The Tax Preparation Blog

Archive for the ‘Tax Rates’ Category

Question: Ignoring S-Corp Status?

I formed an S-Corporation in Ohio in 08/06. Since then, I’ve been struggling just to keep up with demand for my product. I’ve done nothing with the corporation (IRS, etc). I’ve had to use personal money for all business expenses and haven’t intermixed finances (no corporate income, etc). I plan on filing taxes personally this spring and starting the company’s books clean. Do I face any kind of negative action for this?

Answer: Any legal advice you always want to consult with an attorney. But to answer your question. YES!
You will have to pay the I.R.S. and come up with a proper accounting and declare ALL of the income derived from your business AFTER you incorporated in your state. Remember, an S-Corporation is optional for any reasons and you have to be able to abide by the tax structure in order for the I.R.S. to consider your corporation an S-Corporation.
An S-Corporation is for tax purposes only.

Hope this helps!

South-Western Federal Taxation 2011: Individual Income Taxes (with H&R Block @ Home Tax Preparation Software CD-ROM, RIA Checkpoint® & CPAexcel® … Federal Taxation Individual Income Taxes) $99.85 Packed with “Big Picture” tax scenarios and “What-If?” case variations, SOUTH-WESTERN FEDERAL TAXATION 2011: INDIVIDUAL INCOME TAXES remains the most effective book for helping you master detailed tax concepts and the ever-changing tax legislation. Renowned for its accessible, comprehensive, and time-tested presentation, this book provides thorough coverage while highlighting materials of critical…

South-Western Federal Taxation 2010: Corporations, Partnerships, Estates and Trusts, Professional Version (with TaxCut® Tax Preparation Software … Printed Access Card for 2010 Tax Titles) $22.99 Packed with new “Big Picture” tax scenarios and new “What-If?” case variations, SOUTH-WESTERN FEDERAL TAXATION 2010: CORPORATIONS, PARTNERSHIPS, ESTATES & TRUSTS remains the most effective text for helping you master complex tax concepts and the ever-changing tax legislation. Renowned for its accessible, comprehensive, and time-tested presentation, the text provides thorough coverage of C Corporat…

Budget deficits, corporate income taxes, and the current account.: An article from: Journal of Money, Credit & Banking $5.95 This digital document is an article from Journal of Money, Credit & Banking, published by Ohio State University Press on May 1, 1995. The length of the article is 4358 words. The page length shown above is based on a typical 300-word page. The article is delivered in HTML format and is available in your Amazon.com Digital Locker immediately after purchase. You can view it with any web browser.From…

Ohio governor candidates clash over school funding

In a defining moment in the Ohio governor’s race, Gov. Ted Strickland and his rival in the fall election are locking horns over the new public schools funding system on which Strickland has staked his governorship.

How to file my Return and Advice on filing taxes IRS

Why Singapore is not a first world nation yet

OPINION It is disturbing that PAP strongman Lee Kuan Yew who just passed his 87th birthday lately, had received numerous well-wishes from misinformed Singaporeans and foreigners alike for his “feat” in transforming Singapore from “third world to first” in a single generation which were given extensive publicity by the sycophantic Singapore media. Much of Lee’s so-called accomplishments [...]

House Session 2010-04-13 (21:38:10-22:08:58)

The FairTax Book $3.20 Wouldn’t you love to abolish the IRS . . . Keep all the money in your paycheck . . . Pay taxes on what you spend, not what you earn . . . And eliminate all the fraud, hassle, and waste of our current system? Then the FairTax is for you. In the face of the outlandish American tax burden, talk-radio firebrand Neal Boortz and Congressman John Linder are leading the charge to phase out our curr…

This is a Center for Data Analysis Report On Taxes

Abstract: The Economic Freedom Act, proposed by Representative Jim Jordan, would terminate the ineffective Troubled Assets Relief Program (TARP), and substitute a proven way to stimulate the economy: tax relief—from permanent repeal of the capital gains and death taxes to significant reductions in payroll taxes and the top corporate tax rate.

1040A Federal Income Tax Form for 2010, 2011

Question: What is the highest rate of income tax in the USA? Meaning what do top earners pay?

Answer: I rarely have even one drink, but…Tax calculation would make me into a bonefide alcoholic. It takes the brain and turns it into a pretzel so you then run into walls. Since there have been several other circumstances in recent years which have had that affect already, I don’t read it, study it, or care if I know it.

However, I have pulled up a few websites for you to review. They discuss the subject from several angles. Good luck. I hope you find your answer.
PS: The last link has a helpful reference chart.

Perfectly Legal: The Covert Campaign to Rig Our Tax System to Benefit the Super Rich – and Cheat Everybody Else $10.80 One of the country’s top investigative reporters reveals how the richest 1 percent of the country has rigged the tax code and other laws in its favor. Since the mid-1970s, there has been a dramatic shift in America’s socioeconomic system, one that has gone virtually unnoticed by the general public. Tax policies and their enforcement have become a disaster, and thanks to discreet lobbying by a seg…

Taxing the top: Strategies for increasing state income tax revenue without changing tax rates …

The Top Rate of Income Tax Should Be Cut to Zero (Economic Notes) …

Letting the Bush tax cuts expire won’t hurt

One of the great misconceptions in this country is that what happens in Washington determines what happens in financial markets. It’s so simple, convenient, and satisfying to attribute market movements to the President, the Federal Reserve, Congress, the tax code, or some combination of them.

Maine Lowers Income Income Tax Rate from 8.5 to 6.5 Percent

Question: Highest Taxes in US History Under Ronald Reagan?

From 1982-1986, Ronald Reagan presided over a top bracket income tax rate of 50%, the highest in US history. Today, the top bracket tax rate is 35%. Why do Republicans always fault Democrats as being socialists for wanting to raise top bracket income tax rates no more than 5.5-6% (to cover healthcare costs for example)? Why was it not socialism when the GOP saint Reagan was in office?

Answer: Reagan did not have a Republican controlled congress. You know that right? He did get them to lower taxes and it helped the economy grow.

New Deal or Raw Deal?: How FDR’s Economic Legacy Has Damaged America $8.65 A sharply critical new look at Franklin D. Roosevelt’s presidency reveals government policies that hindered economic recovery from the Great Depression — and are still hurting America today. In this shocking and groundbreaking new book, economic historian Burton W. Folsom exposes the idyllic legend of Franklin D. Roosevelt as a myth of epic proportions. With questionable moral character and a …

Deans Knight Income Corporation Releases Interim Financial Statements and Management Report of Fund Performance for …

VANCOUVER, BRITISH COLUMBIA–(Marketwire – Aug. 12, 2010) – Deans Knight Income Corporation (the “Company”) (TSX:DNC) is pleased to release its interim Financial Statements and Management Report of Fund Performance for the period ended June 30, 2010. T

Political Facts & Information : History of the US Income Tax