The Tax Preparation Blog

Archive for the ‘Tax Preparation Instructions’ Category

Question: How to pay my personal property taxes online in the state of missouri?

i need help!!!!!

Answer: There is no single place to pay MO personal or real property taxes. They are collected by the individual counties (or the city in the case of KC and St Louis). Not all counties have on-line payment available. I live in Jasper County and they just started offering it within the past year or so but McDonald County still does not offer it. Hit your county tax collector’s website. There should be a link there for paying personal and real property taxes. There also should have been an insert in last year’s bill for how to pay on line if your county offered it.

If you can’t find a link on your County Tax Collector’s web page you’ll have to pay it in person.

Niangua police, Amish sex charges among big stories in second half of ‘09

During the second half of 2009, the Marshfield Board of Aldermen continued to make headlines, with discussion about where to place a proposed emergency storm shelter, and debating rules for public discussion at meetings and when items could be placed on the agenda.

Sarah Palin: McCain/Palin Rally 09/08/08

Question: How do you calculate how much Federal Income Tax is withheld from your weekly paycheck?

Answer: Go here: http://www.irs.gov/individuals/article/0,,id=96196,00.html

Purpose of This Computer Program The purpose of this application is to help employees to ensure that they do not have too much or too little income tax withheld from their pay. It is not a replacement for Form W-4, but most people will find it more accurate and easier to use than the worksheets that accompany Form W-4. You may use the results of this program to help you complete a new Form W-4, which you will submit to your employer.

Tips For Using This Program

Have your most recent pay stubs handy.
Have your most recent income tax return handy.
Fill in all information that applies to your situation.
Estimate values if necessary, remembering that the results can only be as accurate as the input you provide.
Consult the information links embedded in the program whenever you have a question.
Print out the final screen that summarizes your input and the results, then use it to complete a new Form W-4 (if necessary), and keep it for your records.
Who Can Benefit From This Application?

Employees who would like to change their withholding to reduce their tax refund or their balance due;
Employees whose situations are only approximated by the worksheets on the paper W-4 (e.g., anyone with concurrent jobs, or couples in which both are employed; those entitled to file as Head of Household; and those with several children eligible for the Child Tax Credit);
Employees with non-wage income in excess of their adjustments and deductions, who would prefer to have tax on that income withheld from their paychecks rather than make periodic separate payments through the estimated tax procedures.
For Special Situations If your situation is among those listed below, you will probably achieve more accurate withholding by following the instructions in Publication 919, How Do I Adjust My Tax Withholding?

If you will be subject to alternative minimum tax, self-employment tax, or other taxes; or
If any of your current jobs will end before the end of the year.

NOTE: The information you provide is anonymous and will only be used for purposes of this calculation. It will not be shared, stored or used in any other way, nor can it be used to identify the individual who enters it. It will be discarded when you exit this program.

Continue to the Withholding Calculator

Federal Tax Relief means more in Paychecks. (Accounting & Finance).: An article from: Bulletin (Northwest Public Power Association) $5.95 This digital document is an article from Bulletin (Northwest Public Power Association), published by Northwest Public Power Association on July 1, 2003. The length of the article is 398 words. The page length shown above is based on a typical 300-word page. The article is delivered in HTML format and is available in your Amazon.com Digital Locker immediately after purchase. You can view it with an…

Federal tax relief means more in paychecks.(Accounting & Finance): An article from: Bulletin (Northwest Public Power Association) $5.95 This digital document is an article from Bulletin (Northwest Public Power Association), published by Northwest Public Power Association on July 1, 2003. The length of the article is 461 words. The page length shown above is based on a typical 300-word page. The article is delivered in HTML format and is available in your Amazon.com Digital Locker immediately after purchase. You can view it with an…

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

More Budget Bits…

Now that Governor Arnold Schwarzenegger’s new budget proposal has had a day to marinate, let’s take a look at a few small, but noteworthy items and themes found among the many micro-facts. Next Time, Just Give Us The Cash: The governor’s budget includes a $68.2 million reimbursement to the counties for conducting last May’s special election, [...]

MCC – What it means and how it works

Question: How can I inform the IRS of payment adjustments on Schedule B of 941 form?

