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Archive for the ‘Tax Preparation Instructions’ Category

Here’s how to invest wisely to be rich

In an hour-long chat on rediff.com financial planning expert Sailesh Multani offered some valuable tips.

IT raid at IAS couple home yields Rs 3 crore in cash

Budget 2011: Statement in full

The full text of chancellor George Osborne’s 2011 Budget statement. Last year’s emergency Budget was about rescuing the nation’s finances, and paying for the mistakes of the past.

PSNI Brutality and all because the guy had no tax on his car lol!!

Question: I’m using Turbotax software for my tax 2006 return. If I use the efile option, must I pay my tax debt now?

Do I need to pay the taxes immediately when I file, or do I send the payment to the IRS separately?

Answer: You can’t e file your return after the 15th of October.

You don’t ever have to pay when you file. You will be charged interest and potentially late fees, but you never “have” to pay when filing. Usually you get a voucher to pay the money owed.

Don’t worry, if you owe money, the IRS will be sure to let you know about it.

Can I Deduct My Insurance? Well, it Depends

When it comes to insurance and tax deductions, the situation isn’t black and white, more like shades of grey. Here’s what you can and can’t deduct when it comes to insurance expenses.

Learn Options Trading – What You Should Know Before You …

Question: is someone willing to create a balance sheet for me?

Can someone PLEASE help me create a balance sheet & Income Statement… I am in desperate needs! I am stuck on how to order and organize these items.. Thank you! Winner gets a prize if all correct! and I am talking a good prize!
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Complete the classified balance sheet for Kiley Enterprises as of April 30, 2010. (List assets in order of liquidity and liabilities from largest to smallest amount e.g. 10, 5, 1.)
Accounts payable$927
Accounts receivable903
Building, net of accumulated depreciation1,537
Cash1,825
Common stock2,010
Cost of goods sold1,083
Current portion of long-term debt543
Depreciation expense335
Dividends paid during the year418
Equipment, net of accumulated depreciation1,775
Income tax expense165
Income taxes payable228
Interest expense493
Inventories1,060
Land2,655
Long-term debt4,055
Prepaid expenses105
Retained earnings, beginning1,600
Revenues5,155
Selling expenses210
Short-term investments1,662
Wages expense607
Wages payable315

Answer: Kiley Enterprises
Balance Sheet
As of April 30, 2010
1,825 Cash
1,662 Short term investments
903 Accounts receivable
1,060 Inventories
105 Prepaid expenses
——-
5,555 Total current assets
———-
1,775 Equipment (net of accumulated depreciation)
1,537 Building (net of accumulated depreciation)
2,655 Land
———-
5,967 Total property and equipment
———-
11,522 Total assets
vvvvvvvv

927 Accounts payable
315 Wages payable
543 Current portion of long-term debt
228 Income taxes payable
——–
2,013 Total current assets
4,055 Long-term debt
———-
6,068 Total liabilities
———-
2,010 Common stock
———-
1,600 Retained earnings, beginning
2,262 Net income (see income statement below)
- 418 Dividends paid
———-
3,444 Retained earnings, ending
———-
5,454 Total stockholders’ equity
———-
11,522 Total liabilities and stockholders’ equity
vvvvvvvv

Kiley Enterprises
Income Statement
For the period (a month, a quarter, a year, etc.) ended April 30, 2010
5,155 Revenues
1,083 Cost of goods sold
——–
4,072 Gross profit
——–
607 Wages expense
210 Selling expense
335 Depreciation expense
493 Interest expense
——–
1,645 Total operating expense
——–
2,427 Net income from operations
165 Income tax expense
——–
2,262 Net income
vvvvvv

Validus Announces Fourth Quarter 2010 Net Operating Income of $156.4 Million and Annualized Net Operating Return on …

Validus Holdings, Ltd. today reported net income of $102.7 million, or $0.92 per diluted common share for the three months ended December 31, 2010, compared with net income of $165.8 million, or $1.23 per diluted common share, for the three months ended December 31, 2009.

Almanac’s Governor’s Debate.

Question: Overnight address for a Federal Tax Lien payment?

Before I call the IRS tomorrow. Does anyone know the address to send via FedEx? The address provided on the payoff letter is a P.O. Box and FedEx won’t deliver to a P.O. Box.

Thanks in advance.

Answer: You could take your payment to a local office http://www.irs.gov/app/officeLocator/index.jsp . If you absolutely positively have to get it to that location, there should be a phone number you can call. If the location is not too far away, you can save some bucks by using priority mail which is a lot cheaper and within a state usually is delivered in one day.