The Tax Preparation Blog

Posts Tagged ‘free’

Question: When is Obama or someone else going to tell the truth about the “tax cuts”?

I dont think most of the public are aware of this. The so called tax cut, that we are getting starting in April are NOT what you think.
First off, its about 13 bux a week (dont spend it all in once place). Secondly, the extra 13 a week goes down to 9 a week next year. Now here is the REAL kicker. Tax rates are NOT decreasing! This is not a tax cut. In 2009 on your tax return, this 13 bux you get a week this year will show as income. Talk to your tax people if/when you do taxes this year. That is how I found out. Again tax rates are not going down. This isnt a tax cut, its a credit, which means YOU HAVE TO PAY IT BACK!
So when will Obama make this clear to the public? He certainly doesnt tell us this during his speeches. I know most of you are in Awe of him when he talks. But be careful, someone like him who can speak so well, can do so in such a way you never hear what he really means or intends. Look beyond his words. He is lying and leaving out things. So much for transparency

Answer: NOT true:

Step 1
Beginning April 1, 2009, the tables that calculate the federal tax withholdings from your paycheck will be revised. For the next nine months of 2009, certain people will have less federal taxes withheld from their paychecks, and take more money home.
Step2
The stimulus bill states that the maximum tax credit for a single person is $400, and the maximum tax credit for joint return filers is $800.
Step3
To receive the stimulus bill tax credit you must be employed or self-employed, and paying into Social Security. For this reason, the tax credit is known as a “making work pay” credit.
Step4
To calculate the amount of tax credit that you will receive you must look at your annual gross income. The amount of the tax credit that you will be eligible for decreases when your taxable income exceeds $75,000 as a single filer, and $150,000 as joint filers.
Step5
The stimulus bill tax credit is not available to single filers who make over $95,000, and joint filers who have a taxable income over $190,000.
Step6
If you are eligible for the maximum amount of the stimulus bill tax credit, and your employer begins using the revised tax tables starting April 1, you can calculate that you will bring home an additional $44 each month as a single filer, and $89 as joint filers.
Step7
If you have two jobs, and you qualify for the stimulus bill tax credit, you will receive the tax credit at each of your jobs, and receive twice as much back as you are supposed to. You will then have to pay back the extra money you received when you file your taxes for 2009 and calculate the amount of the tax credit you were actually eligible to receive. You may be able to adjust your federal tax withholdings with one of your employers if you want to prevent this from happening.

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Schwarzenegger proposes tax credit to spark new home building

Jan. 7–More than 20,000 California homebuyers could get state tax credits of up to $10,000 this year under a new stimulus proposed Wednesday by Gov. Arnold Schwarzenegger.

We The People Asheville, NC Tea Party April 15, 2009

Question: How do I get Sallie Mae to STOP harassing me with countless phone calls?

I have NO income, I am an unemployed college grad. Many times spoke to ppl letting them know this and they still continue to call 6-10 times a day and have been doing so for about six months now. The only reason I was able to make one of the payments is because of tax return money.

I received a letter recently stating they can take legal action against me as well as stating I owe the full amount of my private student loans. The federal jobs I placed in deferment. They claim I dont qualify for a forebearance because I have already did it twice. A forebearance would only make my account current for like a month and they would go right back to the harassing calls. Help!

Answer: Are they not giving you the option to apply for a hardship deferment? It’s different than a forbearance. That is usually what they do when you really can’t pay. But you have to talk to them or they will take legal action. Hardship deferments usually last as long as the hardship, ie unemployment.

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Columbia County issues tax reminder

Columbia County landowners wishing to claim their property tax payments on their 2009 federal tax returns might need to pay their bills by Thursday.

You don’t have to pay Federal Income Tax?

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Five Lessons From Your ’09 Tax Return

MoneyWatch.com: These Money-Making Tips Will Help you Analyze Last Year’s Finances in Order to Lower Your Taxes in the Future

Umbrella Company Calculator IR35 Calculator Umbrella Company

Question: What is the best program for online US tax (free or otherwise) filing when I have foreign income?

This is the first year that I am filing taxes where I have income earned in the US and in Canada. I need to report both on my US taxes. I have tried to use the HR Block free online version, but it didn’t even support the Foreign Income Tax Credit form nor was there any help available for some of the undeciperable questions it was asking me.

Has anyone found an online tax filing program that makes this process easy? I’d even be willing to pay if the service can make this process simpler.

Answer: You can convert the tax cut to a signature return. A preparer wil then check and make any corrections that are needed. They can also complete any forms needed for the foreign income. Your tax return is a little to complicated to try and complete yourself.

Christine EA Master Tax Advisor

This advice was prepared based on our understanding of the tax law in effect at the time it was written as it applies to the facts that you provided.

http://www.hrblock.com/tax_professionals/christine_wilkins.html

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‘No MOre Trash’ contest open

Muppet character Oscar the Grouch aside, most people don’t care for trash, especially when it’s tossed into their yards or on the side of the road.

How to File Your Tax Return for Free – Free Tax Filing

Question: Do Florida Corporations have to file for income tax with the State?

I’m not concerned about sales taxes and other such, only corporate income tax.

Answer: Corporations and artificial entities that conduct business, or earn or receive income in Florida, including out-of-state corporations, must file a Florida corporate income tax return unless specifically exempt. The return must be filed, even if no tax is due.

Corporations and other artificial entities, including those located in other states, that are partners in a partnership or members of a joint venture doing business in Florida must file Florida Form F-1120 (Corporate Income/Franchise and Emergency Excise Tax Return). A partnership is required to file a Florida Partnership Information Return (Form F-1065) if it is doing business in Florida and a corporation is one of the partners

-Dwayne

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Woods’ crash hampers wealthy neighbors’ privacy

WINDERMERE, Fla. (AP) — The professional athletes, bold-faced celebrities and corporate moguls who live in Tiger Woods’ neighborhood favor it less for its clay tennis courts and Arnold Palmer-designed golf course than for its 8-foot security wall and platoon of private guards.

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