The Tax Preparation Blog

Archive for the ‘Free Tax Services’ Category

Question: Can current assets be claimed for tax purposes if I’ve not yet produced income?

In addition to my full time job, I want to set up a home office from which I plan to do free lance writing and financial counseling. Can I get a tax deduction for things that I’ve already purchased before I’ve started making any money? Laptop, scanner, software, digital recorder, webcam, etc? I purchased the laptop just before taking an online writer’s course etc. Will the tuition for the Certified Financial Counselor training also be deductible even before I make any money as a counselor?

Answer: yes, you can deduct all those items in the year you paid them. even if in that year you did not make any money. just keep all your receipts and be ready to prove that you are actively working and using all those things as work tools should you be audited.

its not uncommon to have a loss the first couple of years after you start a business. but if you r business continusouly has losses every year, the IRS will downgrade it to a hobby and you will not be allowed any more business deduction, but you still will have to pay taxes on the income generated by that activity.

as for the classes, those cant be deducted here unless they are further training for this business. otherwise you may be able to get a tuition credit if they qualify.

also remember, you must use the office exclusively for your business or the depreciation deduction will be disallowed. this means no doubling your living room as your office.

What a year it was: CTV’s news director reflects

As we approach the dawn of the New Year it’s time to take stock of where we’ve been and to set a course for 2010 — a year that will see the eyes of the world on Vancouver.

501301 MYOB Setup – Tax codes

Question: Hi there. im looking for a FREE program that i can use to do my canada income tax?

Then once im done upload it to teh cra.gc.ca website. Thanks

Answer: Studio tax seems to be a good one, but I don’t know if it can handle a Quebec resident.

http://www.studiotax.com/en/main.htm

Wisconsin rural hospitals hope for federal money to offset state Medicaid cut

Wisconsin’s rural hospitals hope to offset a state Medicaid cut with a tax that would bring more federal money to the hospitals. The proposed tax on the state’s 59 ‘critical access’ hospitals, all in rural areas, would prevent the hospitals from closing important services, officials say.

Former IRS Agent Joe Banister and Ron Paul On CNBC

Question: Quicken Online and Tax Deductions?

I know that (free online money tracking tool) Quicken Online (just like Mint.com) tracks bunch of transactions, does fancy graphs, updates amounts, etc. But I do have a question. What about tax deductions?

Would Quicken Online be able at the end of the year scan all my transaction and find all eligible ones that are potential tax deductions?

For example:
I am a self-employed. I bought a computer for my website business in summer. So, when I do my taxes (TurboTax – same company) can I integrate my Quicken Online transaction and TurboTax to find out that there was a $2,000 transaction in summer that might be eligible for tax deduction (based, of course, on my tax situation)?

Any ideas? Thanks.

Answer: The Quicken programs are great, but they don’t read your data- they keep track of it and the better you set it up, the better it will perform for you at tax time.
For example, there is an option to link the various categories from Quicken to the Schedule C of the tax program- when done correctly, at tax time all you would need to do is print the tax summary report to complete your taxes or with Turbo Tax, it will import the data to complete your returns.
But if you haven’t set it up with all the categories, at tax time, the various tax programs will interview you with questions meant to assist you in answering the things that might be tax deductions- there is a question related to purchases of equipment for business use.
It really comes down to regular bookkeeping throughout the year to insure that you get all the deductions you have coming.
Ultimately, you might benefit from having someone assist you in getting your Quicken set up to properly categorize your expenses the first time. Good luck!!

Capitola city attorney questions medicinal pot deliveries

CAPITOLA — City Attorney John Barisone has questions about Capitola Cannabis, an online outfit started by a Los Angeles man asserting he makes home deliveries of medical marijuana in compliance with state law.

Cash Gifting? Free Online cash System ? My Story…..google

Question: Have a question for a Canadian Accountant or…?

Just a quick question, a friend of mine, lists this online of free websites…

At home Data Entry Position, great opportunity for stay at home moms or anyone who wants to work in the comfort of your own home.

Requirements: You will need a computer with Internet access, valid email address, good typing skills and basic Internet knowledge. You will be processing orders from your computer.

How much you earn is up to you. The average salary is $250 – $500 per week depending on if you are working part or full time. If you would like more information, please contact xxxxxx or visithttp://xxxxxxxxxx for complete details and to sign up.

Please only SERIOUS applicants

she then gets them to pay 20 bucks for information to post the same add basically and when they sign up sends them “training” information and gets paid.

Is this legal?? Would she have to claim this on her taxes? Curious is all.

thanks
But I still want to know how legal this is??

Answer: As with all income from illegal sources, this is absolutely taxable.

From a recession to a measured resurgence, Telluride endures

If we learned anything about ourselves and about Telluride in 2009, it’s that we, and this town, endure. This last year was defined in simple economic terms for us, and we learned a lesson: Even our sno-globe town isn’t invincible. Our region made difficult financial decisions as revenues that once flowed ebbed. We braced against a recession and swallowed the passings of our friends. But for all …

How to invest in Tax Liens, tax deeds, tax lien training

Question: What is the best online free tax service?

What is the best free online tax service that is safe and reliable??

Answer: I personally like H&R Block’s set up but I always file with TaxSlayer. H&R Block walk you through everything on a page by page whereas TaxSlayer requires you to click on buttons to go from one thing to another. But…. TaxSlayer always ends up giving me the highest return. I don’t know why. So I do both and compare the returns.

Also go to IRS.gov and you can go to “Free File”. You can find out, after answering some questions, which website will let you file for free.

France eyes ‘Google tax’ for online ads

A PROPOSED French “Google tax” on online ad revenues to fund subsidies for musicians and newspapers struggling in the digital era draws criticism.

How to play Call of Duty 4 online for FREE!