The Tax Preparation Blog

Archive for the ‘Tax Software’ Category

Question: Does my refund amount decrease with an increase in my annual income?

This year, I made about $19000 compared to the $6000 I made last year (part-time work, full-time student). I used HR Block refund estimator and it said that I would only be getting back $750. That’s what I got back last year! Should I get more of a refund since I contributed way more to federal taxes? I am single and have no kids. Last year I did not claim myself (obviously) but this year I have to.
I definitely want a bigger refund, don’t get me wrong! I guess I should’ve worded it differently. I just expected more.
No need to condescending, Judy. I understand what a refund is. I just am not used to claiming an exemption for myself and not seeing most most of my taxes paid returned to me. This is the first year I’ve made over 10K, so I usually don’t owe much.

Answer: I have enclosed a calculator (See below) that estimates your tax at $1106. That is an effective tax rate of 5.82% and you are taxed on $10,050. of the $19,000. You should be able to look at how much tax you paid in and see how much you will get back.

Legislators face tough decisions in 2011 session

Every candidate vying for a legislative seat knows what lies ahead in the 2011 session: a budget shortfall of at least $11 billion, probably higher.When it comes to raising revenue, lawmakers are old hands at the old sleight of hand, employing creative accounting to avoid stepping on that political third rail, the tax hike.

Income Tax Estimator App Review

Bad budget news, gov’s rebuke await SC lawmakers

South Carolina legislators will take up a rebuke of Gov. Mark Sanford and try to quickly turn to issues tied to recession-wrecked state finances, new lawsuit limits and property tax breaks.

Re: BackBurnerNews (Unemployment Link)

Like many users of Excel, I’ve found a small number of really expedient skin tone which I consume quite often.

Here are my top five.

Keyboard Shortcuts

Try the following Excel the ivories shortcuts. They can really nominate your life easier.

Ctrl + A Select all cells

Ctrl + Home Go to cell A1

Ctrl + End Go to after everything else cell in the range

Ctrl+ Shift+ End Select from functioning cell to after everything else cell in the range

Ctrl+Shift+Home Select from functioning cell to A1

Ctrl + Page Down Go to then database

Ctrl + Page Up Go to preceding database

Speed doubling-up in Excel

To quickly ape a cell across a row or down a editorial simply choose the cell you would like to ape and followed by move the mouse marker until it is placed exceeding the foundation justification corner of the cell. The marker will try to a plus (+) sign.

Now foothold down the not here mouse button and drag across either the row or editorial until you own selected all the cells you would like to paste into. Release the button and your chief cell will be plagiarized to all the chosen cells.

Instant Charts in Excel Spreadsheets.

Fancy a quick chart from a postpone of information in Excel?

It’s so unproblematic. Just choose several of the cells in the postpone of figures and press F11.

Try experimenting with it – It’s a fast unproblematic way to comprehend a quick chart.

Headers and Footers on Excel Spreadsheets.

Did you know with Headers and Footers you can print your Excel spreadsheets

Simply click on the File menu and choose Page Setup. Now choose the Header/Footer tab.

Quick calculator in Excel

How many epoch own you been working in Excel and you own reached representing the calculator in Windows. Usually to check something Excel is revealing you!

So, why not plunk a button in Excel which will fire up the calculator representing you.

Simply choose View/Toolbars/Customize in Excel.

On the Customize screen, choose the Commands tab and followed by choose Tools from the Categories roll.

Scroll down the roll of icons until you distinguish the calculator. It’s labelled Custom (no I don’t know why either!). Drag it to your toolbar and at hand you own it.

Tax Day 101: OK, April 15 is over, time to plan for April 15 (2011)

Whew! You’ve filed your 2009 tax return, but it’s not too early to think about 2010. Personal-finance experts say this is a year to plan for some significant tax changes on the horizon.

Taxes by State & Number of Work Days it takes to Pay Them

Question: How much is my tax return for 2009?

Im Filing as Married – Joint, Made right around 31,000 in wages for 2008, live in oklahoma, spent 8,000 in tuition, bought a new house for $134,900 so i get that 7500 tax credit since i meet the qualifications. 2008 i spend 3300 on interest on my mortgage loan. Property taxes was around $1500 for 2008. I used the calculator on HR block it said im getting back like $10,900 i thought that was a little high. Oh yeah i already paid $4100 towards federal taxes.

Answer: First off, usual gripe, it’s REFUND, not return.

As for refund. One income:
31000
- 10900
- 7000
= 14000, tax 1400.
education credit could be 1400
tax = 0
so refund 4100 withheld, 7500 home loan, yeah, 10,900 is possible.

Province set to pinch our pocketbooks

It’s shaping up as the year to pay attention to your pocketbook in Ontario, with income tax cuts kicking in Jan. 1 to offset the controversial HST that starts July 1 and the justice system ready to crack down on bad drivers with dramatically higher fines.

Adam Bold – Back to Basics: Rebuilding Your Personal Wealth

A business plan contains a great deal of prose, but funders know that the numbers in the plan can make it or break it. These numbers are presented in three basic financial statements. For a startup business these documents are all “pro forma” meaning that they are projections of the future since no financial history exists for the company. If the business is already in operation, the financial statements can include past actual numbers, the present numbers as well as projected targets.

The three key financial statements for a business plan are the income statement, the balance sheet, and the cash flow statement.

Income Statement

The income statement, or profit and loss statement, shows the sales revenues, costs of doing business, other expenses, taxes, and profit (or net income) for given periods of time. For recently past periods and the next 1 to three years, the income statement generally shows quarterly numbers to give greater detail. Annual data is shown for up to five years in the future. The income statement shows the profitability of the firm, and ratios such as the profit margin (net income divided by revenues) can be easily derived from this statement.

Funders look to the income statement to see indicators like growth in the absolute level of sales, absolute level of net income, and profit margin (representing the company achieving greater efficiency at converting sales to profits).

Balance Sheet

The balance sheet, unlike the other two statements, shows snapshots of the financial situation of the company at given moments in time. At year’s end, for example, the balance sheet will show the value of assets, liabilities and owner’s equity (sometimes called shareholder’s or stockholder’s equity), drilling deeper into each of these categories as necessary. The word “balance” refers to the fact that the value of assets is always equal to the combined value of liabilities and owner’s equity, creating balance in the equation (A = L + SE).

Funders use the balance sheet in conjunction with the income statement to derive ratios such as return on assets, return on equity, and return on invested capital. These numbers show how well the assets of and investment in the company are being employed to create profits.

Cash Flow Statement

The cash flow statement, also called the statement of cash flows, shows the cash inflows and outflows of the business for given periods of time, much like the income statement. Unlike the income statement, all numbers are in cash terms and are generally divided into three sections, operating, financing, and investing, covering some transactions not recognized on the income statement. Operating cash flows represent cash brought in through sales and cash paid out for operating expenses and inventory. Financing cash flows represents cash brought in from lenders and investors and paid out to those funders when principal is repaid or dividends are paid back, for example. Investing cash flows show investment in additional assets for the company, such as the purchase of equipment or leasehold improvements on a rented facility.

United Company RUSAL Plc: Annual Results Announcement for Year Ended 31 December 2009

Hong Kong Exchanges and Clearing Limited and The Stock Exchange of Hong Kong Limited take no responsibility for the contents of this announcement, make no representation as to its accuracy or completeness and expressly disclaim any liability whatsoever for any loss howsoever arising from or in reliance upon the whole or any part of the contents of this announcement.

The Free-Market Case for Green