The Tax Preparation Blog

Posts Tagged ‘business’

Question: How to save £150,000 in 5 years time?

Hi, I just started my job as a graduate. My net income after tax & NI is approximately £25,000 now and gross salary increases average 10% every year. I can also work as a freelance translator and expected average income is £5000 per year. I live in London and I save about £1,000a month. I have a few plans and I need at least £150,000 in 5 years time to make it. How can I make that much without taking a risk of stock trading etc? Also what’s the best way to increase my income level? currently i work as a financial analyst for an energy company and studying accounting qualification but I don’t want to be in finance too long. what would be the best way to save that much or more and to be rich in general? one day I want to have my own business, but I don’t have a clear idea at the moment.

Answer: In today’s market, and with the UK’s tax structure, I would consider this an admirable but unattainable goal.

Fortunes are built like walking the road from London to Scotland…. one step at a time.

Your patience, and your age will be your best allies in the long run…

Lighthouse Group PLC – Preliminary Results

Lighthouse Group PLC – Preliminary Results

AAT – Your big future

Question: SHOULD I BE WORRIED ABOUT THIS AFFECTING A JOB OFFER?

I went for an important job interview yesterday at a great non-profit. They seemed to really like me, and asked me to fill out a background/credit check form. Usually I have no problem with this (I have decent credit and nothing to worry about on my background check), but she mentioned something about using it to check my work history.

Now, I’m a soon to be college graduate. I don’t have much work history. What I put on my resume were jobs where I was given a tax-free stipend, so it’s not like I would pay taxes or have it show up on my background check.

I gave them professional references where they could call and check up on my resume – but do you think this work history thing will affect my prospects for getting the job?

Answer: The tax-free stipend should still appear on a background check…but i don’t believe it will affect your candidacy for this job. The background check is just to make sure that you haven’t been working under different names and etc. Good luck and congratulations!

Texas CPAs Identifies Lesser-Known Tax Deductions Not to Overlook

Texas Society of Certified Public Accountants Reveals 12 Tax Deductions to Consider before Filing

Juste Debout Tour 2009 – Japan (Part 1/2)

Question: I file the tax refund direct deposit with the wrong routing number,what should i do?

I go to a Tax place to file my tax return on 3/19 and i just check where my refund on IRS site ,it said my refund was deposited on 4/2 .But im not receive the money yet(today’s 4/10).So I look at back on the tax prepare file I noticed that the routing number was wrong.I remember that when I give my bank account number to the tax preparer she ask me which bank? so i answered her that Chase bank ,i didn’t give her the routing number .But on the file it show me different routing number and unfortunately I google that routing number it belong to SCHOOLS FINANCIAL CREDIT UNION(the routing number :321175627)but the chase bank routing number is 322271627.What should I do now?Please help me Im so nervous now don’t know what to do,please respond me ,thank you so much

Answer: you probably need to contact the Chase bank and work with them to coordinate the correction than needs to be made between you and the credit union
since the routing number was a valid one, the only snag would be the account number which should have been caught
if not, you need to work with the Chase bank

Free tax help available for many as filing deadline nears

The deadline to file tax returns is less than a month away, but procrastinators take comfort – here are some tips for a less stressful tax season.

UPDATE – IRS Tax Preparer Regulations for New Tax Preparers.mp4

Question: Where to report income as a paid tax preparer?

I made a little bit of money doing taxes on the side of my job last year, I cannot find my notes for how I was supposed to report the money on my 1040 this year. This year I have 2 jobs and am in a really hectic schedule. Do not have time to scour the Pub 17 or any other publications. I believe that I report it as other income on the 1040, but I do not remember the schedule or other form that I needed to fill out. Please help! I cannot find the answer on the internet anywhere b/c everyone is so focused on the new guidelines for paid preparers this year! I’m only doing my taxes this year, and I’m just simply searching for where I report last years income from tax prep last year. Please help! I seriously do not have time for this this year! Thank you!!

Answer: You report this income on Schedule C or C-EZ. If you made more than $400 net preparing others’ taxes, you also file Schedule SE for self employment taxes.

Calendar

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iPad Shot with Shotgun – FreeTaxUSA.com

Question: some accounting question?

hey guys… need some help with an assignment…

Because of its complexity and susceptibility to errors, which step in the process do independent auditors (CPAs) examine most closely?

A) financial statement preparation

B) tax reports

C) deferred and accrued adjustments

D) closing entries

Answer: B) tax reports
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Tax reports for companies are very complex and the tax laws change every year, so that’s where a lot of errors can potentially be made.

Intuit Glitch Leads to Mistaken Mega-tax Refunds

Most U.S. residents would be happy to get a few thousand dollars back from the Internal Revenue Service at tax time. But a snafu in some Intuit software recently…

Personal Taxes English.wmv