The Tax Preparation Blog

Posts Tagged ‘income’

Question: Where can i find a “accurate” income tax return calculator?

I have tried 3 different tax calculators online, and it get an estimated tax return of $6,000 to $7,000 and was wondering which one would be most accurate. A $1000 is a big margin, so i was wondering what a true estimate would be.

I used H&R Block Tax calculator, which gave me the return of around $7,000 and i used Taxbrain.com which gave me a return of around $6,000. I used a 3rd that i found on a seach engine which said i should get a refund somewhere in between. I thought all tax returns were the same, and i put in basically the same info in all 3 with the exception of h&r blocks, which asks how much stimulus rebate was.

So which one is most accurate? Does it matter who i file through to get a larger return?

Answer: You mean tax REFUND calculator. A tax return is the forms and schedules that you file with the IRS and your state tax authorities.

Like any automated system, garbage in – garbage out. Make SURE that you are putting in the correct information in the correct format. The most frequent cause of errors with most of the on-line tax guesstimators right now is putting in bad information for the Recovery Rebate Credit. You MUST enter the correct amount of the rebate that you received last year in order to get anything close to a correct answer.

Another problem that I’ve seen with some of them — and Block’s is a good example — is that they don’t property account for taxpayers who can be claimed as a dependent. Other than that glaring omission, Block’s calculator is very accurate; I use it frequently for “cocktail napkin guesses.” Just be SURE that you enter the correct amount of your stimulus rebate on the first screen. Put in the wrong information there and your answer WILL be wrong!

If you want to get a better “guess” then go through the actual tax return preparation process. Just don’t submit your return for processing. If you get 3 different answers that way, you’ve fouled something up with your data entry.

ProAPOD Offers a Unique Online Real Estate Calculator

Users can make dozens of computations related to real estate investment at their finger tips plus learn the meanings and formulas while they calculate totally online.

Fast Tax Refund Online 2010, Tax Refund Calculator 2010

Opposition will support Liberal non-confidence motion

The New Democrat and Bloc Quebecois leaders said Wednesday they would support a Liberal non-confidence motion to bring down the government, if it were put to a vote.

Alan Mulally of Ford: Leaders Must Serve, with Courage

Question: How much federal tax will i owe?

I made w-2 $11,588 interest income $4,466

total income $16,054

30 years old, single, no dependants.

If possible can you provide me a link to a tax estimator or calculator?

Answer: your non taxable income is $9350, leaving $6704 as taxable and the lowest rate is 10%, which would be $670(could be slightly higher)
you also have Sch M. to help you ease the tax pain(a little)

Gillard reveals carbon price scheme

Julia Gillard is staking her political future on billions of dollars worth of compensation designed to help households offset the impact of the new carbon tax.

UIC Financial Aid Webinar Part One: Myths of Financial Aid

Question: Can you use TurboTax online to file previous years taxes?

i need to file older years taxes and I was wondering if I could file them on the free version of turbotax that you can use online to e-file them?

Answer: Only if you have previous year’s editions of Turbo Tax and then only on paper.

Online Tax Preparation Software with some free filing options

If you’re prepping to do your taxes, now’s the time to also do your ‘prepwork’ of tax preparation. For those of us who don’t like or just-can’t go it alone, there are free and for-free services available:

TurboTax Online Home and Business ——— free download —–

Question: Is it legal for a company to not pay for training in California?

I just got hired at an AM/PM gas station. I trained for 2 days, 5 hours each. You train for as long as she thinks you need to without pay. She informed me that training is not paid. I did it anyway because I desperately needed a job.

I read that there are some ways around this but, i’m not related to the employer or mentally/physically disabled. When I asked her if it’s legal she replied, “I know what I am doing”.

Also, she’s taking all the tax’s out without me ever signing a W4 form. Thank you!!!!

Answer: legally you are to be PAID for all work hours, generally any training done by an employer is work hours……

see:

http://www.dol.gov/whd/regs/compliance/whdfs22.pdf

if this employer refuses to pay you properly for your time, then file a wage claim with the state at:

http://www.dir.ca.gov/dlse/HowToFileWageClaim.htm

and it would seem ‘Flower’ is clueless in regards to labor law….

Florida inmates are No. 1 in filing fradulent tax returns from prison

Here’s another distinction Florida can do without – No. 1 in the nation for fraudulent tax returns filed from prison.

Real McCoys- Tax Man Cometh (pt 1)