The Tax Preparation Blog

Posts Tagged ‘finance’

Question: What do I have to pay two different state taxes for 2009?

I work a full time job in PA, and a part time job in MD. When I went to do my taxes myself online it was telling me that I owe both MD and PA taxes for my state. How is this possible? Usually on my PA taxes I break even and don’t owe anything but this year I owe PA and MD? Is this correct?

Answer: If you work (or work and live) in two different states, you will file tax return in both the states. One state is your tax home. In the state that is not your tax home, report income you earned while in that state.

If you have received only one W2 from your employer, then use simple arithmetic based on number of days spent in the state to figure our the income that you should report to this state.

In the state that is your tax home, report your worldwide income for full year. Also in this state claim credit for the taxes paid to the other state.

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States push harder for online sales tax collection

SAN FRANCISCO (AP) – Tax-free shopping is under threat for many online shoppers as states facing widening budget gaps increasingly pressure Amazon.com Inc. and other Internet retailers to start collecting sales taxes from their residents. Billions of dollars are at stake as a growing number of states look for ways to …

Trouble in Fall 2009? College Graduates can’t find Jobs; States Raising Taxes; Marriage Decline

Wiley Registered Tax Return Preparer Exam Review 2012 (Wiley Tax Return Preparer Competency Exam Prep: Individual Tax Filing) $59.95 The most effective system available to prepare for the new Tax Return Preparer Competency ExamIn recent years, the role of third party assistance in tax return preparation within the United States has become more significant. To acknowledge this trend, the IRS is strengthening partnerships with tax practitioners, tax return preparers, and other third parties in order to ensure effective tax admini…

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Hamp;R Block and Yodlee Make It Easier For DIY Taxpayers to File

March 22, 2011 With one month left before the April 18 tax filing deadline, taxpayers are looking for ways to make the tax filing process easier. The Yodlee TaxCenter powered by HR Block helps taxpayers quickly identify money-saving tax deductions and import the information into

Key W Tax is the main rival of H&R Block’s, Jackson Hewitt and Liberty Tax Services

As Tax Day Approaches, More Seek Accountants Online

The month of April begins tomorrow and for businesses and individuals in the United States, that means there’s only two more weeks until the deadline for filing your federal tax returns. As the deadline approaches, a growing number of businesses are turning to the Web to not only do their filing, but also to find accountants. The demand for online accountants has risen by 90% over last year …

Micah and Marc-Mihai answer questions.

Question: CPA or CPA candidates help! Advanced accounting? or Auditing (Financial)?

Hi. I have a bachelor’s degree (not accounting or business-related major). Although I don’t have accounting major degree I took lots of accounting and business-related classes at Junior College and University after transfer.
I did look at my college transcripts and found out that I only have 3 units left to meet educational requirements (accounting 24 units, business-related 24 units). And I’m thinking about to take “Advanced accounting” or “Auditing (Financial)” class at an accredited education institute.

I took “Principle of accounting 1 and 2″, “Intermediate accounting”, “Federal Income tax”, “Cost Accounting”. And I’m eligible to take both Advanced accounting and Auditing class.
But I only want to take one of them due to money issue.

And then from next year I want to start review courses either Becker or Wiley.

Which class do you recommend me to take? Advanced accounting or Auditing?

Thanks

Answer: Auditing. It would help you in your CPA board exam. Take note that it involves both theory and practice. Also you need to have extensive knowledge in Financial Accounting. Auditing is purely analytical whereas Advance Accouting is more procedural.
I took both since I finished BS Accountancy. Auditing is one of the most difficult subject areas in my undergraduate years and also during board exam. But it’s worth it because I get to work in an Accounting firm years ago. Now I’m into Forensic Accounting. Much more interesting.

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Dolby Labs: The Kings of Immersive Audio Selling at a Discount

By Bill Smith. INVESTMENT THESIS Read more » »

VITA Program

Question: Alright, so if I claim RRSP’s ($5000), tuition ($1400) and my personal deduction, ($9600) in Canada….?

is it the same percent that I get back from all of them? 15%. I made around $40000 this year, so $1138 of that is taxed at 22%, the rest 15%. Also do these deductions just apply to my federal income tax or my provincial as well?

Answer: There is a separate provincial non-refundable tax credit. The easiest way to figure this out is to look at the actual Schedule 1 and provincial tax calculation.

Quicken Rental Property Manager 2011 – [Old Version] $59.96 It shows how your rental properties are doing and where you’re spending at a glance. The Intuit Quicken Rental Property Manager 2011 Software identifies tax-deductible rental property expenses so you can maximize your tax deductions. It shows which rents have been paid so you know who owes you money and stores lease terms, rental rates and security deposits for each tenant….

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TurboTax Premier Federal + E-file + State 2011 for PC [Download] $46.50 TurboTax Premier: Extra guidance for investments & rental property income…

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Scott Burns: The old model is outdated, failing; time for America 2.0

My recent column suggesting Congress should make a down payment on restoring our trust by returning the excess employment taxes workers have paid since 1984 hit a nerve. Reader mail carried messages of frustration and anger – a sense of futility about change. Responses to a follow-up column on the size of our financial problem brought questions: OK, readers asked, what should be done?

Go! Tax Canada