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Archive for the ‘Tax Preparation Instructions’ Category

Question: How much will my stimulus payment be? All tax info is included. Need help with IRS calculator?

I don’t get the online calculator because I didn’t use any of the IRS forms, I filed online through HR Block. My main question is the about the amount of child tax credit that it asks you to enter. Is that the initial child tax credit or that plus the additional child tax credit combined? That makes a 600 dollar difference in the amount the calculator tells me I am going to receive. Child tax credit is 383 and the additional child tax credit is 1617. I am not sure which one they are asking for. All of my info is below, please let me know which amount I am to enter and how much that means I’ll get back if possible. My spouse did not work in 07 and I have 2 dependents. Thanks for your help.

Total income: 28,144
AGI: 28,144
Standard deductions: 10,700
Total Deductions: 24,300
Exemptions: 13,600
Taxable income: 3,844
Income Tax/ Tax Before Credits: 383
Child Tax Credit: 383
Federal Withholding: 102
EIC: 2,455
Additional Child Tax Credit: 1,617
Total Payments: 4,174

Answer: Your rebate will be $383 plus $300 for child.
The rebate payment is equal the amount of tax liability on the return (tax liability on the return Form 1040 line 46 or Form 1040A line 28) with a minimum amount of $300 and a maximum amount of $600 for individuals.
For information on stimulus tax rebate read: http://taxipay.blogspot.com/2008/04/list-of-articles.html

An overview of IRS electronic payment options.: An article from: The Tax Adviser $9.95 This digital document is an article from The Tax Adviser, published by American Institute of CPA’s on December 1, 2009. The length of the article is 1320 words. The page length shown above is based on a typical 300-word page. The article is delivered in HTML format and is available immediately after purchase. You can view it with any web browser.Citation DetailsTitle: An overview of IRS electronic…

IRS expands use of electronic payments, discontinues paper coupons.: An article from: The Tax Adviser $9.95 This digital document is an article from The Tax Adviser, published by American Institute of CPA’s on November 1, 2010. The length of the article is 367 words. The page length shown above is based on a typical 300-word page. The article is delivered in HTML format and is available immediately after purchase. You can view it with any web browser.Citation DetailsTitle: IRS expands use of electronic …

IRS expands electronic payment options.: An article from: Journal of Accountancy $9.95 This digital document is an article from Journal of Accountancy, published by American Institute of CPA’s on December 1, 2009. The length of the article is 605 words. The page length shown above is based on a typical 300-word page. The article is delivered in HTML format and is available immediately after purchase. You can view it with any web browser.Citation DetailsTitle: IRS expands electronic …

Bayside Foundation probe request goes nowhere after city’s directive

By Risa Polansky Despite heated public questions about how the Bayside Minority Foundation is spending its money, a requested probe has yet to begin.

Tax Tips: Owe Taxes But Can’t Pay? – March 2010

Question: How do I add previous estimated quarterly payments (1040ez) while filing taxes via Turbo Tax Home & Business?

While I am doing my taxes using Turbo Tax (Home & Business online) how do I get it to factor in my previous estimated quarterly payments? It looks like the Federal Tax Due and MA Tax Due reflect the amount due before taking into account that I paid for previous quarters. Does it do it automatically? If not, where exactly do I input that info? Thanks!

Answer: Just follow the interview and it will ask you.

QuickBooks Enhanced Payroll 2012 $179.99 QuickBooks Enhanced Payroll for up to 3 Employees 2012 Retail Small Package…

The Student Loan Scam: The Most Oppressive Debt in U.S. History – and How We Can Fight Back $22.95 Alan Collinge never imagined he would become a student loan justice activist. He planned to land a solid job after college, repay his student loan debt, and then simply forget the loans ever existed. Like millions of Americans, however, in spite of working hard, Collinge fell behind on payments and entered a labyrinthine student loan nightmare.High school graduates can no longer put themselves thr…

TurboTax Estimated Taxes Quarterly Income Tax Filer Win/Mac $8.63 Brand new Full Retail box…

Senate Democrats plan on using recess to win back seniors

Leaders want members to hold town hall forums at senior centers to promote Wall Street reform and healthcare reform. Read more…

Self Employed Federal Tax Deduction Tips for 2009, 2010.mov

Question: Can one deduct BOTH sales tax and state income tax on federal return?

As I was going through the questions, using TaxAct online, I used its tool to estimate the sales tax I had paid to the state of Texas.
Because I moved this year, I had also paid income tax to the state of Oregon.
It then took only the higher of the two numbers, instead of using both.

I paid income tax to Oregon for 10 months, and Sales tax to Texas and Austin for 2 months.
Can I deduct both?

Is this a flaw in the Taxact software OR is this the tax law?

I knew I should have made my move date January 1, to simplify the tax stuff.
Thank you

So people who live in states which do charge both, can’t deduct both either.
Interesting.

Answer: Sorry, but you can only claim either state and local income tax or sales tax. Your move from a state with no sales tax to a state with no income tax does not provide an exception.

More than half of Nueces County property owners receive lower appraisals

Decline in housing market causes drop

Homeless Giveaway #3 Part 1 Austin Atheists Helping the Homeless

Question: Can i apply for a green card through marriage if my spouse only have the last year tax return?

i’m married to an american citizen for a year now and im gonna apply for a green card but after read the instructions to fill up the forms and all evidence that i have to send i realize that they require the last 3 years tax return and she only has one under our name(before that he was a dependent of his mother not require to file tax )and our income last year was around $30.000 witch exceed the requirement of the USCIS .My question is can we still apply only with the last year(2008)tax return without need a additional sponsor ?

Answer: You will only need to submit the copy of last year’s Income Tax Return of your wife with your green card application.However, in page 4 of Form I-864 she is required to provide the figures or amount of her gross income for the past 3 years though it doesn’t require her to provide them copies of those returns except for the latest one.If you can provide proof that her source of income at present is permanent and stable (like a Certificate of Employment), the lack of previous 2 years of Income Tax Returns might be overlooked.

STMicroelectronics Reports 2010 First Quarter Financial Results

STMicroelectronics reported financial results for the 2010 first quarter ended March 27, 2010.

Solar Energy – How To Use Solar Energy At Home

Question: federal income tax forms?

I am engaged to a man that owes back taxes, and I am curious if we get married can the IRS come after my assets to pay his back taxes. Or can they garnish our taxes we file together in the future.. Also I would like to see this get paid. What is the best way to work with the IRS on a payment plan?

Answer: They can and will keep any refund from a jointly filed return, you can file an Injured Spouse Claim to protect any portion of a refund that is attributed to your income, You would need to complete form 8379 and submit it with the return.

http://www.irs.gov/pub/irs-pdf/f8379.pdf

The IRS will set up payment arrangements with him. He will have to call and they can set up an agreement for him to make monthly payments. The IRS will not discuss his prior balance’s with you as they are not a joint liability.

He can call 1-800-829-1040 Mon – Fri 7 am to 10 pm

Former Mt. Pleasant lawyer faces tax fraud sentence

A former Mt. Pleasant attorney is scheduled to be sentenced in June after pleading guilty in an Oregon federal court to tax fraud.

Inflation? High Taxes? fairtax? There is an EASY SOLUTION