The Tax Preparation Blog

Archive for the ‘Tax Training’ Category

Question: Please provide the depreciation chart (2008-2009)as per income tax in india?

Answer: go to income tax department website

Short Takes for April 3 – 9, 2011

Our weekly compilation of the short stories posted on the left side of our page. Sunday, April 3 Current Guns N’ Roses guitarist DJ Ashba will be having surgery for a 9mm tear in his knee. Look for Aerosmith guitarist Brad Whitford on an upcoming episode of A&E’s Storage Wars where he’ll be brought in to help determine the value of some guitars won at auction. Elvis Presley ’s birthplace in …

THE OUTSIDERS – LIVE MELKWEG

Question: Hello friends i need following info?

I want to find out the income tax rates in western australia ?
do we have to declare and pay taxes on all our salaries and wages?
are we pay taxes only at the end of tax year or monthly it is deduct fro salary?

Answer: This may be some help, look up on the net, state required tax rate Western Australia.
You sound like you need an accountant and your tax should be deducted from you wage or salary unless you had made other arrangements and the end of the taxation year was 30/6/09.
Take care and remember you will have deductions such as the cost of travel. uniforms and more.

How Canada can learn from other countries’ tax choices

Most OECD countries had a better tax mix than Canada did in 2010, but even sensible tax policy does not guarantee sustained economic growth

Peter Schiff – First Ever Radio Broadcast Part 5 of 8

Question: Which produce higher tax revenues for the Federal Government; Bush tax CUTS or Obama tax HIKES?

Bush Tax cuts of 2001 and 2003

http://www.usgovernmentrevenue.com/#usgs…

http://data.bls.gov/PDQ/servlet/SurveyOu…

RESULTS:
INCOME TAX REVENUE BY YEAR: ( In Billions)
2003 = 925
2004 = 998
2005 = 1,206
2006 = 1,398
2007 = 1,534

WOW.. Now isn’t that Interesting.. How could revenue go UP, when taxes go DOWN ????

ANSWER:

Unemployment rates during same period: ( Going DOWN each year)
2003 = 5.7 to 6.3 %
2004 = 5.4 to 5.7 %
2005 = 4.8 to 5.4%
2006 = 4.4 to 4.8%

Because President Bush CREATED JOBS, that INCREASED the TAX BASE

And he did it with TAX CUTS !!!!!

Answer: OH man the Libs are going to be mad at you! How dare you use facts and history!

Those who do no learn from history are destined to repeat it!

BRIEFLY: April 9

Read about what’s happening in and around Plymouth.

Rich People Don’t Pay Taxes?

Question: Is it proper to fax my parents’ 2008 tax return to colleges?

I’m going through the financial aid process and my parents finally processed their 2008 tax return. A lot of the deadlines are approaching quickly so I was just wondering if it would be all right to fax the tax return to the schools directly. Thank you!

Answer: Jenny:

Don’t submit your parents’ tax returns to colleges or universities by any form (fax or otherwise), unless they’ve specifically asked for them.

When you complete the FAFSA, you answer various questions about your parents’ income and tax payments, and you are instructed to gather that information from your parents’ most recent tax returns. You are not required to document those responses with “proof” unless your FAFSA is selected for verification. If you were selected for verification, you would know about it already, because your school would have sent you a verification form, and lots of instructions.

If you completed the FAFSA, indicating that your parents “will file”, you’ll need to go back to the FAFSA that you already completed, and update it. You do that by going to the website, and re-entering your PIN number. If you look under the Big 3 on the right hand side of the page, you will see “Make Corrections to a Processed FAFSA” – that’s where you need to be.

The schools do not use the information on your tax forms directly – they receive an Expected Family Contribution score from the Department of Education. If you make changes to responses on your FAFSA, you need to make the Department of Education aware of those changes (using the FAFSA website). They will recalculate your Expected Family Contribution score, and notify your school of any changes.

Some schools DO require that applicants submit their parents’ tax returns, but you should only send those in IF you know for a fact that your school(s) require them. Otherwise, all you’re doing is violating the privacy of your parents’ tax returns, sending them to a financial aid department that has absolutely no use for them.

As I said – if you completed the FAFSA with estimated information, and indicated that your parents “Will File”, you should return to the http://www.fafsa.ed.gov/ page and update your processed FAFSA, not send the tax returns to the individual schools.

Good luck – I hope this helped.

Higher tax rates on capital gains in 2013 mean prior year losses become more valuable

Public accountant Howard Davis said he had a lot of clients who are still carrying forward tens of thousands of dollars in capital losses on their tax returns stemming from the stock market crash in 2008.

Millions will be paid in fines for late tax returns

Question: Why do Republicans keep thinking that they’ll pay more taxes under Obama’s plan?

Why do Republicans keep saying that Obama is going to raise everyone’s taxes? According to the Tax Policy Institute, Obama’s plan would cut taxes for 80% of households. Another 10% would see no change in their taxes from today. And the wealthiest 10% would see an increase in their taxes. Furthermore, Obama’s plan would save middle-income families more than with McCain’s.

Here’s a chart from the Washington Post comparing Obama’s plan with McCain’s:

http://www.washingtonpost.com/wp-dyn/content/story/2008/06/09/ST2008060900950.html

Obama has said that he will repeal the Bush tax cuts for people making over $250,000/yr. For middle-income families, Obama has pledged that you will not see any increase in your taxes, not your income tax, not your payroll tax, not your capital gains tax, not any of your taxes. Barack Obama has pledged as such in his recent speech in Dover, NH (go to time 1:05 in the video):

Answer: Because they will. Despite the rhetoric on his economic page, growing gov’t with the programs he proposes have to be paid somehow and he aint gonna find it in a tree.

Euro Falls; Trichet Says Rate Increase Today Not First of Series

The euro fell from its highest level in more than a year after European Central Bank President Jean- Claude Trichet said today’s interest-rate increase wasn’t the “first of a series” and Portugal sought a bailout.

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