign income to IRS, claim credit for taxes paid in the foreign country and thus in most of the cases you will be paying no taxes or little on this income to the IRS).

Also if on April 15, 2008 you are out of the U.S., you get automatic extension of 2 months to file your return. In other words, due date for you is June 15, 2007. However, taxes must be paid by April 15, 2008, else interest will be charged.

For more information read IRS publication 54: Tax Guide for U.S. Citizens and Resident Aliens Abroad.

WCSB 2008-II Income Fund Declares Dividend

CALGARY, ALBERTA–(Marketwire – Dec. 30, 2009) – WCSB Oil & Gas Royalty Income 2008-II Management Corp.’s Board of Directors, the General Partner of WCSB Oil & Gas Royalty Income 2008-II Limited Partnership (“WCSB 2008-II Income Fund” or “WCSB”) has approved a distribution of dividends of $0.70 per unit, payable December 31, 2009, to unitholders of record on December 28, 2009. WCSB’s mandate is …

Ron Paul 2008: End the Income Tax

Question: is there any way to view a copy of my 2005 federal Tax Return Online???

i need to find a way to view my return, as i have lost my copy during a move and am trying to enroll in school. stupid me, i was unaware i would need this information in order to file for grants and student loans. HELP!!!!!

Answer: The IRS does not have that information on their website. However, if you used an online tax program to file your return, then you may be able to login and print the return again. If you used an accountant, she or he will be able to give you a copy. If you self-prepared, then your only option would be to contact the IRS and see if they can provide you a copy. That may be impossible as well. Your best bet may be to reprepare your return, even if it means getting new copies of your W-2s and all other supporting information. That should be good enough for the student loans.

IRS five tax tips for New Jerseyans

MOUNTAINSIDE NJ – While the tax filing deadline is about three months away, it always seems to be here before you know it. Here are the Internal Revenue Service’s top 5 tips that will help your tax filing process run smoother than ever this year.

Tax Tips – Tax Returns on the Spot!

Question: how do you charge tax when u have an online store selling to people worldwide? info please?

Answer: You hire a company to handle the transaction, collect the money, charge appropriate taxes, and then give you the net. This is not a trivial problem.

Michigan teachers pay an average of less than 5 percent of insurance premiums; Same true for Midland, Bay and Saginaw …

More than 95 percent of Michigan school districts’ 2008-09 health insurance costs are available online, according to Mackinac Center Director of Education Policy Michael Van Beek.

How to Transfer 2007 Tax Info from TurboTax Desktop to Online

In our current economic climate it is more important than ever to save as much money as we can; the federal government is making this a more accessible endeavour for many home owners across the nation who want to save money by using less energy while investing in their homes. There are a variety of areas of your home that you can improve and add value that will help make your home more efficient and comfortable to live in or appealing to buyers should you choose to sell it.

Starting around the beginning of 2010, the government will be offering rebates on Energy Star appliances for home owners to help them cut back on their energy usage and cut back your home energy bills. Reportedly, around $300 million will be available for this program.

For homeowners who’re looking to make an investment in alternative energy, there are many states that offer incentives for installing items like solar panels and geothermal units in their homes. Some of these incentives cover sales tax on the items and a small amount of the system costs while in some states a much larger portion of the cost is covered. Check out your state website for more information about incentives in your area.

Energy efficient upgrades to your home can do wonders to make your home less costly to run; though most of these upgrades will take a while to pay for themselves. Inexpensive upgrades like solar water heating systems can pay for themselves relatively quickly due to their moderate cost and the fact that water heating can be such a costly endeavour when done conventionally. Geothermal heating can take longer to pay for itself because the system is more expensive to buy and install.

Not only can these upgrades make living in your home less expensive in the long run, but it can also make your home more appealing to prospective buyers. Many buyers are looking for homes that are greener than conventional homes, with less costly utilities, and with an added value. Adding alternative heating or energy collection systems can add that kind of value to your home.

To begin the process of adding alternative energy collection and generation to your home should begin with some research into what types of energy generation or collection work well in your area; not all forms of renewable energy are suited to all types of terrain or geographic areas. Look into what types of systems are covered by your state incentive programs as well, to reduce your costs as much as possible.

New York prowling for tax cheats

New York tax officials have stepped up enforcement efforts, resulting in criminal cases against tax scofflaws in the Rochester area and across the state.

Safeguarding Federal Tax Information