The Tax Preparation Blog

Posts Tagged ‘estate’

Question: I need help with a very important news peice for my schools news paper.?

My article is about how California is in worse shape then any other state in the U.S.A. Meaning that California has the lowest test score, highest unemployment rate, and highest taxes. the only problem is I need some proof ,or support, to back-up my article. Anything will be helpful! Charts, websites, article, any information you know. I’m really stuck in a rut and i need some serious help so thank you!

Answer: see the point is that its your article, if your gonna choose a topic make sure that you can find information to back it up. you cant just have other people do the work for you. part of writing and journalism is doing the research and finding facts, figures, or whatever to back up your claims. also some of of your spelling and grammar is wrong, you might want to tighten that up.

Wills, Trusts and Estates Examples & Explanations, 4e $19.00 This popular study guide helps students master the complexities of wills, trusts, and estates through a combination of textual material and well-written, comprehensive examples, explanations, and questions. Examples & Explanations: Wills, Trusts, and Estates, Fourth Edition, provides students with the essential background and review materials they need to practice applying legal concepts…

California and federal unemployment insurance Explanation of the law, Federal Social Security Act, California Unemployment Insurance Law, rules and regulations, charts and forms, indexed. …

TurboTax Home & Business Federal + e-File + State 2010 – [Old Version] $7.99 Designed for sole proprietors, self-employed, consultants, 1099 contractors, and single-owner LLCs. Expanded interview walks you through entering business income and expenses to help you maximize business and personal deductions, home office deductions, depreciation and more. Create W-2 and 1099-MISC forms for your employees and contractors. The Intuit TurboTax Home & Business Tax Year 2010 Softwa…

---

Battling Obesity in America

190 Million Americans are Obese or Overweight. Childhood Obesity has Tripled in the last 30 Years

The Roads Of Napa – Our deteriorating roadways Part 3 of 6

Question: Tax deductions for new home owner?

I bought a home in early 2007 and Im wondering, what are the things I can deduct on my first home? Can I deduct the points I paid for the loan? Property tax I paid when I bought the house and property tax I paid for the 2008 year? Can I deduct home improvement costs?

Thanks
ps. I am single and live in California …. If that matters

Answer: First off, congrats on your purchase.. As to what you can deduct.. Points can be deducted if they weren’t financed through your mortgage.. (ie., if you paid cash for the points at your closing you can deduct them in the year they were paid)… However if you financed them through your mortgage they will be prorated as part of your mortgage, So, each year you receive your 1098 INT from the company or bank that holds your mortgage, you will be deducting a prorated portion of the points.. You get to deduct the interest you paid on the outstanding mortgage , property taxes and homeowners insurance (also on your 1098 INT if your bank or finance co pays them for you) in the year you made them… You list all these deductions on your Sched. A (which since it is a federal tax form it doesn’t matter that your’re from California.. In most states however these deductions do carry over to your state return, if you file one..
Improvements usually become part of your basis in the property, Which means that when you sell your property your gain (capital gain) becomes less then if the improvements weren’t made.. (ie, your selling price less (the price you paid for your home + any improvements) = capital gain)..
However for the last few years you have been able to receive a credit for certian energy efficient improvements in the year made. These include eneregy effecient windows, insulation, solor panels and a few other improvements.. You can check it out on IRS.gov

TurboTax Home & Business Federal + e-File + State 2010 – [Old Version] $7.99 Designed for sole proprietors, self-employed, consultants, 1099 contractors, and single-owner LLCs. Expanded interview walks you through entering business income and expenses to help you maximize business and personal deductions, home office deductions, depreciation and more. Create W-2 and 1099-MISC forms for your employees and contractors. The Intuit TurboTax Home & Business Tax Year 2010 Softwa…

Garmin nüvi 265W/265WT 4.3-Inch Widescreen Bluetooth Portable GPS Navigator with Traffic $130.00 …

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

---

N.J. lawmakers return to Trenton to debate on bills in lame-duck session

TRENTON — State lawmakers return to Trenton today to close out a lame-duck session with debate on bills to legalize medical marijuana, relax prison sentences for some drug offenders in school zones and allow towns to stave off property tax…

New Car Buyer’s Deduction

Question: Where can I find a chart of the local tax rates in NC?

I am looking for a chart or map of the local sales tax rates for individual counties and|or zip codes (if possible) in the state of NC.

Can’t seem to find it on the tax site but maybe I’m overseeing it, and there are lots of awesome people here who can answer this simple question. =)

Thanks

Answer: The link contains sales tax rates by county in North Carolina as of 4/1/2008.

