The Tax Preparation Blog

Question: What do you think of California’s new tax on hybrid vehicles?

The California legislature has been wrestling with signing a budget for months now. They had to either cut must needed programs or raise taxes. Since the price of gas is draining the pocketbooks of many Californians it was decided that those least affected by a gas tax hike would be hybrid car owners. So effective January 1, 2008 all owners of hybrids will be taxed an additional quarter a gallon. Actually the way it will work is that when you buy gas at the pump the quarter per gallon will be included in the price. When you file your state income tax for 2008 in 2009 you will be given a credit for all the extra gas tax you paid in 2008 (with proper documentation) except for those who have a hybrid registered in their name.
I would like your opinion on this bill SB98556. Thank you

Answer: yeah kill the car that cleans the air.

States Covet Illinois Jobs After Its Tax Hike

Governors in New Jersey, Indiana and Wisconsin, angling to steal jobs from Illinois after its record tax increase, may find that employers consider a broader range of concerns as they decide their future in the Land of Lincoln.

Illinois Lawmakers Approve Tax Hike

Question: In WA, does the spouse need to claim child support on her taxable income?

Child resides with the parent receiving the child support in WA, who has the child more then 50% of the time. Father is not a resident of WA but Canada and did not claim payments on taxes. Payments were not court ordered, does anyone need to file the expenses/income for a tax adjustment?

Answer: The fact that you live in Washington is irrelevant. Child support is never taxable or claimable as a deduction. This is because the money is technically for the child, and parents supporting their child is not taxable.

This is different from alimony, where the money is for the ex spouse.

Understanding Your Tax Returns: Your Income, And Your Adjustments To Income Understanding Your Tax Returns is a new series of tax publications designed to help taxpayers across the USA. The objective of these publications is to help taxpayers to understand United States income tax code as far as Form 1040; US Individual Tax Returns is concerned. With a good basic knowledge of the tax code, taxpayers will potentially be in the position to literally increase their income ta…

2011 Module V: Adjustment to Income or Deductions for AGI (1040 Exam Prep Study Guide Series) The Form 1040 formula, works with two main groups of deductions: “For AGI” or “above the line” and “From AGI” or “below the line”. The “For AGI” or “above the line” group is recorded on page 1 of Form 1040. The “From AGI” or “below the line” group is recorded on page 2 of Form 1040. The AGI or Adjusted Gross Income is reported on the last line of page 1 of Form 1040. To understand how deductions a…

Prevention of a Social Security Crisis $2.99 This research paper was written as a senior thesis on economics for Utica College in the Spring of 2005. Addresses the crisis facing the Social Security program in the United States, the history of the program, causese of the problem, and possible solutions that are on the table.Total Length: 33 Kindle Pages…

ACE Reports Fourth Quarter 2010 Net Income of $1 Billion, up 5%; Operating Income of $702 Million and Combined Ratio …

ACE Limited today reported net income for the quarter ended December 31, 2010, of $2.92 per share, compared with $2.81 per share for the same quarter last year. Income excluding net realized gains was $2.05 per share, compared with $2.01 per share for the same quarter last year.

Basic Explanation of W-4 tax Form : Deductions & Adjustments Worksheet: W-4 Tax Form

Question: Overnight address for a Federal Tax Lien payment?

Before I call the IRS tomorrow. Does anyone know the address to send via FedEx? The address provided on the payoff letter is a P.O. Box and FedEx won’t deliver to a P.O. Box.

Thanks in advance.

Answer: You could take your payment to a local office http://www.irs.gov/app/officeLocator/index.jsp . If you absolutely positively have to get it to that location, there should be a phone number you can call. If the location is not too far away, you can save some bucks by using priority mail which is a lot cheaper and within a state usually is delivered in one day.

Question: Do military have to claim bah, and bas on tax return?

I have heard stories some say yes, and some say no its tax-exempted, but whats the real answer. I mean if we claim it on taxes we owe this year if not then were fine, I have always assumed that you only claim military pay, and the others were entitlements? Does anyone no?

Answer: BAH and BAS will not be counted as income on your W2. If you’re doing your taxes before you get your W2 you only put the YTD wages

Dr. Paul Zeitz: Why We Must Protect the Global Fund

Let our leaders know that the Global Fund to Fight AIDS, Tuberculosis and Malaria is too important to be decimated because of false attacks.

Florida Military Homestead Property Tax Exemption (Ammendment 2 – 2010)

Question: do you approve of way democrats in california want to increase sales taxes?

plus put surcharge of 2.5% on state income tax to cut budger defeecit?

Answer: Only as much as i approve of gays getting married.

California governor pushes tax hikes

Californians should decide whether they want to pay $12 billion more in taxes to help plug the state’s massive budget shortfall, said Gov. Jerry Brown Monday.

Tax, Tip and Health Care?? Newsom’s response