The Tax Preparation Blog

Posts Tagged ‘government’

Question: Can a military new home owner bought in 2009, rent it out during 2010 deployment and still claim 8K tax credit?

Answer: If you are deployed overseas, the following applies.

1. Section 36 does not provide any recapture exceptions for military personnel who get deployed and sell their homes within 36 months from the purchase date. If the taxpayer does not sell the residence, then the military deployment may be considered a “temporary absence” and the home may still be the taxpayer’s principal residence if the taxpayer intends to return to the residence after the deployment.

2. If the taxpayer intends to return to the residence after the deployment, the residence may still be the taxpayer’s principal residence even if the taxpayer rents out the residence.

3. The taxpayer may arrange for a “caretaker” or “house-sitter” during a temporary absence.

http://www.cnyrealtor.com/news/2009/aug/tax-credit-and-military-deployment

The most influential US liberals: 80-61

Telegraph.co.uk’s list of the liberals who most influence American politics.

Vegas PBS Recession Rx May 18, 2009 Part 1

Question: Looking for a chart/graph of federal income tax rates over the last few decades?

I’ve been searching the internets for a chart or graph showing the federal income tax rates over time, and not having much success. I’ve found a few charts dealing with the highest and lowest brackets, but what I’m interested in are the middle brackets. Can anyone help me out?

Answer: You can get complete rate schedules back to 1980 at

http://www.irs.gov/formspubs/article/0,,id=183914,00.html

They’re in the Form 1040 instructions.

Economy: Is The Dollar As Weak As Conservatives Say?

Conservatives claim Obama’s policies are weakening the dollar. Let’s examine the evidence.

Oh Happy Day 2008

Question: California DMV?

I sold a car while in CA. I’ve since moved to PA and I submitted movement forms to the CA DMV as I was supposed to. But, the CA DMV aparently didn’t get the “Notice of Release of Liability” from the new owner of the car and thinks that not only do I still own it, but that I am still at my old address. I’ve gotten the 2nd notice where they are threatening to keep my CA tax refund and all sorts of nastyness unless I send them money. According to their own insturctions, the “new buyer must apply for transfer” using the form. If the new buyer did, aparently the DMV lost the forms. How do I rectify this? I don’t have the new buyer’s name or address. Please tell me I’m not the first person this has happened to. There must be a way to tell the DMV what happened. I tried calling but only get recorded messages.

Answer: When buying/selling a car in CA – the Certificate of Title (used to be known as the pink slip) is VERY important.

There are TWO PARTS to the Certificate of Title.

1) The Certificate of Title – which is the larger rainbow colored portion

2) The Release of Liability Form. The smaller portion

These two forms are in one piece – but perferated. When a sale happens, the Certificate of Title goes to the new owner – and the seller then tears off the Release of Liability Form – fills it out and sends it in to the DMV. Apparently, you didn’t do that when you sold the car. The buyer is supposed to “apply for transer” as the DMV said. But the seller (that would be YOU) is supposed to fill out and turn in the Release of Liability form.

There are CA DMV phone numbers where you CAN talk to a real person – but you might be on hold for awhile. if you don’t know the buyer’s name or address, the one thing that MIGHT save you is the plates. They’ll be able to track the car by the plates if the buyer actually registered the car – but didn’t turn in the release of liability. If the buyer didn’t register the car – I don’t know how they would track it – and that would be an ugly situation for you. I’m SURE you are not the first person this has happend to!

Good luck. Hope it all works out!

California City Eyes Tax Vote, Bond Freeze to Escape Bankruptcy

Dec. 30 (Bloomberg) — Vallejo, California, may increase taxes, freeze bond payments and cut deeper into spending to emerge from the biggest bankruptcy in the state since Orange County’s collapse in 1994.

California Collapse Getting Closer June 2009

Question: can i pay my car tax online?

i have purchased my new car tax disc but unfortuantly the cheque bounced, so i now need to pay again but i’d like to pay online! is this possible? thank you. and i live in the uk.

Answer: Yes, I do. It is easy and the contact site should be on the renewal form.
You will need to have a current insurance and MOT certificate.

Tax Booklets Not Being Mailed

South Carolina taxpayers who file their income taxes the old-fashioned way won’t automatically receive a booklet in their mailbox this year.

Oem Car Parts Sales – Capacitors – Distributor

Question: Do you pay payroll taxes to partners in a California LLC?

There are four partners who work and all own a share of our California LLC. Do we pay taxes to the EDD for Payroll, or do we pay Self-Employment taxes at the end of the year, or do we do both?
Note: The four partners are the only employees of the LLC.

Answer: Members (what you refer to as “Partners”) of LLC’s are not considered employees, and thus do not pay payroll tax. Each member will be issued a K-1 at the end of the year w/ their share of the LLC’s income/loss which each member will report on their own individual income tax return.

The one thing to beware of is that LLC’s in CA have a tax that is calculated on gross receipts and not net income. If your gross receipts are greater than $5M, you will be taxed $11,700, regardless of whether you actually have any net income. So if you are in that situation, there may be other entity structures that would provide more tax efficiency.

Dubai Silicon Oasis set to be world class multi-function zone

The development has developed more than 30 per cent of its industrial land, which spans 1.2 million square feet or 35 per cent of the area.

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