TurboTax Home & Business Federal + e-File + State 2010 – [Old Version] $7.99 Designed for sole proprietors, self-employed, consultants, 1099 contractors, and single-owner LLCs. Expanded interview walks you through entering business income and expenses to help you maximize business and personal deductions, home office deductions, depreciation and more. Create W-2 and 1099-MISC forms for your employees and contractors. The Intuit TurboTax Home & Business Tax Year 2010 Softwa…

Sage Peachtree Complete Accounting 2011 [OLD VERSION] $16.00 Sage Peachtree Complete Accounting 2011 helps you work more easily and efficiently with robust core accounting and added features like job costing, time and billing, in-depth inventory capabilities, and analysis tools. Its multi-user option* helps improve productivity while providing screen-level security and a clear audit trail. Save time with simplified dashboards, management centers, integratio…

Sage Peachtree Pro Accounting 2011 [OLD VERSION] $11.55 Sage Peachtree Pro Accounting 2011 helps you manage your expanding business with easy-to-use accounting features that do the basics and much more. Automate your invoices, checks, and track employee payroll. You can record customer payments, create budgets, and track sales, inventory, and expenses. Save time with simplified navigation, integration with Microsoft Excel, multi-tasking screens, and co…

---

California Tops Regions Where Homes Sell Most Over List Price, While Florida Still Languishes, According to ZipRealty …

EMERYVILLE, CA–(Marketwire – 07/23/10) – Despite slowdowns in home sales across the country, California is still the nation’s hottest spot for home buying activity, with homes fetching multiple offers and selling above list price, according to the Q2 2010 Home Hunter report released today by ZipRealty (NASDAQ: ZIPR – News ). The report revealed that California was home to 91 out of the country …

Question: Is my tax return really gonna be this big?

I have claimed 0 all year and am a student supporting myself so now i am going to claim one at tax time.

according to H & R’s tax estimator http://www.hrblock.com/taxes/tax_calculators/index.html i will get like 4000 dollars.

is that even possible?

ps ive only had maybe 1500 held and made like 13000
ps i am claiming myself as a dependent student, which equals a 1, is that legal?
i am a dependent student SUPPORTING MYSELF i dont live with mommy and daddy i have beeen working all year and have money owed to me by the government. question is if their estimate is right

Answer: You’ve fat-fingered something. I come up with $1,075 using the numbers you gave.

When you are on the site, the number of dependents is 0, not 1. If you put 1 in on the calculator it probably thinks that you are claiming a child and are eligible for the EIC. This isn’t true in your case. Re-run the numbers with 0 dependents and see what you come up with. The site automatically gives you your personal exemption, you don’t list yourself as a “dependent.”

Addendum: If you cannot be claimed as a dependent by your parents you get your personal exemption. Unless you have a child that lived with you for more than half of the year or are supporting someone else who lived in your household all year (among other requirements) you have NO dependents. Your personal exemption is NOT a “dependent” on your tax return!

You are NOT a “dependent student” from what you say. If you were, your parents would be claiming you and you would lose your personal exemption as a result.

Online federal benefits calculators

– Federal retirement: http://www.opm.gov/retire/tools/calculators/ballpark/menu.asp United States – Units of Measurement – Employment – Calculator – Government

Question: What are the income tax implications when living in NJ and commuting to NYC (Manhattan)?

I live in Northern NJ and i’m entertaining job opportunities in Manhattan(NYC) some people tell me that i need to account for “double taxes” when negotiating for a salary. I just want to know how much more i should expect to pay in taxes when working in NYC vs. any other location in New Jersey. Thank you in advance for any insight you can provide.

Answer: Contrary to what Walter said, MOST states tax income that is earned in their state. There are some states that have reciprocal agreements with neighboring states that will not tax residents of those states. This is the exception, not the rule.

You will need to file a resident return in NJ and a non-resident return in NY. I don’t think you will be liable for NYC taxes. You will get a credit on your NJ return for taxes paid to NY. The credit will be equal to the lower of the taxes paid to NY or the tax NJ charged on the income.

Your employer does not have to withhold NJ tax unless he has a location in that state. He will withhold NY tax. So, in that sense you are double taxed. You may owe NJ tax because none was withheld, but with the credit, its as if you where only taxed by one state.

Two Shootings in Charleston

Two shootings in Charleston early Monday morning but no arrests.

Sales & Use Manager – Norwalk, CT