The Tax Preparation Blog

Posts Tagged ‘finance’

Question: How much is my tax return for 2009?

Im Filing as Married – Joint, Made right around 31,000 in wages for 2008, live in oklahoma, spent 8,000 in tuition, bought a new house for $134,900 so i get that 7500 tax credit since i meet the qualifications. 2008 i spend 3300 on interest on my mortgage loan. Property taxes was around $1500 for 2008. I used the calculator on HR block it said im getting back like $10,900 i thought that was a little high. Oh yeah i already paid $4100 towards federal taxes.

Answer: First off, usual gripe, it’s REFUND, not return.

As for refund. One income:
31000
- 10900
- 7000
= 14000, tax 1400.
education credit could be 1400
tax = 0
so refund 4100 withheld, 7500 home loan, yeah, 10,900 is possible.

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Should You Pay Down Your Mortgage Faster? (The Tax Guy)

Bigger payments now can be rewarding, but there are a few issues to consider.

Harbor Financial Introduction

Question: Since Sports Athlete’s and Actors have Labor Unions why do the Democrats support Labor Unions and support a Pr?

Since Sports Athlete’s and Actors have Labor Unions why do the Democrats support Labor Unions and support a Progressive Tax System why do they suport higher taxes on their Union Brothers and Sisters many which make millions of dollars a year. Am I right that the reason why Sports Athlete’s make so much money is because of Strikes ? Also my point is not all Rich people are CEOS of Big Wealthy Corporations.

http://en.wikipedia.org/wiki/National_Basketball_Players_Association

http://en.wikipedia.org/wiki/National_Football_League_Players_Association

http://en.wikipedia.org/wiki/Professional_Hockey_Players’_Association

http://en.wikipedia.org/wiki/Screen_Actors_Guild

Answer: The big money earners in sports and the entertainment industry rarely get much benefit from the Unions in their business; the Union supports the unknown player, or the unknown character actors. That is why during the last football strike the big money players were more reluctant to strike then the average player. They lost more money the longer the strike lasted and would reap the least benefit. Some big players crossed the picket line and played because of it.

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NATP Registered Tax Preparer Exam Review Course Textbook 2011 Need a study guide to help you pass the IRS Competency Exam? This information-packed textbook is it! Ideal for tax professionals who desire to refresh their skills and is an exceptional reference book for the office. Some subjects covered include: · Filing requirements · Filing status and dependents · Various types of 1040 income and deductions · Refundable and nonrefundable tax credits · Alt…

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Harare City Council:Its excesses, excuses

THE last decade had seen Harare losing its sunshine status and it’s now living in the shadows of its former self.

Health Reform by Association

Question: Has anyone paid under $200 to have their taxes done for the year of 2009?

I think the fees for tax preparation are just becoming outrageous. If you have paid under $200, please tell me where you had yours done.

Answer: I did mine myself, for $0.

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‘Facts’ cited in debate will bear watching

Tonight’s debate between Democrat Gov. Ted Strickland and Republican John Kasich could keep the fact-checkers busy, if last week’s first-time meeting of the candidates is any indication. Although Strickland didn’t appear to make any glaring misstatements during a two-hour appearance with Kasich before the Dispatch editorial board Friday, Kasich cited several “facts” that were either wrong or …

Tax Tips For Retirees – 2009 Tax Preparation Service Canada

Question: How to declare and carry foward capital loss in Canada?

Here is my situation: I lost about 1500$ in stocks this year (a stupid mistake) and I have no capital gain. My online broker told me that a receipt will be sent at the end of the year for my taxes. I don’t have a big income (8500$ this year) since I’m in college now. This means that I don’t pay any taxes.

I will get my degree in 2011 and start to have a bigger income. Until then, I won’t gain much more than 8000-9000$ in salary.

Can I carry over that 1500$ all the way to 2011 so I can deduct this amount on my bigger income? It’s not worth it for now to deduct it for 2008, since I know that 1500$ is not in credit, but in deduction. And if I can fully carry the amount to 2011, how do I fill the schedules on my tax report for this year and the following years?

Thank you.

Answer: When you fill out your 2008 tax return in April 2009, you will complete Schedule 3 Capital Gains/Losses. On this form you will list all the stocks you sold during the year showing the losses you had. Since you have no gains to apply them against the government will just keep a record of them and should it your letter of assessment.

For the following years there is nothing to do unless you want to apply these losses against investment income, then you just place the amount you want to use on line 253 as a deduction for Net Capital losses of other years.

Editorial Roundup: Excerpts From Recent Editorials

Excerpts from recent editorials in newspapers in the United States and abroad:

Tax Refund in 2 Weeks from Revenue Canada

Question: Laws on selling music online?

well that is where my confusion lies. i do not know if me selling a membership to access free music is within the legal boundaries of copyright laws. i do not want to “sell” the music. i want the customer to have total access to this music after paying for membership to access the music/website. These are cd’s i have purchased over the years and i would like to get an online business going without breaking any laws of course. I would use Paypal for payment processing. could you possibly tell me if you have any other setups like that? and maybe how i would go about doing
this so as not to go against any copyright or federal laws? or would i be within the boundaries of the laws if i sell the membership and offer free music with paid membership? if you can’t tell me, could you point me in the right direction? i’m anxious to get started. I am 13 and live in the UK, will I need to pay tax? THANKS!
Sorry, I actually meant to say I wanted people to pay me by cheque.

Answer: It is illegal to copy CDs.

You therefore cannot legally provide access to a collection which has been illegally copied.

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Neb. tax revenue beats projections in August

Nebraska tax revenue beat projections in August for the first time since May, so the state budget picture looks a little better, according to a report released Friday.

Online Tax Refund in 3 Easy Steps