The Tax Preparation Blog

Archive for the ‘Tax Return Deadline’ Category

Question: what is the Due date of filing a Income tax return in Australia?

Answer: 31st of Oct or longer if lodging it through a Tax agent

Former tech worker finds calling in tax prep

With W-2 forms hitting taxpayer’s mailboxes, it’s a reminder that tax season is here. Many will procrastinate, but for tax preparer Naga Donti, who owns a Jackson Hewitt Tax Service franchise in Lowell, there’s no time for delay. He estimates his office will complete just under 2,000 tax returns by April 18, the due date for 2010 federal income tax …

eFile Use Tax Tutorial

Question: If I received a tenant’s January 2009 monthly payment on 12/31/2008. Is that income for 2008 or 2009?

Does rent payment received for tax reasons go by the month that it is due (January 2009) or the date that the rent was received (12/31/08)? The contract is for rents to be due on the 1st of the month.

Answer: It depends on your accounting method. If you use cash accounting and you deposit the check 12/31, it’s 2008. If you use cash accounting and deposit it 1/1, it’s 2009. If you use accrual accounting, it’s 2008.

Novellus Systems Reports Fourth Quarter and Year-End Results

Novellus Systems, Inc. today reported operating results for its fourth quarter and year ended December 31, 2010. Â Net sales for the fourth quarter were $384.4 million, up $17.2 million or 4.7 percent from third quarter 2010 net sales of $367.2 million, and up $140.2 million or 57.4 percent from fourth quarter 2009 net sales of $244.2 million. Â Net income for the fourth quarter was $81.5 …

Maynard’s Revenge: Keynesianism and the Crisis

Calendar

Submissions for “Community Calendar” are required two weeks preceding the date of publication. Send to: Mary Ann Bottari, Pioneer Press, 3701 W. Lake Ave., Glenview IL 60026; mbottari@pioneerlocal.com. Information may be faxed to (847) 486-7495.

Authors@Google: Jean Hanff Korelitz

Question: Tax help: How do we find out the fair market value of a house as of 1991?

We are filing our Mothers final tax return, her house (purchased in 1949) was sold before she passed away. The IRS instruction book says that as a surviving spouse, to figure out the cost basis of her house, she can take the value of the house when my Father died (1991) less the selling price and adjustments/improvements as 1/2 and the other 1/2 would be the adjusted cost basis between the price they paid for their house and the price it was sold for.

Where/how would we now determine what the fair market value of the house was back in 1991 when my Father passed away?

There wasn’t anything in the tax instructions back in 1991 indicating that a surviving spouse needed to get an appraisal at the time of death.

Knowing the value back to the date of my Father’s death will make a tremendous difference in the amount of capitol gains taxes even with the 250000.00 exemption.

Answer: This is going to be difficult to prove. You’ll need to contact an experienced certified property appraiser in the local area of the home, preferably someone who has continuously been doing appraisals since well before 1991.

Property appraisals are more art than science under the best of situations and establishing property values that far back in history complicates the issue significantly. Accurate records of sales of comparable properties will be difficult to locate so you really want someone who has kept all of his or her records going back at least that far.

Make sure that the appraiser provides throrough documentation of their valuation along with full documentation of any comps used in reaching at their valuation. If the IRS challenges the valuation at audit it will be up to you to prove to the IRS that your valuation is correct.

YESTERYEAR : News : Oswego Ledger-Sentinel : Hometown Newspaper for Oswego and Montgomery, Illinois

Ledger Sentinel – The local NEWS source in Oswego, Montgomery and Boulder Hill for more than half a century.

HST Means You Can’t Avoid Death Plus Taxes

Question: HELP! Oliver Gelfand earns $45,440 a year, paid on a semimonthly basis. How much is deducted per…?

pay period for Social Security tax? For medicare tax? What is the total?

2) Shelly Kugo is paid monthly. Her gross pay this month is $6,223. Her earnings to date for this year are $23,631. How much is deducted from her paycheck this month for Social Security? For medicare?

(the social security tax rate is 6.2 percent of the first $90,000 and Medicare tax rate of 1.45 percent on all income when solving these problems) so it becomes .062 and .0145 HELP!

PLEASE explain your answers! Thanks in advance =]

Answer: Oliver is paid semi-monthly or 2 times a month. Therefore he gets paid 24 times a year.

Social Security tax is 6.2% of first $90,000
Since Oliver earns less than $90,000, he pays 6.2% on all of his salary
0.062 * $45,440 = $2817.28 yearly = $2817.28/24 = $117.39 semi-monthly

Medicare tax is 1.45% on all income
0.0145 * $45,440 = $658.88 yearly = $658.88/24 = $27.45 semi-monthly

Thanksgiving meals at Pilgrim Church, Suncoast Haven

Times staff Friday, November 19, 2010 St. Petersburg Enjoy free Thanksgiving meal at Pilgrim Church Pilgrim Church will serve a free, traditional Thanksgiving meal from noon and 4 p.m. Thursday in the fellowship hall, 6315 Central Ave. No RSVP is required and there are no eligibility requirements. For information, call (727) 347-1226. countywide Suncoast Haven serving free meal on Thursday The …

Advance tax and Indian poor