The Tax Preparation Blog

Ash Flat couple’s fraud case handed to jury

Jurors began deliberating Monday afternoon on 44 fraud charges against an Ash Flat couple accused of milking the federal government out of Social Security and veterans benefits, Pell Grants, and income-tax credits.

Interview Skills – Lesson 1 The Truth Behind Interviews

Question: How do lenders calculate how much the self employed can borrow for their mortgage?

ie… P.A.Y.E can borrow around 4x their gross pay.

Ok! I’ll elaborate.!!!!!!!!!

Do lenders use a self employed persons net income (ie.. after tax) or their gross income (ie.. before tax).

And forget Self Cert! Lets assume we are talking about a person who can prove what they earn and has a good credit history.
And prefrebly from the UK so to avoid any American jargon!

Thanks

Answer: Hi there,

Self Employed Mortgages differ from lender to lender. Many companies will use your net income as the basis for your mortgage calculation, however they will take your accounts and also use irregular income and add that to it (i.e projections and forecasts for this years income will often be taken into account.)

I have a self employed mortgage and although I was turned down by C&G when I applied direct, I found a mortgage broker who got me a great deal with nationwide, and they used a 4x basis to calculate.

In my opinion (from experience) you are best approaching a ‘whole of market’ financial adviser who can let you know the best products available to suit your position.

Hope this helps

Caroline

Daw: Why tips don’t count towards a pension

Many waiters may prefer cash, but some reach middle age and wish their tips counted when calculating Canada Pension and Employment Insurance benefits

Self Employment IRS Income Tax Rate Information & Help 2010, 2011

Question: Cancelled Cheque Cleared! Need Urgent Advice!?

Hi All

I have been paid today and woke up this morning at 3am and checked online to find only £250 left in my account, looking at the statement a cheque for £1035 (which has since been paid by debit card from my other account) has been cleared. I cancelled this cheque 3 days ago, even went into branch to do so, was charged £10 for doing so and still it has left my account.

Im waiting until 7am to phone the bank immediately, but i wanted to know what are the chances of getting the money back into my account today, my rent/council tax/car payment leaves my account tomorrow by DD and i cannot afford for this to happen now.

As it only left the account this morning and its previously been cancelled are the bank able to re-credit it immediately? It’s Alliance & Leicester.

Can anyone put my mind at ease for the next few hours?

Thanks

Answer: This is the bank’s fault. You paid them £10 to stop the cheque and they have failed to do so. Go in and insist that they credit your account immediately. If not then they should honour your DDs etc without penalty.

Write to the banking ombudsman if you get no joy. Somebody at Alliance and Leicester has not done their job properly. Also ask them to make good any loss of wages if you have to take time off work to sort it. Be firm. Since Stander took them over they have gone downhill.

‘Easy Pay’ on the way in Warren

Water, tax bills soon payable online or by phone

BNP Reward Members Loyalty (see info)

Impax Asian Env Mkt – Performance at month end

Impax Asian Env Mkt – Performance at month end

2010-1-5 Ben Fulford Major happy changes happening soon, possibly this week or this month

Question: If people from OTHER countries can patiently await the proper procedures and paperwork, …?

WHY should our “neighbors” get “special treatment”??

I favor stiff fines for employers who hire illegal immigrants, a security fence along the border, and a denial of citizenship to children born here of parents who are in the U.S. illegally. I oppose any form of amnesty.

The annual net fiscal costs for ILLEGAL IMMIGRANTS were:
California $8.8 billion ($1,183 per native household)
Arizona $1.03 billion ($717 per native household)
Texas $3.73 billion ($725 per native household)
Florida $.91 billion ($315 per native household)
It has been estimated by the National Research Council that the net fiscal cost of immigration in the United States ranges from $11 to $22 billion per year, with most of the costs being picked-up by state and local governments while most of the taxes paid by the illegal aliens are sent to the federal government.

Answer: The short answer is that they shouldn’t.

If your “neighbor” breaks into your house (illegal entry), trashes your furniture, empties your refrigerator, steals your belongings and knocks up your daughter you would have to be a complete idiot to then invite that neighbor to stay and make himself at home.

If your “neighbor” breaks into your house and delivers her child upon your sofa it should not entitle that “neighbor” to then live freely in your home in perpetuity. Nor should it then become your responsibility to feed, clothe, house, educate, nurture, employ, or provide health care for your “neighbor”, her offspring, her family or her friends for all eternity.

Oh, and by the way, the majority of the taxes paid by illegal immigrants are in the form of sales taxes, not payroll taxes. These taxes do indeed go to the states, however they are dwarfed by the costs of the aforementioned social services, and let us not forget, the addition costs of PROSECUTING and INCARCERATING those illegal immigrants who run afoul of our legal system and fail to escape back across the border. . .

Business news briefs

Lansing City Council will consider approving extended tax incentives for Demmer Corp. at its meeting Monday.

CTEC Continuing Education California Tax Education Council