The Tax Preparation Blog

Question: Would you agree with Dr. Laffer that worst is yet to come under Obamanomics?

Says Dr. Laffer:

“Now, if people know tax rates will be higher next year than they are this year, what will those people do this year? They will shift production and income out of next year into this year to the extent possible. As a result, income this year has already been inflated above where it otherwise should be and next year, 2011, income will be lower than it otherwise should be.

Also, the prospect of rising prices, higher interest rates and more regulations next year will further entice demand and supply to be shifted from 2011 into 2010. In my view, this shift of income and demand is a major reason that the economy in 2010 has appeared as strong as it has. When we pass the tax boundary of Jan. 1, 2011, my best guess is that the train goes off the tracks and we get our worst nightmare of a severe “double dip” recession….

http://online.wsj.com/article/SB10001424052748704113504575264513748386610.html?mod=WSJ_Opinion_LEADTop

Answer: another neocon CONMAN

tell us again how cutting taxes increases revenue..It contradicts math I learned in 1st grade

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How to choose a tax pro

This year, the IRS will begin verifying that tax preparers are competent.

“FREE $60 CASH”-”ONLINE INCOME OPPORTUNITY”-”TRACY M SHAW”

Question: At midnight on October 31, the federal ban on Internet taxes expires. Isn’t time to write our senators?

Unless Congress intervenes, this Halloween will be an especially scary one for U.S. Internet users. At midnight on October 31, the federal ban on Internet taxes expires, loosing state and local governments to tax Internet services received by Americans. The House of Representatives last week voted to extend the tax ban another four years, but it refused to make the ban permanent. The issue is now before the Senate. Since it was adopted nine years ago, the Internet tax ban has proven to be sensible and successful. Rather than let it expire, Congress should make the ban permanent.

http://www.heritage.org/Research/InternetandTechnology/wm1673.cfm

Here’s an easy way to write your senator or get their phone numbers to call.

http://www.senate.gov/general/contact_information/senators_cfm.cfm

Thanks for finding that. When I tried to find it earlier it didn’t come up.

Answer: The Senate extended the ban.
“U.S. Sens. Tom Carper (D-DE) and Lamar Alexander (R-TN) praised the agreement reached by the Senate Thursday night that extends for seven years the moratorium on state and local taxes on Internet access. The tax ban � first passed in 1998 and last updated in 2004 � is set to expire on Nov. 1.”

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Insider-Trading Charges, IRS Amnesty, Antitrust: Compliance

Former SAC Capital Advisors LP junior portfolio managers Noah Freeman and Donald Longueuil were charged with insider trading while working at the $12 billion hedge fund, the latest round of charges in a nationwide crackdown by federal prosecutors.

Tax Tips & Information : Are Hobby Expenses Deductible Under Federal Income Tax Laws?

Question: Can you tall me that Income tax due date is exted or which is the last date of Filly of Income tax?

Answer: Incomet tax due date has been extended for upto 30th nov, 2006. Pls note date has been extended for those assessees who were required to file ITR by 31st Oct, 2006.

AXIS Capital Reports Operating Income of $187 Million for the Fourth Quarter and $627 Million for the Full Year 2010

AXIS Capital Holdings Limited today reported net income available to common shareholders for the fourth quarter of 2010 of $264 million, or $1.99 per diluted common share, compared with net income of $282 million, or $1.87 per diluted common share, for the fourth quarter of 2009.

Media Warned. Kanimozhi and her mother say they had nothing to do with Voltas land. .wmv

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Free help with tax preparation at local TVCCA offices

New London – Lunch may never be free, but the same cannot be said of income-tax preparation.For those with annual incomes of no more than $50,000, there’s the Volunteer Income Tax Assistance

IRS PTIN Registration

Question: Any tax experts out there?

I’ve run into somewhat of a snag with my tax filing this year and I need some advice.
I started a new job January 2007 and I claimed the exact same info on my W-4 form for my new job as I did for my old job. My husband and I file jointly as a married couple and my husband has been at the same job now for 7 years and has never changed his tax filing. We usually receive roughly around a $1200 return each year. However, this year we somehow owe $215! We always use the free online TurboTax® Tax Preparation Software. We’ve triple checked ourselves and we’re stuck at this point. Does anyone have ANY idea where we might have gone wrong?

Answer: H & R block will check your return for a charge of $29 and let you know if it is okay or may need to be amended. They are right in that any changes can affect the outcome. Turbo tax is not associated with H & R Block they are 2 seperate companies. Claudeshappywife you may need to check your return this year also. Just because his daughter turned 18 doesn’t mean he cant claim her. Was she there all year? did he pay over half of her support? was she in school? If in school she would still qualify as a dependent for EIC. Also there are deductions for College Education if he paid any of her tuition & fees (even if was a loan from a bank). Good Luck Both of you.

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Free tax help offered by volunteers in Macon

Free Tax Preparation help is now available in Macon, and Georgia Department of Revenue retiree Lane Moseley knew free volunteer help was a better deal than a costly service.

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