The Tax Preparation Blog

Ravenstahl’s influence on the line in race for former council seat

Mayor Luke Ravenstahl hasn’t been the First District City Councilman since 2006, but a battle is being fought this year to see how much sway he holds over the seat.

Tax Assist Testimonial – The Brighton Curry Club – Brighton Networking Event

Question: How long for tax refund after amendment?

I filled an amendment on my taxes for the Earned Income Tax Credit and will be getting money back for it, how long do you think or how long does it usually take to get the refund back?

Thanks

Answer: About 10-12 weeks,

I did my amendment in April, I got my in about the end of July.

J. P. Morgan: America’s Greatest Banker (Titans of Fortune) $2.99 Thomas Jefferson and Andrew Jackson were staunch opponents of a national bank. When President Jackson let the charter of the second bank lapse after 20 years, it left the nation unprepared and powerless to respond quickly or effectively to major economic declines or emergencies. J. Pierpont Morgan became America’s central bank, initiating monetary policies that saved the nation from a severe depre…

The Great Tax Wars: Lincoln to Wilson–The Fierce Battles over Money and Power That Transformed the Nation $13.62 A major work of history, “The Great Tax Wars” is the gripping, epic story of six decades of often violent conflict over wealth, power, and fairness that gave America the income tax. It’s the story of a tumultuous period of radical change, from Abraham Lincoln and the Civil War through the progressive era under Theodore Roosevelt and ending with Woodrow Wilson and World War I. During these years of…

Constitutional Income: Do You Have Any? $20.00 “Constitutional Income” is the only exhaustive work examining the intent and the constitutional underpinnings of the Sixteenth Amendment, the Income Tax Amendment. Author Phil Hart researched the relevant literature at the time the amendment was drafted, debated and purportedly ratified. Contained in this book is an analysis of constitutional taxation and the effect of the Sixteenth Amendment. “Co…

Freeze proposed on state and local sales taxes

A proposed amendment to the state constitution prohibiting a state income tax was revised Wednesday to incorporate a ban on increasing sales taxes as well.

CA Income Tax /DT Coaching Notes – Also join for IPCC/FInal income tax amendment classes

Question: Where can i find a “accurate” income tax return calculator?

I have tried 3 different tax calculators online, and it get an estimated tax return of $6,000 to $7,000 and was wondering which one would be most accurate. A $1000 is a big margin, so i was wondering what a true estimate would be.

I used H&R Block Tax calculator, which gave me the return of around $7,000 and i used Taxbrain.com which gave me a return of around $6,000. I used a 3rd that i found on a seach engine which said i should get a refund somewhere in between. I thought all tax returns were the same, and i put in basically the same info in all 3 with the exception of h&r blocks, which asks how much stimulus rebate was.

So which one is most accurate? Does it matter who i file through to get a larger return?

Answer: You mean tax REFUND calculator. A tax return is the forms and schedules that you file with the IRS and your state tax authorities.

Like any automated system, garbage in – garbage out. Make SURE that you are putting in the correct information in the correct format. The most frequent cause of errors with most of the on-line tax guesstimators right now is putting in bad information for the Recovery Rebate Credit. You MUST enter the correct amount of the rebate that you received last year in order to get anything close to a correct answer.

Another problem that I’ve seen with some of them — and Block’s is a good example — is that they don’t property account for taxpayers who can be claimed as a dependent. Other than that glaring omission, Block’s calculator is very accurate; I use it frequently for “cocktail napkin guesses.” Just be SURE that you enter the correct amount of your stimulus rebate on the first screen. Put in the wrong information there and your answer WILL be wrong!

If you want to get a better “guess” then go through the actual tax return preparation process. Just don’t submit your return for processing. If you get 3 different answers that way, you’ve fouled something up with your data entry.

J.K. Lasser’s Your Income Tax 2012: For Preparing Your 2011 Tax Return $12.71 This guide offers easy-to-follow, expert advice and guidance on planning and filing your taxes. It covers some of the most important tax topics, from what you must report as income and strategies that will save you on taxes to how much tax you actually owe and what deductions you can claim….

TurboTax Deluxe Federal + e-File + State 2010 – [Old Version] $5.75 The Intuit TurboTax Deluxe Tax Year 2010 Software walks you through over 350 deductions including mortgage interest, charitable contributions, education, medical expenses and more. Audit Risk Meter™ helps you reduce your chance of an audit. ItsDeductible® helps you accurately value charitable donated items. The Intuit TurboTax Deluxe Tax Year 2010 Software also guides you through changes…

TurboTax Deluxe Federal + eFile + State 2009 $17.05 TURBOTAX DELUXE WITH STATE…

ProAPOD Offers a Unique Online Real Estate Calculator

Users can make dozens of computations related to real estate investment at their finger tips plus learn the meanings and formulas while they calculate totally online.

Fast Tax Refund Online 2010, Tax Refund Calculator 2010

Question: Student loan interest deduction causing negative adjusted gross income?

Hi, I am in my 20′s and I’m a student first time filing my 2009 taxes. I worked one week, and earned 760. I paid 5000 in student loan interest and the IRS allows students to claim up to 2500 student loan interest deduction. So if i enter 2500, my adjusted gross income is -1740 (adjusted gross income) and my effective tax rate is 0%. If i leave out the student loan interest deduction, the effective tax rate is -7.76%. My federal tax refund is the same $186 whether i input my paid student loan interest or not. Should i take out or enter the student loan interest deduction? It doesn’t seem to look good to have a negative adjusted gross income. Any advice would be greatly appreciated. Thanks!

Also, is it better to choose Federal standard deduction or itemized deduction?

Answer: scholarships.onlinewebshop.net – it provides some tips about applying to US federal and state grants for college students.

TurboTax Home & Business Federal + e-File + State 2010 – [Old Version] $7.99 TurboTax Home & Business was designed to help you take full advantage of your personal and business deductions so you get the biggest tax refund possible, double-checking for accuracy and identifying missing deductions and credits. Includes free Federal E-File. Everything you need to easily do your personal and business taxes. Guides you Step by Step through Self-Employment Income, Deductions,…

TurboTax Home & Business Federal + State + Federal efile 2009 $42.89 TURBOTAX HOME & BUSINESS WITH…

Top tax questions for 2010

Questions about debt, starting businesses and multiple-generation households make it clear that the economy is shaping how people think about taxes.

IRS Gift Tax Limit for 2010, 2011

Question: How do I file mine & my new PR husband’s taxes this year?

My husband just arrived in Canada as a new immigrant. We’ve been married since May 2006. He has received his SIN but has no employment or anything for taxes.
Also, this is the first year I have contributed to my RSP.
Maybe not, but I feel that our taxes are too complicated to do ourselves. Should we go to an accountant? Does anyone know of an accountant in Victoria, BC that specializes in new immigrants?
Thanks

Answer: As indicated above you will be allowed to claim your husband as a dependant in 2006 . He should also file a nil return to go on record as a BC resident for 2006. This may be of use later on when you go to calculate the number of years he was a resident for pension purposes.

There are two solutions to your problems with the complexity of the tax return. The first would be to look up the accounting associations in BC ( CA, CGA, etc) and see if they have a referral for an accountant that specializes in immigrants and/or speaks your language if that is a problem. This could be expensive. If you have minimal income the accounts sometimes have volunteer clinics.

The second alternative and the one I would reommend is to go out and by a tax package like quick tax or even search on line for one. These are very simple to use and in effect walks you through the process by asking questions.

Cut the shady out of your deductions

After doing tax returns for nearly 16 years, certified public accountant Melissa Seaver has seen more than her…

Professional Touch Accounting – Victoria