The Tax Preparation Blog

Uganda: We’ll Keep Public Money Away From the Sharks

Regulating public expenditure is a requirement for any responsible government in ensuring proper utilisation of public funds and planning. It is unfortunate that the incumbent regime in Uganda today is propelling and encouraging malicious and rapid expenditures without checks and balances by those spending such funds.

Pryor Leads Fight to Reduce Deficits

Question: Tax preparation for railroad employee?

I’m wondering if I should file a 1040EZ or if it’s worth finding a professional to get the deductions I may be entitled to? (I do not have dependents and I am not a homeowner). I’ve been searching online for a CPA that has experience w/railroad employees and I’m not having any luck. (I live near Chicago). Thanks for any help in advance!!

Answer: If you are not a homeowner, a 1040EZ should be fine.

Opponents fight to protest outside Church of Scientology

Church officials say they want to be left alone A Chicago judge will decide this month whether a city code prevents protesters who oppose Scientology’s teachings from expressing their discontent any time the church’s doors are open or only during its conventional Sunday worship service.

Tax Preparation for Newlyweds Chicago

Budget 2011: Chancellor George Osborne’s speech in full

Chancellor George Osborne says Budget 2011 is “about reforming the nation’s economy, so that we have enduring growth and jobs in the future.” Here’s his speech in full:

Swindon 1-3 Leeds, 13/9/08 – 2-1, It’s Your Keeper’s Fault

Question: what to do with my fidelity account?

I never knew anything about fidelity investments and have not filled out any info. (as far as I know!) to invest money in anything. My point is, I was on a summer job program from unique hr with the city of dallas this year, and after my summer job was over. I now have gotten this retirement statement saying i have money on it and after reading the letter and stuff. I read that 20% tax will be withheld from the amount i want to receive as a check because of the amount being under 1000 bucks. I haven’t done anything yet because i don’t know anything about this or what to do. I just know that i have until dec. to make a decision, and so far i have not gotten a regular job yet. For those who know about this stuff, please help. what should i do?

Answer: The following is an educated guess. You need to call the City of Dallas Human Resources, Fidelity Investments, or the Department of the City you worked for to get a final answer.

Dallas may have a “Qualified Tax-deferred Retirement Plan.” If so, that plan deducts a certain amount of each paycheck invests it in various ways — mutual funds, money market funds, bond funds, etc. You choose how you want your money invested — i.e., which funds.

Apparently, if you have more than $1,000 in the Plan, you don’t pay taxes on it until you withdraw it. Usually, that will be when you retire and are in a lower tax bracket. However, since you have less than $1,000, they pay Income taxes on it at the 20 percent rate.

At this point, you have a couple of choices: 1. Take it all out of the plan and pay income taxes on it.
2. Let it ride until you have $1,000 or more, or make additional contributions to get it to the $1,000 level so you won’t pay taxes until you withdraw it.

If you let it ride, you can probably choose from many different investments, from very safe but low earning, to very risky put potentially high earnings. Which should you choose? If you’re young, live dangerously and go for growth investments. If you guess wrong, you have a lot of time to make up for lost earnings. If you’re older, play it safe. You don’t want to make risky choices late in the game, when you’re ahead.

But as I said, the above is just a guess based on limited information. Make some phone calls and ask questions. Don’t be afraid to sound dumb — everyone starts out dumb.

POLITICAL HOT TOPICS: Thursday, December 23, 2010

The CNN Washington Bureau’s morning speed read of the top stories making news from around the country and the world….

Careers at Weaver

Time really is money

When it comes to financing college, “know the deadlines and don’t miss them.” That was the most important financial aid advice Helen Nunn said she had for the parents of college-bound Mifflinburg Area High School students who gathered Monday night for a primer on how to get those needed funds.

Mortgage Watchdog Interest Calculator Saves You Bank Rip Off