We have several corporations we run payroll for, and I accidentally paid a semimonthly tax deposit under the wrong federal id number and bank account. The tax has been paid, but applied to the wrong entity. I have made a new payment today for the correct corp and will apply future taxes towards the overpaid corp’s liability. I just wondered since I know of the problem now if I can alert the IRS before filing Schedule B, or do I have to wait until they receive the 4th quarter report and post it and then send me a letter saying the tax is paid late, yadda yadda yaddda…. before I can send the explanation.

I couldn’t find anything on IRS website that addressed this.

Answer: The IRS does not have any way to correct a 941 that has not yet been filed. When you receive your notice that your payment was late, you can provide them with the explanation you have given above and ask them to waive the penalty for reasonable cause. (They have authority to waive penalties, but they cannot waive interest that is due, so you will have to pay interest if it is charged.) I would attach a statement to the 941 when you file it with the whole explanation. They will probable not read it or act on it at the time it is received, but it is something you can point out when you appeal the penalty later.

RamsGod did not read your info completely. You stated that you have already made up the missed payment for the corporation and will use up the overpayment on the other company before quarter -end.

An alternative, if you really want it, is to get power-of-attorney forms (form 2848) signed by an authorized officer of each corporation and submitted to the IRS for these 2 companies for the 941 reports. Then you can call them and get the amount that was applied to the wrong company transferred to the correct company. It’s more work, but this way neither company will show up as delinquent.

Tax-Free Shortage May Repeat Muni Debt Outperforming Treasuries

Dec. 31 (Bloomberg) — Tax-exempt bonds may return more than Treasuries for a second straight year, paced by the biggest increase in taxable state and local issues as U.S. income tax rates are poised to rise in 2011.

Tax Tips: Estimated Tax Payment

Question: How do I get Sallie Mae to STOP harassing me with countless phone calls?

I have NO income, I am an unemployed college grad. Many times spoke to ppl letting them know this and they still continue to call 6-10 times a day and have been doing so for about six months now. The only reason I was able to make one of the payments is because of tax return money.

I received a letter recently stating they can take legal action against me as well as stating I owe the full amount of my private student loans. The federal jobs I placed in deferment. They claim I dont qualify for a forebearance because I have already did it twice. A forebearance would only make my account current for like a month and they would go right back to the harassing calls. Help!

Answer: Are they not giving you the option to apply for a hardship deferment? It’s different than a forbearance. That is usually what they do when you really can’t pay. But you have to talk to them or they will take legal action. Hardship deferments usually last as long as the hardship, ie unemployment.

Columbia County issues tax reminder

Columbia County landowners wishing to claim their property tax payments on their 2009 federal tax returns might need to pay their bills by Thursday.

You don’t have to pay Federal Income Tax?

Question: I am… so lost (tax related)?

I’m 21. I’ve never had a job (’til last year) that paid enough to make me file taxes…

…Then I got married in late 2005, me and the husband did it together last year but I don’t really -remember- any of it. We did it at H&R.

…Now he’s deployed and I’m so lost looking at this stuff, it makes my head explode.

All they tell me is to bring in what the little ‘tax document checklist’ thing tells me. I don’t know what half of this stuff is. What is ‘proof’ of charitable donations? I have no clue where our tax return is from last year, but it says they should already have that (I hope..)

I know SSN’s at least.

How do you calculate ’state and local’ income tax? How do you do ANY of this stuff? I have no idea. =( Please, somebody help.

Note: I already asked my parents. They more or less nicely told me to figure it out on my own.
I love you guys! =)

Answer: Proof of charitable donations – if you contributed to a church or other recognized charitable organization, you should have gotten a receipt – take it in, although it might or might not help you.

Tax return from last year is helpful but not totally necessary. If you can find it, take it in.

For ssn’s they’ll want either the cards or a copy of them. If you have last year’s return they’ll probably take them from there.

State and local tax is on the W-2’s, so you’re covered there.

If you own a house you’ll get a statement from the lender – take that in, and anything else that shows up in your mailbox in the next month or so marked “Tax Document” or something like that, on the envelope.

If you don’t own a house, the charitable donation receipts aren’t likely to make any difference. You have a choice of “itemizing”, which means listing all of your deductions, or taking what’s called a standard deduction which is an amount they just let you take with no list and no receipts – for a married couple filing jointly that’s $10,700 this year.

Good luck. Post again, or feel free to email, if you have more questions.

Last-minute, year-end tax tips that can save you money and time

As the year comes to an end, so do many tax credits. Here is a handy checklist from the IRS to make sure you get what you qualify for.

Driver’s Seat