The Tax Preparation Blog

Posts Tagged ‘government’

Question: Is it better to buy muni bond fund or the bond note itself, assuming the rate of return is the same?

Both are tax free for California and Federal.

Answer: For individual investors, I would still recommend a fund. If the one bond you invested in defaults (I know this is rare), you may loose much of your investment. If it happens to the fund, the impact on you will be negligable. It’s back to the basics: dirvesify, diversify, diversify. Effective diversification is not practical for most individual investors to do on their own.

School project bonds no longer interest free

Just weeks after voters in Norwood Young America passed a bond referendum for $10.2 million at zero percent interest for major construction and improvements to District 108 buildings, there seems to be a small wrinkle in the process of selling those bonds, known as Qualified School Construction Bonds.

Stock Investment Tips : Municipal Bond Investments

Question: Are Nevada and Delaware really the best states to incorporate?

Is it still the best option (and most cost effective) to incorporate in Nevada and get a registered agent when you want your main (and only) office in California?

Don’t you still have to register as a foreign company and pay all these California fees and taxes, thereby erasing all the money you save on taxes?

Answer: All the real benefits for Delaware/Nevada incorporations are realized only for larger corporations with a fairly large stockholder class (i.e. many more stockholders than officers or directors). If you plan on your corporation growing to a good size, then consider DE (Nevada basically copies DE laws, but lacks the Court of Chancery and the long line of court decisions that make predicting DE law much easier for you and your corporate lawyer). It is a common misconception that corporations incorporate in DE for tax reasons; that just isn’t true (at least, it is a very small sliver of why corporations incorporate here). Two huge reasons are the Delaware corporate code’s flexibility and the Court of Chancery’s expertise.

However, a decision this big should only be made after consulting a lawyer with a strong background in business organizations and formations. Far too many people think that incorporating is the best way to start their business (often it isn’t), and that they will get some benefit from incorporating in a certain state (for most small corporations and in most situations, the state of incorporation has almost no effect).

Silicon Valley’s Worst Office Glut in 5 Years

Over 43 million square feet of office space stands vacant, adding to the technology hub’s biggest property glut since the dot-com bust

Minnesota Divorce Lawyer,Attorney Legal Services,Lawyers Personal Injury,Criminal Defense Attorneys,Counsel,Mediator,Counselor,Power of Attorney,Immigration,Bankruptcy,Tax Law Office,Notary,Notaire,Attorney General,Medical Malpractice,Brain Injury

Question: Is our Tax professional trying to get more money out of us or is this worth it….?

We live in Ohio. My long term live-in boyfriend claimed Head of Household w/2 dependents (me, age 25, b/c I only made $1500 for 2008 and our 3 year old child). His H&R Block tax professional told him to have me come in and get my taxes done too b/c she knows of a way to get me more money back in my return b/c of how we’re each filing. I’m filing single w/no dependents with a income of only $1500 for 2008. I did a return calculator and I’m only getting about $220 back. And, I usually do my taxes on my own.

Do you think the tax professional is trying to just get more money out of us?

Does anyone know what she may be speaking of to get more money back and do you think it would be a substantial amount more?

Is it worth paying her to do my taxes for the extra money?

Thanks so much for any help!

Answer: He can only claim your 3 year old son – not you. You are not a “qualified” dependent (H&R Block should have told you that). Federal tax law does not recognize live in relationships. He can file HOH and you can file Single.
You will only get back whatever amount that your employer withdrew for Federal taxes from your $1,500.00. The cost of the tax prep fee for H&R Block will most probably be greater than your refund. Look at your W-2 from your employer, whatever amount was withdrawn, that is the max you will get back. Do your own taxes. I do not see anyway you will get more back because you are not married. Tell H&R Block that you want someone else in the office besides your preparer to review your return before you sign any papers – just to make sure that your are not getting skr___d, by filing a false return.

Accountants Can Celebrate: Tax Day is Over & Americans are Seeing the Profession in a New Light

On Tax Day millions of Americans can breathe a little bit easier as a result of having completed their taxes â among those breathing easier are the thousands of accounting professionals that make meeting the deadline possible.

Umbrella company review

Question: estimated tax payments for 2008?

1040 instructions says “enter any estimated federal Income Tax Payments you made for 2008″

I’m given a life of ’08 quarterly payments and one estimated payment on 1/15/09. Would I be able to classify that 1/09 payment as a 2008 estimated tax payment?

Answer: yes the 1/09 payment is the 4th quarter.

The First quarter is April 15
Second Quarter is June 15
Third Quarter is September 15
Fourth Quarter is January 15 of the following year.

You can waive having to pay the 4th quarter Estimated Tax payment if you file by January 22nd.

I am also posting a link the the 1040 ES vouchers. http://www.irs.gov/pub/irs-pdf/f1040es.pdf

HR Block — Tax Advisor I — Over 5 years experience

Former Yonkers official arrested on federal conspiracy, bribery charges

WHITE PLAINS – Federal authorities Wednesday charged former Yonkers City Council Democratic Majority Leader Sandy Annabi with conspiracy, bribery, extortion, false statements and tax crimes.

What we know and don’t know about using the $8,000 tax credit for down payment assistance

Question: Please provide the depreciation chart (2008-2009)as per income tax in india?

Answer: go to income tax department website

Focus: A look back at politics in 2009

CLEVELAND — 2009 was a landmark year in Ohio and for local politics.

Former IRS Agent and Ron Paul say Federal Income tax is illegal