The Tax Preparation Blog

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Question: So Democrats want a grocery bag tax in California..what will they come up with next?

http://news.sympatico.msn.ca/Plastic+Bags+Tax+Proposed+in+CA+Assembly/GloballyMinded/ContentPosting.aspx?isfa=1&newsitemid=d7d311e4-dd51-4f6c-81c8-55472a033e4b&feedname=RETHOS&show=False&number=0&showbyline=True&subtitle=&detect=&abc=abc&date=True

Second Question:

Why do Democrat voters openly embrace fraud..?
are they corrupt themselves…?

Answer: No, I don’t. I would prefer people either start recycling them or they just stopped making them altogether. Canvas and biodegradable bags work just fine.

As to your second question… I don’t know what you are talking about. But I’m sure you’ll let us know soon enough.

Devastating budget crises face 26 new governors

Devastating budget crises face 26 new governors

CAL YAF Calls for Termination of CA Bag Tax

Question: current rates of professional tax in maharashtra?

Answer: PT GROSS P. Tax
5001 – 10000175
10001 & ABOVE2500 P.A
Rs. 300 for February, Rs. 200 for other months.

Caparo Energy Ltd – Interim Results

Caparo Energy Ltd – Interim Results

Question: How do I calculate Federal taxes on the sale of raw land owned for 2 years.?

I purchased a raw land in Sep. 2005 only for the purpose of appreciation at $300K. And sold this land Sep. 2007 at the $310K. I have been deducted the property tax every year. I spent about $32K for the mortgage interest, and $4K for the mainenance. ( No improvement ) The maintenance was for HOA fee, irrigation fee, and Mowing & Spray. In this invetment, I got the appreication around $10K, and spent the $36K. My qustion is how to calculate basis and selling price in this situation.

Answer: On your 2005, 2006, and 2007 tax returns, you can deduct the interest on the loan for the land as investment interest. You can also deduct the property tax. Only the amounts paid are deductible in the year paid.

The other expenses are nondeductible. Land does not depreciate, so your basis is $300K. Report the sale on Schedule D, with the sales price of $310K. If you paid an agent a fee for the sale, you can subtract that amount from the sales price.

You will pay long-term capital gains tax on the difference between the sales price and the purchase price. With a gain of $10K, your tax is a maximum of $1,500.

However, you come out ahead because of your deductions which have reduced your taxable income.

Iowans toss ideas at Branstad: Raise gas tax, ax CPR lessons in schools

Governor-elect Terry Branstad visited northwest Iowa today to pump citizens for cost-saving ideas.

ICN 03/21/10 – Health Care and Tax Enforcement, Federal Reserve, National ID Card

Tax package highlight of farm year

The best news of 2010 for the Illinois Farm Bureau came at year’s end.   “The best thing that happened for farmers this year just happened,” said John Hawkins, news service director for the Bloomington-based bureau, referring to the tax package awaiting President Barack Obama’s signature that included estate tax reform and an extension of tax credits for renewable fuels.

First Time Buyer and move up buyer Tax Credit Extension – La Mirada Real Estate, by Don Jacks

Question: Buying from a UK retailer, living in Canada.?

Looking to see if anyone has any info on what I can expect relating to buying from a UK retailer who would be sending my package through Royal Mail’s signed for service. Does anyone know if the package would be sent directly to my home? To my local Canada Post office ( Toronto, Ontario Canada)? Other than Duty taxes, would I be looking at other charges. I have bought things from the US in the past who used UPS. They hit me for a temporary import number fee in addition to the duty. It was like an extra $20 that I wasn’t expecting? Would this be the case with Royal Mail? Thanks very much.

Answer: I’m a Royal Mail postman, so I can help.
For a while, I actually used to work in the section of Royal Mail that processes international mail arriving and leaving the UK, so I know about how Royal Mail’s International operations work.

Fedex and UPS aren’t technically postal services, they are actually courier services, and there are lots of crucial differences between the two.

Royal Mail is the UK’s national postal service, and therefore, under the terms of the Universal Postal Union, they will use their Canadian equivalent.

Your item will be delivered by Canada Post, and it will be treated in the same way as your mail. “Signed For” means that the item is “Registered” and a signature or other confirmation of delivery is required by Royal Mail.

Regarding Customs Duty and charges, whether the item is coming by UPS, FedEx or Canada Post is irrelevant. ALL international items will be screened by the Canadian Customs authorities, so if there is anything you’ll have to pay, you’ll still have to pay, regardless of the shipping firm.
There should be no extra charge from Royal Mail or Canada Post, although I expect that Canada Post will process any Customs charges on your behalf and pass the cost onto you.

Enjoy!

No intention of toning down in 2011, Ford says

Toronto mayor predicts auditor’s report will be ‘pretty earthshaking’

Liberty Tax Service Franchise The Best in USA and Canada